Using options

[Allen Ayres]

I was thinking about using an option when the seller and myself could not come to an agreement on price in a wholesale deal. For example, if my highest price was 60k and the lowest the buyer will go is 70k, could I sign an option at 70k and tell the seller I will see what I can do with the 70k sale price? I would put in the option that if he sold it before I exercised my option then the option would be cancelled. Has anyone done this and has it worked?