Comments on: The Non-Exclusive, “Flexible” Real Estate Option, Demystified

By: Tj

Tj — Thu, 19 Apr 2012 22:58:00 +0000

Thanks for the info! I want to make sure that I’m clear – I understand that this contract can be assigned to an end buyer – and if used to market a wholesale property, the wholesaler may also have a contract in place – so with the seller + wholesaler + ME + End Buyer (that I brought to the table) – How is it possible to gain enough control to assure that MY expense is added to the HUD? I can see where it would be VERY COOL to use in a Seller + ME + End Buyer scenario – but when adding a 4th party, I’d be afraid of losing my cut. I would think that the “wholesaler” in a 4 party scenario would call the shots?

By: Brunbill

Brunbill — Sat, 19 Nov 2011 05:23:00 +0000

Hi Tim,
After I assign my option to the end buyer, does he give that assignment form to his title company so they know they have to pay me when it close? Is that the way it works unless I get paid my assignment fee in cash?

By: Thereboundcompany

Thereboundcompany — Wed, 02 Nov 2011 01:55:00 +0000

AWESOME!! Thank you SO SO much! I think I got it I appreciate your help a ton! – And i love what you are doing on this site, including the Faith Corner! Have a great week!

By: jp moses

jp moses — Wed, 02 Nov 2011 01:42:00 +0000

You can just tweak the wording of my assignment of contract…just make it say option instead. It’s not that big a deal at all really. Or your local Realtor board may have one also. Ask a Realtor you know. In terms of ensuring you get paid, yes, you’ll send a copy of the assignment to your title company and make sure they add it to the docs for the deal and know you’re supposed to get paid at closing and be on the HUD-1. I always make sure it’s closing at a title company I know, like and trust.

…jp

By: Thereboundcompany

Thereboundcompany — Wed, 02 Nov 2011 00:04:00 +0000

Thanks JP! I did not see an assignment of option agreement in your forms (unless I missed this)…Do you know where a good place is to get something like this? Also, do I give a copy of this paperwork to the title company or how can I make sure that I receive monies at closing?

By: jp moses

jp moses — Tue, 01 Nov 2011 23:03:00 +0000

Hi, thanks for commenting! No, you would assign your option via an assignment of option agreement. This would be in return for a fee (your profit) to be paid at closing. It would all be on the HUD-1 settlement statement. The new buyer steps into your shoes and exercises the option agreement. Make sense?

…jp

By: Thereboundcompany

Thereboundcompany — Tue, 01 Nov 2011 22:38:00 +0000

i have been looking for someone to explain how this works to me! i am fairly new to wholesaling and just came across a huge inventory and extreme discount deals and wasn’t sure how to do this so thank you so much for explaining so well!!! i just have one question – if I am the Optionor and marketing another wholesalers properties, do i become the one that is on the purchase and sales contract with my end buyer i found? or how do i assure i get paid? and what part does the other wholesaler play at closing? thx again!!!

By: Jay von Mohr

Jay von Mohr — Sat, 11 Dec 2010 23:06:00 +0000

Awesome vid JP.

Jay von Mohr
818-359-1617

By: Property Portugal

Property Portugal — Wed, 11 Aug 2010 11:21:00 +0000

I found the comments on this forum/blog just as informative as the video. Well done to all.

By: Hurol

Hurol — Thu, 25 Mar 2010 08:20:48 +0000

I had to at least say thank you for providing this resource.

Thanks JP,
Hurol