Offer Accepted (Option)

Posted on 21. Jul, 2011 by in Makin' Offers, Real Estate Investing, Real Estate Marketing

Well I got my first offer accepted on a property that I was checking out.

Remember my challenge post? So far, no one else has taken me up on my challenge. And it may be a good thing for YOU, because I’m thinking I’m gonna smoke the competition lol

Anyway, since I’ve sort of had a hiatus in the real estate game since I’ve been working on my ATM course, well I thought that I’d be a little rough at getting back into the swing of things.

Ahhhh not so much. I had 4 sellers get in touch with me right after I made my challenge post and I called them all back. One I emailed my “option” agreement that I’d use on their house (and they honestly did sound into things.)

Another I made an appointment to see their home and that home is the one I put under agreement. Anyone looking for a 3 bedroom, 2 bath Cape Cod in Perryville, MD? If so, I know this sweet, wonderful woman who has one available. I’m sure I could put in a good word for ya!

Now I just gotta get that puppy sold. Oh, also put out some bandit signs for my rental property that has been for sale since November. I’m firing the Realtor (yep, my father lol) and going to sell the damn thing myself! I’ve gotten 5 calls on it already. Have an appointment on Sunday with someone on it.

Challenge, schmallenge. I’m gonna kick my own self’s butt in this challenge. If you should decide that you want to join the challenge then go visit my “Are you up for a challenge” post and let’s go!!!! (Another Steph…what about you?)

You can check out the prize that you can win if you win the challenge too. It’s ATM Business Blueprint. Yes, my awesome, fantabulous ATM business ebook and entire ATM course. (Yes, I’m biased. What do you expect? Geez.)

Quick question…..have any of you gotten any properties under agreement with an option? Not a lease option, just a straight up option? Would love to hear how it went……

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8 Responses to “Offer Accepted (Option)”

  1. Danny Johnson

    22. Jul, 2011

    Congratulations on getting an offer accepted. Now to just get it sold and make some money!

    I’ve personally never signed up with a straight option. The only thing to be careful of, if wholesaling, is that it is a lot easier for another investor to go around you and contract the deal. Beware.
    Danny Johnson recently posted..The Eighteenth Week – The $50,000 Wholesale DealMy Profile

  2. AnotherSteph

    22. Jul, 2011

    Did you give me a shout out!? Love it!

    I’m up for the challenge. Great job on getting your offer accepted! I’m also embarking on a new journey…our first “real” rehab deal. I’ll be in touch soon to tell you all about it. I’ve been a bit out of the blogosphere lately, things have been super busy!

    I hope those wedding plans are coming along well!! :-)
    Take care!
    Steph
    AnotherSteph recently posted..Offer Accepted! (Subtitle: Don’t Ever Give Up!)My Profile

  3. Carey

    22. Jul, 2011

    You know I did give you a shout out! hehehe I’m glad you’re up for the challenge. Woohoo!

    A “real” rehab huh? As opposed to those fake rehabs…..awesome! lmao I can’t wait to hear about it.

    Yeah, I haven’t been to active in the blogosphere lately either, but I’m trying to get back to it.

    Wedding plans are coming along awesomely. Reception venue: check. DJ: check. Caterer: check. Photographer: check. Permit for the beach: check. Officiant to perform ceremony: check. I think we got the bases covered…..it’s coming up quickly! Weeeeeeeeee lol

  4. Carey

    22. Jul, 2011

    Thanks Danny. And you got that right, now I just need to get it sold to make my money!

    Great warning there about an option. I wonder though, if that were to happen, if it’s lawsuit potential with the seller? That’s a valid question I think?

    In this particular case, I’m not worried about a wholesaler. This is definitely not a wholesale deal. I’m going the rent to own route. Once I get my first deal complete, I’ll dive into what I’m doing. (this is a new type of transaction set up for me…….) We shall see. I think it will work……stayed tuned tho for more details.

    Btw, thanks for posting Danny. Appreciate. I love to see new faces around here….keeps it fun and interesting and helps us all learn more when new folks come that have different experiences!

  5. Danny Johnson

    23. Jul, 2011

    It all depends on how the option to purchase agreement is worded.

    Still though, would you really actually sue the seller if they agree to sell to someone else before you exercise your option to buy?
    Danny Johnson recently posted..The Eighteenth Week – The $50,000 Wholesale DealMy Profile

  6. Carey

    24. Jul, 2011

    Good point. With this particular house absolutely NOT.

    But let’s just say we had an option on a house where we’re going to make a 50k, 100k or maybe more if it’s a commercial deal…..I think that would change the answer in the lawsuit question, don’t you?

    Personally, my highest wholesale fee has been $15k…and I dunno maybe even that fee would be worth it too??? I wonder if anyone reading has ever had this happen and went through with a lawsuit?

  7. Danny Johnson

    24. Jul, 2011

    I agree with you that there are some deals that would definitely be worth protecting, especially if you did everything you said you were going to do and the seller failed to keep their end of the bargain. Good point.

    Maybe even just the threat of the suit would be enough to keep things in order.

    If the spread of the deal is great enough and worth protecting, closing first and then selling is the safest way to go.

    Great blog, by the way. I will have to stop by more often.
    Danny Johnson recently posted..The Eighteenth Week – The $50,000 Wholesale DealMy Profile

  8. AnotherSteph

    24. Jul, 2011

    Yes, a “real” rehab, as opposed to ones we’ve lived in and fixed up!

    Cool…thanks for the update on the wedding plans. So excited for you!! :-) We’ll chat soon!

    Take care,
    Steph
    AnotherSteph recently posted..Rehab Deal Closing MondayMy Profile

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