The Short Sale Option Contract

The SHORT SALE OPTION CONTRACT. can really make you some serious CASH. Problem is that most Realtors don’t have a clue, you’re probably going to have a hard time. They Don’t understand it and it is your job to educate them of the process.
Solution is to go on a mission to find an agent who has some degree of competency and will work with you, when that happens! Celebrate and take the agent with you, treat them like royalty .
The SHORT SALE OPTION CONTRACT Allows you to secure an interest in a property without having to put any serious money on the table. With the option contract, you acquire the option to buy the property in the future.
You don’t have to acquire it like you would in a contract, you just merely have the option if you so desire. As an investor, you do not have to worry about the deposit since you can ask the end-buyer (person you will be selling to) to also pay a non-refundable deposit equivalent to the amount stated in the option contract.This deposit goes towards the closing costs in the final HUD. If the deal does not close, you keep the deposit. Therefore, you will not be risking any money out of your pocket.
GOOD luck with that though. It does happen on occasion. Solution, Just simply ask your transactional funding source to provide a POF ( proof of funds) letter. This is the most common and ethical way of doing business.
So now you need to start to market for an end buyer. Well I have to say the most effeciant way to market is bandit signs. I use method I picked up at www.soldinhours.com Using these methods we had 324 groups sign in, which we had over 800 people go thru and view the house and had over 45 offers with in hours. We sold it within 2k of our target price.
You will be looking to sell your deal to an end-buyer immediately after you acquire your equitable interest on the property.
So most RE agents have no idea what you are talking about and recoil with ignorance when approached with it. In fact you’ll have a tougher time getting an agent to understand an option than you will finding a buyer. It’s really sad isn’t it?
We as investors are the ones who are having a positive impact on todays economy. You would have to think that others would want to understand the Option and its value.
In today’s market it is an easy way to pocket tens of thousands of dollars on a Short Sale deal. Here’s the steps to get a deal done with an option contract:
Dont just use any option contract. You must make sure it discloses that your intentions are to sell for a profit, sometimes the same day. Aslo It must give youe explicit right to market for sale, enter into contract for sale or lease ect.. ... I can provide samples Leave me a comment....../

1. Find the deal
2. Submit an Option Contract instead of a contract
3. Pay for your option with a small sum…remember this is a payment, not a deposit. A consideration.Use these words when discussing the The Option Consideration monies .
4. Record the Option … you want to secure your interest in the property. FILE ASAP ! By filing your option it will cloud title, When your end users title is pulled it will show you as an exception to title, you having an option to purchase. Which in short needs to be cleared . PS. If your flipping disclose to everyone involved your intentions are to flip and exspecially have a title company that understands the proccess.
5. If you don’t already have a buyer then begin marketing for one as soon as take contract. Allways get as long as you can on the option experaition. I commonly use 30 business days. However a Must to do in all Options is to build in escape clauses and extensions. Bury the clauses in the contract some where. I always have an automatic extension built in for 30 days. PLUS an additional 10 days to close on a viable offer with deposit received.
6. Get your transactional funding in place. The days of using the end buyer’s funds to close are gone …I don’t know of aby title company that still does this. You are actually going to have to close you’re a/b or front end with the bank using your money (cash) or using funds borrowed for a day.(don’t worry about seasoning…the end buyer’s title commitment will show you as an exception on the title as the option holder) Hence the IMPORTANTS of filing the option ASAP
7. It is very important to have a Title company that’s on board and understands the whole deal.
THE Most important info I can give you is to totally disclose to everyone you intend to buy and resell for a profit, sometimes this happens in a month, week or maybe even the same day.

This is a real easy way to make thousands of dollars. The transaction is toatally transparent. Everyone involved will know exactly how things will unfold. There is FULL disclosure and this method has been used thru and thru for over hundred years.
The seller will know your intentions of profit, the agents will know what you are doing and all lenders involved will know and recognize the type of transaction that is being executed.
Despite what you may hear, stand firm and understand that these types of transaction are completely above board and legal with complete and full disclosure.
After you have closed your first deal using an option contract you will wonder how you ever did business in real estate without it. Using an option contract is a foolproof and basically risk-free method of making money in real estate.
I have provided a sample I have used with great success. However as usual check with your local attorney for their approvals.

Please take the time to view more important info I have pick up along the way.
www.TheHomanator.com

To Your Success !!
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