Optioning a house--advice please - Posted by Heather - MI

Posted by Heather - MI on March 06, 2000 at 19:23:20:

Hello all! I’m meeting a homeowner on Thursday night and hopefully signing an Option Agreement to sell her house. She’s motivated, needs cash quickly, and has already moved out. Option price of $149K and sales price of high $170’s. I plan to advertise seller financing, create a note, and assign that note at a discount. Hopefully net $15-20K (knock on wood!). This is my first “seller financing” deal…so I’ll be nervously hoping my phone will ring off the hook like Ron LeGrand says!!

Anyways, I understand that the option will be between the owner and my corporation. Now, when I get a buyer, do a get a purchase agreement b/w the buyer and my corporation? (the seller’s name doesn’t appear on this at all, correct?) Also, should I record the Option Agreement with the recorder of deeds?

Any other advice would be appreciated :slight_smile: Thanks.