Just wanted to emphasize how important it is to remember to use this in your finance arsenol, especially with all ya' all with bad credit and or just getting started in REI
Step#1: The OPTIONEE will pay a real estate option fee or otherwise known as OPTION CONSIDERATION, usually anywhere from 2%-4% of the purchase price.
Step#2: The OPTIONOR grants the OPTIONEE(buyer) the exclusive, unresricted and irrevocable right and OPTION to purchase a property @ a fixed purchase price during the OPTION PERIOD by executing a RE-OPTION AGREEMENT with the OPTIONEE.
Step#3: The OPTIONEE either ASSIGNS or EXERCISES his OPTION or lets it expire.
Step#4: Once EXERCISED, a RE-OPTION AGREEMENT turns into a BI-LATERAL AGREEMENT in which the OPTIONEE becomes the buyer and the OPTIONOR becomes the seller.
Step#5: The seller transfers the properties TITLE to the buyer @ closing, YOUR HERO, SULLY
YOUR HERO, SULLY