Straight option or contingency clause? Or…? - Posted by SH
Posted by SH on May 08, 1999 at 16:29:29:
I have a gentlemen willing to sell 6 rentals he owns for $125,000. Most of the homes are paid for, he’s 71. He says the market value is at least $165,000 for all the homes. I am thinking of making him an offer for a straight option to purchase the homes in 3 months, then selling the each home by assigning the option. Maybe I bitting off more than I can chew but I think I could get around $190,000 for the homes. Should I give some option consideration here and should I have a contingency (weasel) clause that allows me to get out of the deal? Don’t have much experience with this. The homes are a two hour drive from my city (thats an hour down and an hour back). What do some of you pros think?