Purchase and Sales Agreement Vs. The Option Contract
Posted by Patrick Precourt in Investment, Marketing, Real EstateJul 9th, 2009 | one response
The talk continues on the Purchase and Sale Agreement versus the Option Contract! Listen in as we go over the correct language and disclosure you should put in your purchase and sales agreement, if a memorandum of an option contract will affect seasoning requirements, how to set up an escrow account to collect a loss mitigation fee, are homeowners association dues negotiable and much more. Visit www.FridayCoffeeBreak.com for more real estate specific videos.
One Response to “Purchase and Sales Agreement Vs. The Option Contract”
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Hi Pat, Thanks for bringing solid reality to the table. If the option contract is working for someone then I say use it. I used it for a while and based on my experiences have reverted back to the P&S. The interesting thing here is all the conversation about this subject seems to center around the title companies and end buyer lenders yet all of the kickback I’ve received has been from the foreclosing lenders. Back around the 1st of the year I had four deals in a two month period where I used the OC. Two were with Countrywide, one with IndyMac and the last one with Wells Fargo. All four of them gave me a verbal approval, but told me they would not accept the OC. I immediately sent them P&S Agreements to replace the OC’s and in turn received my acceptance letters. I don’t need to be told a 5th time.