Need Option Help
OK, I need some option help. I have Sally_Seller sign an option agreement with me for 120k. I find Ron_Retail to buy for 140k. How do I get the two of them together?
1) Double close? Problem because I do not yet have title and Ron_Retail's mortgage company will not like the "seller" not having title.
2) Assign my option. Most retail buyers do not have two nickels to rub together. I will not get paid unless I can show up on the HUD. How do I put myself on the HUD without Ron_Retail's lender nixing the deal?
Brenda
Hi, Brenda
I know that lenders can seem extremely irrational so who knows how they may react. Your option gives you the right and ability to deliver title to Ron Retailer since you can exercise your option at the time you close with Ron.
I am curious to know if you actually have received a lender objection to your double close. This seems to be the most straight forward to me.
Regards,
Ed