Yikes!!! I need HELP!!! - Posted by Robuck

Posted by Al-So Cal on January 29, 2002 at 17:24:28:

See a Real Estate Arrorney immediately.
Its so cheap to do it right. Youre big obstacle is
when the seller sees or hears later what youre making on the deal. Its a lot better to hold for a year and get L/T capital gains and no hassle if you can do it.

Yikes!!! I need HELP!!! - Posted by Robuck

Posted by Robuck on January 29, 2002 at 13:28:54:

I really need help with this one. I found a guy around the coner from me who is swamped in debt so much so he said he might lose his home. I asked what he wanted to sale for he said $150k. Around here in Chicago across the street from lake Michigan that’s a steal. Last year we had our home refinanced and it was appr for well over $275k. His house is the same style and same number of BR/BA’s.

Only difference is he has a new roof. I today put a 90 day option on the home. Placed an ad in 2 of the biggest papers in town. I’m selling for $225k that’s $50k below market so it should move fast. The only thing is this in my first Option without a lease. I don’t know what to do when I find my buyer.Do we sign a RE contract, should I have another option agreement contract and where on any of these contracts do I put my Option consideration fee of $75k?

Please guys I know the phone will be ringing soon, so your answers are valued.


Re: Yikes!!! I need HELP!!! - Posted by Richie

Posted by Richie on January 29, 2002 at 20:32:33:

You should just assign your option to to a buyer. I’m not sure what your L/O contract looks like, but you may be able to, depending upon the verbage. In that case, you just sell your option for the difference and you’re out quick.

I don’t see the need for a RE Attorney.