flexnovice
Junior Member
What is the name of your state (only U.S. law)? California
I am attempting to sell my home FSBO and was contacted today buy a "buyer" who sent me a Flex Option Agreement. The agreement states:
- Seller understands that Buyer’s intention is to find an End-Buyer and assign this Option Agreement to that End-Buyer for a fee (paid by the End-Buyer).
- Seller understands that Buyer is acting as a principle in the transaction and is not working as a licensed real estate broker representing anyone in the transaction.
- Upon Buyer’s decision to exercise this option, both parties agree to move forward with the necessary standard purchase and sales agreement.
- Seller may cancel this agreement at any time if they find their own buyer or tenant or decide not to sell.
- If Buyer does not acquire an End-Buyer to assign this deal to within 60 days of acceptance of this Option Agreement, this agreement becomes null and void.
- All parties agree that property is being sold in “as is” condition unless noted otherwise.
DUE ON SALE CLAUSE: The Seller and Buyer are aware that there may be a “due on sale” clause in the pre-existing mortgage and will work in cooperation to resolve any issues that may arise IF the lender calls the note due.
My question is whether or not this a legit deal or a scam? I've done some research and this seems similar to Tim Mai's program (Tim Mai - VirtualVesting Secrets Revealed!). However, I can not find any data on what the pitfalls or dangers to the seller could be.
As a legal professional, what are your thoughts? What are the possible hidden (or apparent) pitfalls to the seller? Would I, as the seller, be putting my credit or home at risk by entering into this agreement?
Thanks for the information. If anything else is needed, please let me know.
I am attempting to sell my home FSBO and was contacted today buy a "buyer" who sent me a Flex Option Agreement. The agreement states:
- Seller understands that Buyer’s intention is to find an End-Buyer and assign this Option Agreement to that End-Buyer for a fee (paid by the End-Buyer).
- Seller understands that Buyer is acting as a principle in the transaction and is not working as a licensed real estate broker representing anyone in the transaction.
- Upon Buyer’s decision to exercise this option, both parties agree to move forward with the necessary standard purchase and sales agreement.
- Seller may cancel this agreement at any time if they find their own buyer or tenant or decide not to sell.
- If Buyer does not acquire an End-Buyer to assign this deal to within 60 days of acceptance of this Option Agreement, this agreement becomes null and void.
- All parties agree that property is being sold in “as is” condition unless noted otherwise.
DUE ON SALE CLAUSE: The Seller and Buyer are aware that there may be a “due on sale” clause in the pre-existing mortgage and will work in cooperation to resolve any issues that may arise IF the lender calls the note due.
My question is whether or not this a legit deal or a scam? I've done some research and this seems similar to Tim Mai's program (Tim Mai - VirtualVesting Secrets Revealed!). However, I can not find any data on what the pitfalls or dangers to the seller could be.
As a legal professional, what are your thoughts? What are the possible hidden (or apparent) pitfalls to the seller? Would I, as the seller, be putting my credit or home at risk by entering into this agreement?
Thanks for the information. If anything else is needed, please let me know.
