Question???

[robdedgar]

My partner and I are interested in using a service that will help us sell a house in a quick manner but this service will only talk to the homeowner.  Could I use an option agreement to control the house, (and the profits) in this type of situation?  If the homeowners give us thier lowest price and this service sells the property close to fair market value, and the homeowners are upset that they lost some of thier equity, what recourse would they have?

[Rob in Atlanta]

You need to tak with the reselling service to get an accurate answer....you said they only talk with the homeowner.  If you option the house, you control the property but are not the owner.  Ask if their service is available to the one who controls the property.

The seller has zero recourse if they sign an option with you, you record the option, and then resell at a higher price and close within the option period.  ZERO!!  Otherwise, what good would the option or contract be?!!!

You might be well served to learn how to resell the property quickly yourself rather than paying someone else which will diminish your returns.

Rob

[robdedgar]

Is it a neccessity for the homeowner to remove thier house from the MLS if we have an option contract on the property?

[Rob in Atlanta]

If the original owner had the property on MLS, sold it, and went to closing, as long as you 'recorded' your option through the Clerk of the County, when a title search is done by the closing attorney, your option will be treated the same for payment as a mortgage would be treated and paid.  Always protect your interest in an option, lease purchase, etc. by recording that agreement with the Clerk in the county where the property is located.

Rob