The Secret of Real Estate Options and Assignments
Submitted On 2008-07-19
The SECRET of Options and Assignments
Options and Assignments. In my opinion, the very best and most powerful way to control real estate is with an Assignable Option Agreement. When most people are asked, how do you control real estate and they all answer, to buy with a mortgage and own it. That is true, but that costs money and requires credit. What happens if you dont have money or dont want to spend it?
The best way to control real estate is to have an Agreement of Option to buy it. 28,000 acres of land that is now Disney World was created years ago with the use of Option Agreements, lots of them.
An Agreement of Option is as the name implies, the chance to own or to change your mind and not have it to be an obligation. Actually a standard Agreement of Sale and Purchase is a glorified Option Agreement and better yet with a written ability to assign it. Most all terms and conditions of any Agreement of Sale and Purchase are negotiable.
The classic example would be to agree to buy a property that is in foreclosure well say the Buyer offers to initially buy for $75,000 with the final purchase price to be determined (doing a short sale and not yet sure of how much it can be negotiated for). The seller owes $150,000 and we give him refundable hand-money of $100 (seriously, no more, and many times $10).
There is language included within the Agreement of Sale and Purchase regarding the short sale savings and the sale mechanics. We will begin to start negotiating a short sale with the lender(s) and creditors, and also will commence the marketing of the property to either retail or wholesale it.
Exact forms and details are in our short sale package. Upon gaining a successful Buyer and short sale payoff, we will assign our contractual Option Agreement interests over to our Buyer(s) for an agreed upon assignment fee and they will complete the Purchase and Sale Agreement with the original Seller. Dont worry
the forms package and my assistance will guide you through it.
To learn more about the amazing profits of options and assignments, please visit our website or contact us for more in depth information. Have questions
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