Possible Flip - Posted by T. Moody


#1

Posted by SCook85 on January 12, 1999 at 14:36:27:

An option through a realtor is not entirely out of the question but most likely. I would ask the realtor for a 72 hour option. Tell them you have a friend coming in from out of town and you want to let them see it. As Bud stated this can be accomplished with a contract as well.
You obviously don’t want the home for yourself so make sure you have an out.

SCook85


#2

Possible Flip - Posted by T. Moody

Posted by T. Moody on January 12, 1999 at 08:21:28:

I have found a duplex house that seems to perfectly meet the needs of a gentleman who called about buying a duplex that I have as a rental. I really don’t want to sell mine, but would like to make a profit by finding him what he wants. I need advice! I have an appointment to look at a house today that would suit his needs. Do I put it under contract with option to assign or do I just get a short option on the property? It is listed with a realtor and this makes it a bit more difficult. I don’t want to lose out on this opportunity to get my piece of the pie and be on my way to a new and exicting business. How do I word it to make sure that if my buyer isn’t interested, that I can cancel the contract? I need help soon. Thanks for your responses.


#3

Re: Possible Flip - Posted by Bud Branstetter

Posted by Bud Branstetter on January 12, 1999 at 11:50:31:

My natural inclination is to say that the realtor will not help with an option. But a RE contract with a contingency can act the same as the option. You would add a clause that the contract must be approved by your wife or your partner. There are other things you may have to do and the comments are not meant to be all inclusive.