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.