NEW GUY NEEDS HELP SELLING A STRAIT OPTION

General Real Estate Investing
1

Hi

I have a family member who would like me to “sell” her house for her.
I know this is illegal without a lic. but told her I could due an option (not a lease option or P&S) then sell it to a buyer.

Could someone tell me in detail (step by step) how to do this…I’m getting very confused reading all the posts
!
LIKE…

  1. When selling the option, when and how do I get paid? At a closing or when I actually sell the option?

  2. Do I need to do an assignment agreement with the end buyer to sell the option??

  3. Due I need to do a P&S with the seller or is that up to the seller and buyer to do?

Any info would be great!

2

If she is a family member, why don’t you just get a power of attorney from her authorizing you to sell her house for her?

This would not be seen as selling real estate without a license as you are just doing a service for a family member.

It seems to me this would be much simpler and easier to do than trying to mess around with options and the like.

3

Thanks but I don’t want to be THAT involved, just want to find a buyer and make a few bucks if possible.

I have been interested in this type of investing for a long time so figured now would be good time to jump in!

4

Hi.
This is what I do:

1- Put the house under contract w/relative

2- Find a Buyer

3- Do a simple assignment fee with end Buyer

4- Go to Closing and make happy steps to the Bank

5- Just let go of the fear monster + over come paralysis of analysis

Have Confidence in your ability_ "You can do it! :beer

5

Hi Mr. Clump,
What state are you from? I’m from Florida and I have some forms I use for regular straight options and also non-exclusive options. I’ll be glad to send you copies if you have a fax number. Make sure you check your state laws so you know you can use them. Drop me a PM and let me know.
Bill :bobble

6
  1. Go ahead and sign an option agreement with the seller, of course, lower than what you intend to sell it for.
  2. Market the property to find a buyer.
  3. Once you find a buyer at the price you like (higher than your option price), execute a purchase and sale agreement with the buyer and owner (family member) for the agreed price.
  4. Create an invoice for the difference of your option price and the selling price.
  5. Submit the invoice to the title company and you would be listed as an additional payee on the HUD-1. Much like a mortgagee, you will be listed on the seller side along with any outstanding mortgage payoff, transfer taxes, etc…

When you close the title company cuts you a check for your fee.