Posted by Steve-Atl on May 10, 2000 at 14:11:30:
I have not seen a “good letter for options”. Typically options are something I discuss with a seller after I have determined that I can’t buy it cheap, or create some owner financing, or get a lease option. Only then does the subject of options come up.
In your example, YOU would want to option it from the seller at say $350k or less. Then you find a retail buyer at any price you will accept over $350k. You bring them to closing, at which time you exercise your option with your seller.