Home Buying in 43110>Question Details

Jmharning, Home Buyer in 43110

what is a pending option contract?

Asked by Jmharning, 43110 Fri Jun 5, 2009

There is a house close to us that the realtor states it has a "pending option contract" with offer option to buy until mid-Nov. How can we make sure this house is not turned into a "difficult neighbor" situation? We would consider buying it but no one seems to know if that is even possible.

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good morning....the option to buy and even a purchase agreeement can be recorded against public record on the home at the local register of deeds...you can go there, or have a title company in your area pull public records and see who the option is in favor of.......it should have the contact info on it....also, it will have the legal owner of the property that you can also contact to position yourselves in first right of refusal....in which case...if the option cannot be exercised for any reason by the individual(s) named in it, you are next in line to purchase it.....laslty.if you find out who the option is naming to purchase it.you can also contact them to see if the option is assignable to you..the deed holder may have to be consulted.......i hope that helps.bob mcclure- success mortgage partners- plymouth, michugan...
0 votes Thank Flag Link Mon Jun 8, 2009
JM Is it in contract w/option to buy? sounds like a buyer is comitted to renting and option to buy? Need more or address and Ill find out exactly the situation.

TJ
0 votes Thank Flag Link Sat Jun 6, 2009
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