I would exercise due caution.Good Luck,Mike

Your role at that point is just to make sure the process keeps moving forward.Yes, once the short sale is accepted by the bank and the homeowner has done everything they need to do with the bank, then all the homeowner would need to do for the actual closing is sign papers.

You don't need to present your offer with comps and if a realtor already has the listing, you don't need to waite for an asking price if you are really going to offer.Definantly you need your own Realtor who is good at negotiating.But you will most certainly want to talk to a bank first before making an offer, becuase like i said the property won't qualify for a conventional mortgage.also, you should get a better "Price" becuase you are going to take on the role of a builder, and builders build to make money not break even.

What happens when your buyer attempts to exercise the option to buy the property and the owner changes his mind and refuses to sell?

.$...to be excercised on or before .......dateif optionee fails to exercise option liability and all recourse shall be limited to option consideration only.thats a great clause to have in there.I usually have 15 clauses in my options.16 if i need to give right of refusal and i write out the right of refusal so the seller will understand it for what it is.....avoid confusion if things are simple.KISS

It is obviously being used as a shack of a home, the owner is 3 yrs behind taxes with several preforeclosure hits on the tax role over the years.

If I was him I would have held a press conference and say "I did not exhale" LOL You don't understand he's an Olympic hero a role model for the youth of this nation and other nations we don't need pot smoking dope heads as role models for our youth.

Conditionally Refundable Option Consideration Monies is the way to go, especially with the Attorney General in many States going after "Equity Skimmers" and the like.And, the exercise price can be tied to a formula, such as an either-or: [i]The purchase price shall be EITHER the average of 2 certified appraisals who must be a member in good standing of the American Society of Appraisers OR $xxx.xxxx, which ever is higher.

I would suggest checking with the title companies in your area to see what they are going to require at the closing of the exercised optionTo set up the deal just put the home under lease option with the seller, then bring your buyer into the deal.

If you think you might be interested in purchasing the property you can establish a sales price today and exercise the option (follow through with the purchase portion of the contract) anytime within the option term.