Posted by Brian M. Powers(MI) on July 17, 2002 at 04:25:44:
i am assuming you would like to stay in the middle of the buyer and seller and make some cash for finding the deal.
you can “tie up” the property by getting an option from the seller to purchase the property as a set price. you then can go out and find a buyer for that property.
you find a house worth $100,000.
you get an option from the seller for $90,000.
you find a buyer who will pay the $100,000 for the property.
you can then:
- assign your option to your buyer for $10,000
- partake in a simultaneous close and receive your $10,000 that way.