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Updated about 15 years ago on . Most recent reply

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41
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C W
  • Real Estate Agent
  • Washington
0
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41
Posts

Using Option to Wholesale..How does it protect me??

C W
  • Real Estate Agent
  • Washington
Posted

I'm trying to wholesale an out-of-state property and was thinking of tieing it up with a non-exclusive option agreement.

I have a buyer who's looking and who MIGHT be interested in the property. But if I show him the property and he does like it, then how I protected from the buyer just circumventing me and making a direct offer to the seller?

Most Popular Reply

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Will Barnard
  • Developer
  • Santa Clarita, CA
10,945
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Will Barnard
  • Developer
  • Santa Clarita, CA
ModeratorReplied

Why not get an exclusive option and record it with the county recorders office, this gives you equitable interest in the property. If you already have a potential buyer, your seller should have no problem with a short option period and you are safe.
You can also have your potential buyer sign a Non-Circumvent agreement which states they can not go around you direct to buyer or you can sue them for damages and costs.

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