nck-mail 0 Report post Posted September 21, 2004 I'm close (or at least I like to think I'm close) on getting an option on a property - not a l/o. It has potential commercial zoning and, for whatever reason (poor marketing, I think), the seller hasn't been able to get rid of his property. He's interested in what I've proposed (give me an option, then let me find a buyer), but I'm not convinced he'll stay honest (he wants a NON-exclusive option 'cause the market is so hot). So, what I'm wondering is if I file a Memorandum of Option at the courthouse, will that protect my non-exclusive option contract? I mean, if the seller legitimately finds another buyer who's qualified to buy, then that's fine. But if it's taken the seller this long to find a buyer, I'm suspicious of anything he might come up with. BTW, I haven't told him I intend to talk to developers (heaven help me 'cause I don't know any - just checking out the yellow pages and the internet... What a plan, huh?! ) If you're all wondering where I've been: Enjoying time w/ my husband now that he's home from his 6-month deployment and getting bigger and bigger expecting this baby (now only 7 weeks away from due date). -Naomi Share this post Link to post Share on other sites
MichaelC 160 Report post Posted September 21, 2004 I'm close (or at least I like to think I'm close) on getting an option on a property - not a l/o. It has potential commercial zoning and, for whatever reason (poor marketing, I think), the seller hasn't been able to get rid of his property. He's interested in what I've proposed (give me an option, then let me find a buyer), but I'm not convinced he'll stay honest (he wants a NON-exclusive option 'cause the market is so hot).Hi, Naomi. Welcome back.He want's a non-exclusive option because the market is so hot? Well, why hasn't he been able to find a buyer then? The decision is your's. From a competitive standpoint, the homeowner isn't too much to worry about. I mean, he's already tried without success. Is there any reason to think he can do better now?On the other hand, you need to know that you will be compensated for your time and effort. If you spend money and hours trying to move someone's property, you need to know there is something in it for you. So, if after a month of trying a homeowner calls to say he no longer needs your services, you're not going to be too pleased. Protect yourself in this situation. Write in some sort of cancellation agreement that requires the homeowner to pay you $ in the event he cancels. Explain that you are working with him, not competing against him, and that you both have the same end goal in mind: the sale of his property. I'm wondering is if I file a Memorandum of Option at the courthouse, will that protect my non-exclusive option contract?No. If you have a non-exclusive option, you have, in effect, no position to protect. All that agreement is saying is that you can purchase the property at the agreed to price within a certain time period. But, since it is non-exclusive, the homeowner can do whatever he wants prior to you giving written notice of your intent to exercise your option. If you're all wondering where I've been: Enjoying time w/ my husband now that he's home from his 6-month deployment and getting bigger and bigger expecting this baby (now only 7 weeks away from due date).Leave the man alone. He just returned from overseas, fighting bad guys. What does he want with a bad girl now? Have you decided yet on what you'll be naming the newbie? I'm leaning towards Little Michael, myself. Share this post Link to post Share on other sites
Mr.B 0 Report post Posted September 21, 2004 If you're all wondering where I've been: Enjoying time w/ my husband now that he's home from his 6-month deployment and getting bigger and bigger expecting this baby (now only 7 weeks away from due date). -Naomi My Wife is Due December 10th. ~Mr.B Share this post Link to post Share on other sites
