Another option that Dallas Cash Offer uses in purchasing distressed property throughout Texas is the option agreement. The option agreement is a legal contract between Dallas Cash Offer and the seller of a house or property. This agreement gives us the option or right to purchase your property for a specific amount in a specific time-frame. Sometimes we may need time to fully understand the value of the property. Using the option agreement will allow us to make sure we can perform at the top dollar amount. We typically only pursue the option agreement if we are paying the absolute top dollar for your property.
There is a dollar amount negotiated called the option fee which is paid to the seller by Dallas Cash Offer. There are several advantages for you as the seller to work with us on an option agreement:
1. Option fees are typically non-refundable. In the event we are unable to purchase the property for the agreed option price, the seller will keep the option fee. This allows you to feel secure, as you have money in hand towards the purchase of your property.
2. Time. In some cases, sellers require more time than normal to close a real estate transaction. In situations were sellers need more time than normal we will structure an option agreement to allow them more time to work through extenuating circumstances. An example would be a job relocation, renter with several months left on a lease, etc.
Want to learn more about how an option agreement can benefit you? Call or click today to discuss how Dallas Cash Offer’s option agreement can benefit you.