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Author Topic: Flex Option Vs PSA  (Read 4047 times)

Offline Mr Investor

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Flex Option Vs PSA
« on: December 22, 2008, 07:24:36 pm »
I'm working with a very motivated seller who got embezzled and now has gotten behind on his luxury home payment so now he is in a state of preforeclosure to the point where he has no choice but to sell.

This home has a lot of equity about $280,000 so I'm about to put it under contact and wholesale it out to a buyer I have lined up.

The question should I put this under a flex option or use a standard PSA agreement with some escape clauses?


Offline AlexLock85

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Re: Flex Option Vs PSA
« Reply #1 on: December 22, 2008, 08:19:04 pm »
I'm working with a very motivated seller who got embezzled and now has gotten behind on his luxury home payment so now he is in a state of preforeclosure to the point where he has no choice but to sell.

This home has a lot of equity about $280,000 so I'm about to put it under contact and wholesale it out to a buyer I have lined up.

The question should I put this under a flex option or use a standard PSA agreement with some escape clauses?



I would use an option..it's just as legit as a PSA but doesn't make you need to come up with an escapable clause..plus you won't have to put down a huge deposit...usually a $10 dollar option will suffice. Once your buyer is ready to move forward, just assign the option or exercise the option and due a double close if you know an attorney/title company that will allow one.

Good luck.
Alex Locklear
MotivatedPropertySolutions, LLC
www.nationwide-shortsales.com
Know of any kind of short sale? We'll BUY it

 




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