Please refer to my comments “Dream on” on the post just above yours on 100K. Double on your deal. Money has to change hands plus several other criteria for a valid option. No specific amount nor which way on the money. What a coup to do a deal like this as a first one. Unlikely, but don’t let me discourage you.
We have a house that an owner called us on and it’s 2 months behind in payments. Payments are $6,000.00 PITI The house is worth in the area of $850,000.00. Can we take a straight option on something like this? The owner is very flexible but we want to be sure you can option something like this being 2 months behind. Also it is occupied. (I don’t like that) Oh, we want to offer a straight option for $745,000.00
Is their a minimum option money that has to be deposited to make thiis a legal transaction?