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Updated almost 10 years ago on . Most recent reply

User Stats

32
Posts
8
Votes
Michael Linquist
  • Real Estate Investor
  • Lutz, FL
8
Votes |
32
Posts

Warning!! Complicated question. Advice needed.

Michael Linquist
  • Real Estate Investor
  • Lutz, FL
Posted

Hello all, this is a very complicated question so I will try to spell it out as clearly as possible with an example. 

Mary wants to sell her house. The ARV of her house is $300,000. I offer to Straight option Mary's house with 10 day auction/general sale strategy (basically I will take the highest bid).

Mary agrees to my deal. I get Mary's house under straight option contract for $200,000. 

However, can I add a contingency clause/contract to the straight option that increases the amount Mary will receive based on the highest bid I receive when I close?

So, if I sell the house for 260,000. Instead of taking 60,000 from Mary, the contingency contract would allow the Straight option price I made with Mary to increase, so that she is not screwed out of 60,000 of equity and I feel like a crook. 

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