S
ScottyS141
New Member
Hi guys,
I value some advice from you on the subject of "buying on Option", how it works, strategy and costs!
To give you an example, i have been offered a property that is on the open market for sale for sometime. however it needs refurbishment and structural works, which would prove difficult to raise finance on until fixed. the property is 82,000 pounds, with a resale value of 120,000. I am not worried about the refurb and fixings as we have experience in this.
So how could i structure a deal to secure the property on an option? Allowing me to refurbish the property, fix the structural issues and sell on for profit? Would i need to offer the seller over asking price? or a small deposit of like 500 pounds for the option?
How would i secure my funds invested into fixing the property? i.e security so the seller doesn't use me to fix the property and then take it back??
I am keen to hear your thoughts on how you would structure the deal?
Regards
I value some advice from you on the subject of "buying on Option", how it works, strategy and costs!
To give you an example, i have been offered a property that is on the open market for sale for sometime. however it needs refurbishment and structural works, which would prove difficult to raise finance on until fixed. the property is 82,000 pounds, with a resale value of 120,000. I am not worried about the refurb and fixings as we have experience in this.
So how could i structure a deal to secure the property on an option? Allowing me to refurbish the property, fix the structural issues and sell on for profit? Would i need to offer the seller over asking price? or a small deposit of like 500 pounds for the option?
How would i secure my funds invested into fixing the property? i.e security so the seller doesn't use me to fix the property and then take it back??
I am keen to hear your thoughts on how you would structure the deal?
Regards