Are their any legal issues i should be concerned with by using options?

**terra** · 12-09-2008, 07:09 AM

Is there any liability for me if I can't find a buyer or close on the house that I have an option on? Is there anything else I should be concerned about?

**jamesww** · 12-09-2008, 11:14 PM

If you are investing in Texas do not use them on individuals going into foreclosure. As this can get you in a great deal of trouble since it is banned in the state.

**Greg** · 12-10-2008, 05:08 AM

If you can't fulfill the obligations of the option then you lose your option money. Any other liabilities would be n the option itself which we don't have a copy of.

**hassansr** · 12-17-2008, 05:28 AM

It depends on the state and the hurdles that the lender that will be cashing you out on the options will put you thru. Some state really frown on options, as they see you trying to take advantage of the buyer or seller. Some lenders will try to nix a deal if they see an option attached to it.

Don't let that discourage you though, just find a lender that's willing to work your deal by going thru a mortgage broker.

**jayparmer** · 11-27-2010, 10:40 PM

Originally Posted by terra

Is there any liability for me if I can't find a buyer or close on the house that I have an option on? Is there anything else I should be concerned about?

If you are having that trouble I think it is time to find new locators.
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