G
Guest24480
Guest
Great post, very informative.
So tell me If I'm understanding this correctly..and I have a few questions
Someone wants to sell their home. Instead of doing it traditionally and paying fees and such (and waiting), they give you an option on the property. You then go out and market it and do a Highest Bidder Sale, and because of the option you are able to sell it to the highest bidder. What if you somehow fail at this and no one bids (not that this would happen, just curious), is there a certain time that you need to close it (a week, a month?) before it results in a breaking of the option contract?
My understanding is that you specify an amount that you will sell it for by a certain time (agreed upon in the contract), and then if you sell it for more then the extra money goes into your pocket? What happens if you sell it for less? Not too familiar with real estate, so thanks for the clarification.
Also, would this be realistic for a 19-year-old with no real estate experience to do in a month-two months time?
So tell me If I'm understanding this correctly..and I have a few questions
Someone wants to sell their home. Instead of doing it traditionally and paying fees and such (and waiting), they give you an option on the property. You then go out and market it and do a Highest Bidder Sale, and because of the option you are able to sell it to the highest bidder. What if you somehow fail at this and no one bids (not that this would happen, just curious), is there a certain time that you need to close it (a week, a month?) before it results in a breaking of the option contract?
My understanding is that you specify an amount that you will sell it for by a certain time (agreed upon in the contract), and then if you sell it for more then the extra money goes into your pocket? What happens if you sell it for less? Not too familiar with real estate, so thanks for the clarification.
Also, would this be realistic for a 19-year-old with no real estate experience to do in a month-two months time?
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