If I have an option to buy a house, not a lease/option, just an option to buy at a certain price, can I go ahead and start marketing that property by placing ads and the like? Is there anything illegal about advertising a property that you only have an option to buy?
Howdy Sundown858:
With an option you do not get control. Do you have permission to enter the property at anytime? Is it vacant? Does the seller know you are trying to resell at a higher price?
You do have the right to sell the property and the right to run ads. It may be unsettling if the owner lives there and you come walking thru 30 times a day showing the property.
Details like that should be worked out some how in advance.
Hope this helps
First thing you should do is a title search. Make sure the person who optioned the houes to you realy owns it. You will also discover all incumberance’s on the title.
Having an option gives you an equity stake in the property for the term of the option. With the equity stake you are the owner and can market the property.
The ideal situation is the house is empty, granting you full access to the house for showings. Aside from that you will need to work out a schedule with the occuoant for showings.
With the option you ave a short time period to sell. Take a look at www.5-day.com It is a site and book about usnig a round robin to sell a property.
Hope this helps.