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Option Contract

Mark Van Dyke's Avatar

Mark Van Dyke

27 Jan, 2011 10:21 PM

What situation would call for the option contract?

Can we have the seller sign the option contract first while we are getting the loan information from the bank?

So I would get them to sign option agreement, the letter of authorization, submit authorization, get loan info and put that info on Addendum A and then have them sign the Standard Purchase Contract and Addendum at the same time?

I appreciate your help here.

Mark Van Dyke

  1. Support Staff 1 Posted by Brittney Rogers on 29 Jan, 2011 11:01 PM

    Brittney Rogers's Avatar

    Hi Mark, Great Question, one that's probably best reserved for the pro - Phill Grove on his bi-weekly Monday night calls. But I'll try and answer it here. Every contract we use is an option contract, whether it's our multi-page state promulgated contract or the one page contract. So, yes, you can get the home under contract even without all the loan info. Remember, you can put estimates in when you fill out the contract and revise them after you get the final numbers. But, my suggestion is to ask Phill during the next Monday night call. Thanks!

  2. Brittney Rogers closed this discussion on 29 Jan, 2011 11:01 PM.

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