[Mike Gibson]

Mike Gibson

I have read and re-read this blog several times. It is so powerful! A couple quick questions: (1) Can the seller accept an offer at less than the listed price? If so, how is your $5,000 investment protected? (I assume the answer is that you make the proper filing with the county clerk, etc., to cloud the title, and that you’ll release your option with the repayment of your $5,000, plus any other release fee you can negotiate.) (2) Do we have access to the verbiage that’s used for this type of option in the ‘Vault’ or somewhere else?

[Mike Gibson]

Mike Gibson

And just thought of another question: Couldn’t the listing agent claim a fee (usually within 30 days after expiration of the listing agreement) since they could argue that they brought a buyer to the table during the term of the listing agreement?

[Jackie Lange]

Jackie Lange

You could record a Deed of Trust to secure your option.

The objective of the article is to show that you can get paid, the seller can sell, AND the agent can get paid a commission IF there is enough equity (meat) in the deal.

Getting an option on a listed property is not to circumvent the agent and their commission ( even though they did nothing to earn it).

Of course, it is much better to get options on properties which are NOT listed. But the article shows that an option can even work on a listed property.

There are lot more details, and documents in the Options Home Study courses.

[Robert McWhirter]

Robert McWhirter

Mike,
The option contract is just a skinny version of a standard purchase contract.
If you can set the location of the closing you can escrow the premium with
instructions that would stipulate a refund if the seller accepted another offer if
you could not record a notice of lien on the property.