I’ve been reading up on real estate options lately and i think i have everything down except one thing.
I understnad that an option gives me the right to purchase a property within a set time period at a fixed price. Ex. 90 day option to buy a house for $85,000. Which means at any time during the 90 days i can buy the house for that price. I know that during the 90 days the seller can still market the house.
My question is this: Can the seller actually SELL the house during these 90 days? I mean if someone came along and offers them 90k for the home, or even 80k and a 7 day close how does that affect my position as optionee? :confused
Not supposed to sell it. But could try.Being as you have filed a "notice of option" with the county where the house is and the Title Company handling the sneaky sale will have to contact you to discuss your option. At that point you could sell the option back to the owner or the buyer, or force the sale to be canceled for you to purchase.
Darin
It depends upon whether or not you have an exclusive option with the homeowner, or a non-exclusive option. The latter gives the homeowner the right to continue to market their home for sale themselves. And if they are successful in doing so, your option to purchase is terminated, unless otherwise specified in your option agreement.