Option Agreement of Purchase Agreement
Hello BP Family,
I was told that a Purchase agreement was kinda risky to have between me and a seller if i was looking to wholesale the home and didn't already have a buyer lined up to purchase the thing. I was instead told to use an Option agreement because it gives me the option to buy the house but not the obligation.
I don't want to tie up someone's property with a purchase agreement, only to not find a buyer in time and have to back out of the deal. i was told a seller would have grounds to come after me legally if that happened.
Can someone please let me know the 411 on this. And in detail if possible.
Also if anyone has a good option and purchase contract i can see to give me an idea of how i should operate, that would be a god send.
Thanks
Lamont H.