I have a motivated seller that I am working with. There property is 3200 sq ft with 3 bed and 3 baths on 3 acres. It is located in a nice area. The house is vacant, and they are making 2 house payments. They are very motivated to sell. They owe about 225k and the house is worth about $315. I am thinking about doing a pure option on this one. After I tie it up with an option, what is the best way to get a buyer for an option? Should i hold an auction, or just do regular marketing tactics to get my buyer? Also, should I do a double close so my buyer doesn’t see how much I will make or should I just assign the option to them for the difference. Any other pitfalls I should be aware of on a pure option?
How strong or weak is your local real estate market? Because this will determine what you will need to do to find a buyer. Not an easy task in many locales these days.
On the other hand, that’s the great thing about Pure Options. No risk if you aren’t able to find a buyer.