It is potential trouble, for the seller, if it comes up on the title search. Assuming that MRG has done things properly, there is nothing wrong with recording an option and clouding the title. After all, the seller agreed to it, and it is a legally binding contract. You can’t just “change your mind” about that sort of thing, especially if all the legal elements of a contract, including consideration, were present, which I assume they were. Even though, of course, I’m sure the buyer MRG had found is long gone, he/she still deserves to at least be compensated for their costs and time in finding that buyer, before removal of the option.
Finally did my first deal.!!! Here are the details.
Purchased for
option- 127,000
rent- 982
Sold on lease option for
option- 139,999
rent- 1195
option money 3995 (actually netted 3995-982= 3013)
IT FEELS SOOOOOOOOOOOO FREAKIN’ GOOD.!!! I started this business on July 1st. It has been a journey.
My first “deal” I gave the seller two months of mortgage payments and thought I had a deal. Two days later he said “I talked to my attorney and I’m backin’ out the deal”
My next "deal I called my seller and told them I have a buyer and the seller said “I’ve decided to sell my house outright” (can’t wait till she sees that “BIG FAT OPTION” that has been recorded)
Anyway…!!! If you decide to enter this arena OF REAL ESTATE INVESTING GO GET SOME GUTS!!! SOME THICK SKIN.!!! AND WAVE GOODBYE TO THE COWS ON THE SIDELINE.!!! GET A DREAM AND GO FOR IT.!!!
Did I read that right in that the seller is now considering selling the house outright and isn’t aware of the recording of the option??? If so, that sounds like potential trouble in the works. Just my 2 cents worth…