I have someone looking to straight option me their home for $164,900. I have found about 7 potential RETAIL buyers who will pay $172,000. I plan on having the seller buy me out of my option and collect my fee as a lien holder at closing, have the money wired to my bank account, and never be at the closing.
My question(s):
Should I simply allow the seller to market/show the home to my buyer and never be there? Risking them just going around me and waiting for my option period to be up?
Or should I market/show the property myself? What would I tell my potential buyers my intentions were?
I’m not an options expert, but if you have an option agreement on the house, it’s your responsibility to market the home and find interested buyers. The seller is under no obligation to stop marketing the house on their own.
If you find someone that wants the house for $172,000, then write a contract with the seller for you to purchase their home for $164,900 and either assign the contract to the buyer or do a double closing.
I have found the buyer…I’m simply asking if I should show the house or have the seller show the house?
And since it’s a retail buyer, there’s a good chance they wont have the money for both the down payment as well as the assignment fee; that’s why I’m going to structure so I get paid as a lien holder from the title company.
I want to know if I should allow the seller to show MY buyer the home and risk them going around me? Just waiting until my option period is up.
Or should I show it to my buyer? What should I tell them my interest is in the property? I feel if I tell them, they will simply wait until my option period is up.
nothing yet… I’m supposed to call a few people tomorrow about it. What do you think I should say? Or should I just set them up directly with the seller?
What would you tell them your interest in the property was? How could you avoid them going around you and just waiting for the option period to be over?
Since you stated that you have 7 potential buyers, I would show it to as many as possible. In order to get one in the place who cares who buys it as long as it sells. Also I would not not stop looking marketing in case your 7 buyers all back out.
I find that honesty is a good approach. I would simply say that I am an independent wholesae buyer and currently have the property under contract. If they ask what's that, I would add I do all the same things as a RE Agent just at my own risk and with my own money. T
By the way how long is your option period?
To protect myself I would market the house aggrssively to as many buyers as possible elimanating the possibility of waiting out the option. As soon as someone is a lock exercise your option.