C/A

[EQUITY NOTES 0]

HI All

 

I would like some advise as to how some of you handle the option money from the T/B

 

Once you have prescreened your T/B and its a go:

 

Do you collect and hold the option money until seller approves the assignment?

 

 

I do not want seller and t/b cutting me out or worse yet giving funds to seller

 

Just wanted to know how you investors do it

 

Thanks,

Tom

[pilot76180 51]

After i've approved the buyer, I:

1) collect $1k to hold the house for up to 30 days

2) if the house is occupied, coordinate the timeline of moving with the seller and buyer

3) at move in or a day or so before, I collect the final monies and get the buyer to sign everything and give each part a copy of docs.

[<Steve> 82]

I do the same as Mr. Pilot

 

I will let the owner approve the tenant/buyer first then give the t/b the good news. I have the t/b sign their side of the paper work and I try to get the full option consideration to hold the house. I also have them sign a doc stating that if they back out before move-in no money is refunded.

[BEV! 0]

I like my method better

 

When ready to close the deal

 

1) I close with home owner privately first at Starbucks around 1 PM (we have fun through the process with all them coffees and all)

2) I then drive to the house and close with the TB privately around 2 PM.. we go over the paperwork, and I answer all their last minute questions, I collect my cashier's check and sign papers.

 

I then call home owner and tell him we're ready for him.. He then comes and joins the party with us.

They stay partying and I go to bank

 

BEV!