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Jackie, after reading your book and listening to some recordings, I am diving into trying to sell an ocean beach property using this method. Sale will be next Saturday 2/6. Have marketed using Craigslist/Facebook/newspaper/website. Really like the owner and trying my hardest to get her the best price. We will split anything above $260k. Here is a link to the property on my website:
https://www.homemattersnw.com/cannon-beach-property-for-sale/
Hopefully I am not overwhelming the reader with info. Wish me luck!
Thanks Greg. I am hopeful for a good turnout. I have the option contract structured so that the seller and I share in proceeds above the strike price 50:50. As this is my first option deal I am still a bit unsure how to ensure I get paid at closing. Assuming a traditional P&S contract to the buyer, am I just using the option contract verbiage to ensure the escrow agent pays out proceeds appropriately? How did it work out for you?
John,
The last one didn’t sell unfortunately, however one HBS that did work for me involved me releasing my option at closing. I had set everything up at a title company of my choice, so I had some level of control there as the sellers were out of town owners as well as family of a very good friend of mine. I didn’t bother recording the option because there was no risk of them shafting me and it was a very low dollar sale, so I was only likely to make a few thousand anyways. I would talk to someone now at the title company about your plans and get them on your side.
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