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Forums » Short Sales » Option Contract in CA?

Option Contract in CA? Subscribe to Option Contract in CA?

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Tag Tags: short sale option agreement


Les Vlieger

Developer · Los Angeles, California


Forum_avatar_avatar-beachmoney

Icon_minipost Nov 19 '09, 09:25 PM

Is it feasible to use an "Option Contract for Sale & Purchase" followed up by a recorded "Notice of Option Contract for Sale & Purchase" in California short sales? Do they get through closings? Should I be using a standard CAR P&S Agreement?

Edited: 06/26/2010 at 10:35AM


Scott Hubbard

Rehabber · Tucson, Arizona


Forum_avatar_avatar-bokman

Icon_minipost Nov 20 '09, 01:13 AM

Originally posted by Les Vlieger
Is it feasible to use an "Option Contract for Sale & Purchase" followed up by a recorded "Notice of Option Contract for Sale & Purchase" in California short sales? Do they get through closings? Should I be using a standard CAR P&S Agreement?


This has already discussed at great length in this thread. There are distinct advantages for the option contract, but I believe the consensus is that the CAR form is the choice of investors by necessity rather than choice. It certainly will carry more credibility with lenders.

Please use the search function and keywords CAR form and you will come up with a large number of discussions on the subject.

Edited: 06/26/2010 at 10:35AM by Scott Hubbard


Les Vlieger

Developer · Los Angeles, California


Forum_avatar_avatar-beachmoney

Icon_minipost Nov 20 '09, 03:27 AM

Scott,

Thanks so much for your reply. Can I ask you a couple of more questions?

* Is a Proof of Funds letter sufficient to include with the CAR form, or does it also have to be accompanied with an earnest money deposit? If so, how much?
* Can the CAR form include a contingency that gives the Investor/Buyer the right to immediately market the property and make price adjustments without the Seller's (distressed homeowner) approval?
* Do both the Seller (distressed homeowner) and the Investor/Buyer sign the listing argreement for the up-leg?
* How do I write up a contingency to allow for an exit strategy?
*

I'm new to short sales and new to this site. I apologize for going over old ground. I understand that you (the members collectively) are not giving me legal advice.

Regards ...

Edited: 06/26/2010 at 10:36AM


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