What is a LIVE option?

I have a listing referral that I've been communicating with for weeks but we have not listed his property yet. He purchased a lot in a resort neighborhood two years ago for hundreds of thousands higher than I would have ever imagined. The developer sold all the lots, is no longer around and there is no POA established, as well as no amenities. Two homes built for interval ownership are both in foreclosure. When I visited the property to check it out for this out of state owner, I found chain link gates chained and locked. I notified the owner what I had found and didn't hear from him until today.

He emails that he has found an alternative for his property and he has purchased a product called a LIVE option which has some guarantee to buy at the purchase price. Says we now have to list it at the original $429,000 because of the option contract! Remember this is a LOT which I can't imagine would sell now for more than $50,000 if that much as it backs to a golf practice range........I'm not kidding. He goes on to say we will reduce from there and thanks me for my help!!!!

I feel very badly for this owner but think this is a listing I may have to pass on.

Any experience or help with this?

Views: 2

Replies to This Discussion

Permalink Reply by Anita J Blye on January 11, 2010 at 8:42pm
Yes, pass pass pass! I haven't been doing this for long, but my first listing was over-priced and it has been no fun at all to continue to be the messenger of bad news to my client. 6 months later, the property has showed twice. Painful learning curve so I say... paaaaassssssss
Permalink Reply by Kristen Blanchet on January 12, 2010 at 9:08am
Run...don't walk! Sounds like this will be an absolute nightmare and complete waste of your time and effort.
Permalink Reply by Mike Linkenauger on February 8, 2010 at 12:11am
I remember JP mentioning that I think we may have sent this one to you. We definately have worked with you some and trust your judgement 100%. Don't fool with things that a a waste of time, if you decide thats what it is.
Permalink Reply by Vanessa Calhoun on February 15, 2011 at 1:12pm
Run like the wind becuase when the proverbial crap hits the fan (and it will), the seller will definitely blame you!

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