Wholesaling with Options
If I want to wholesale properties that if I can't find a buyer for and I have no interest in closing myself, seems that using options would be the best way to go. I wouldn't want to give the homeowner the impression that I will be closing on their property if I really have no intention of doing that.
Assuming this is true, would you use some type of option agreement as an addendum to a purchase and sales agreement or would an option contract be self contained?
How long does an option contract normally tie a property up? 5 days... 30 days?
I've read about other options that actually don't tie the property up... they are pretty much the right to buy the property at a certain price... the difference is the property owner can still market to other buyers but whoever has the first actual buyer gets to the right to buy the property. What are the drawbacks with this type of option?
Anyone have any option contracts they would like to share?