It’s been awhile since I’ve posted on here. Things have been a little busy with researching deals still rolling in from past mailers and also from recent mailers.
I’ve been trying some different counties and I had a gentleman contact me a couple of days ago from one of my mailers and he wants to sell me a rather large piece of property (over 100 acres). He is asking a really great price ($125/acre!!) for the size of the property based on comps but the figures are well out of my reach. So I feel like this would be a perfect “Options Deal”.
He is still getting me some info on the property and we haven’t even talked about doing an option yet but since I have never done one before, I’m a little hesitant to pursue/offer it on such a large transaction.
Assuming that he is ok with doing an option agreement, my concerns are in regards to the mechanics of an option deal:
I would for sure get title insurance on a transaction of this size but how do I go about getting that?
Also, is getting title insurance the same as closing through escrow? I’m not well versed in how this process works.
Any input would be greatly appreciated. I hate to let a deal like this go to waste just because of the small details.
If he doesn’t agree to do an options deal, I may be reaching out for a partner on this.
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