Wholesaling? Tie Up The Property?
What type of contracts, are used to tie up the property? Is it Lease/Option?, Owner Financing? If the property is abandoned, how do you find the owner to tie it up(rules are different here in Michigan), and can it be tied up with no money down, no credit, etc?
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WARNING: If the Purchase And Sale Agreement contains a weasel clause, then it has effectively become a unilateral Agreement (only binding the Seller and allowing the Buyer to back out), so you would have to pay the state minimum in consideration for it to be enforceable, which is usually ten dollars (just like an Option). My Purchase And Sale Agreement stipulates that the Buyer (me) loses the deposit if forfeited, so this becomes a moot issue, should I pay nothing.
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