KYTiger 0 Report post Posted June 3, 2009 I have spoke with my real estate attorney about the option release contract who only recommended to do straight double closings. I was wondering if there had been any problems using this idea for anyone else. Jonathan in one post said he gave it up when he lost 2 deals. Has anyone in Kentucky been successful? David Share this post Link to post Share on other sites
MichaelC 160 Report post Posted June 3, 2009 David, more specifics please. What type of deal are you looking to do? Are you looking to assign the deal back to the seller? What reasons did the attorney have for doing double closings, which are generally more problematic and expensive for you? Share this post Link to post Share on other sites
KYTiger 0 Report post Posted June 5, 2009 David, more specifics please. What type of deal are you looking to do? Are you looking to assign the deal back to the seller? What reasons did the attorney have for doing double closings, which are generally more problematic and expensive for you?I would use the option release so that the end buyer and seller can sign the P/A. Of course, collect my fee at closing. Attorney thinks a double close because to him I would obviously be a principle in the transaction. I could tell he thought using a pure option was a gray area (due to the old "brokering without a license") to make money if I don't plan on buying the property. I am going to try the local rei club to get leads for an investor friendly attorney. Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted June 5, 2009 KYTiger, I use to be the biggest FAN using the option release. I cannot tell you how many I have done. If financing is involved I am in no ways doing them. If its a wholesale deal or some sort of cash deal then I can play that game. But I think your attorney is playing it safe. I know there are some investors that are still using the method. But not I. It all boils down to liability Share this post Link to post Share on other sites
<Steve> 82 Report post Posted June 5, 2009 I use to be the biggest FAN using the option release. I cannot tell you how many I have done. If financing is involved I am in no ways doing them.Jonathan-Do you shy away from using the release agreement because of all the banking-mortgage problems, watch dogs, and mortgage legislation these days? Share this post Link to post Share on other sites
Jonathan RexfordFL 8 Report post Posted June 5, 2009 Steve, That is one reason. I also being licensed did not want to have any issues with the anyone. The way the whole concept is painted it looks like you are brokering without a license and if you do have a license.....well...that is another rope. Share this post Link to post Share on other sites
