I had option agreement on a property with the seller who was still able to market the property themselves, they came up with a buyer, but the deal fell through. They contacted me to see if I had a buyer. I had several interested at the time the seller had the property under contract with their buyer. How do I go about getting the option agreement extended or should I just go for a new agreement with the seller?
My option agreement has extension clauses, and all I would need is a letter from the seller.
If your agreement doesnt have this feature, then you can have him sign a new agreement.
The timing for this is perfect, he needs you, so make him sign a 6 month to a 12 month agreement.
Since you are in PA, you also want to have a notice of option filed at the Allegheny county Court House so that you dont get into legal trouble. I have students working in McKeesport and that is a great town to wholesale in. Everyone will sell you a house, but we get the best money out of arranging owner finacing terms with motivated sellers and passing them on to people who cant get a conventional loan.
To your success
How could one get into legal trouble with an option agreement?
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