Thread: Real Estate Options

Hello All.

I am in the procees of gaining access to some FSBO, seting up an option contract,then having the house sold to a Cash Ready Buyer.Has anyone actually done this successfully,and can explain the in-betweens of what is expected of the option holder prior to contacting said Buyer.

Kind Regards,

Joe
em:tcbgent@yahoo.com

I would suggest you research Option lanuage, make careful notes of those clauses you believe workable to your investment criteria, then seek the help of a competent real estate attorney in your state.

One thing you can do is to search the internet for examples. However, I would caution you that these general forms may not be specific to your local laws.

Several weeks ago, an attorney I use to work with ask me to review a purchase agreement a friend was using. Since she is licensed in another state and not familiar with Oregon laws, I said I would. As soon as I started to review the document I could tell it was a form pulled from some internet site. The wordage was lousy, someone's kid in first grade could have performed a better job.

I recommend the inclusion of one important clause required in Oregon purchase agreements concerning zoning, fire districts and the like.

So be careful of the agreements and other documents you use, they may end up costing you far more than the profit you hoped they would earn you.

If I understand your question correctly, I believe what you need to create is an assignable Purchase/Option agreement.

Good luck!



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