Hi! everyone.
We have just completed a small subdivsion and are negotiating an option on a larger parcel of land.
My question, seeing that we are fairly novice developers, is - "Has anyone here negotiated an option?"
What typically is the structure - eg xx% non refundable for a six or twelve month period.
There is also the potential for some vendor finance - again, how what sort of ways can this be done - how can the reluctance for the vendor to have a second mortgage be overcome - what % interest, etc.
We have just completed a small subdivsion and are negotiating an option on a larger parcel of land.
My question, seeing that we are fairly novice developers, is - "Has anyone here negotiated an option?"
What typically is the structure - eg xx% non refundable for a six or twelve month period.
There is also the potential for some vendor finance - again, how what sort of ways can this be done - how can the reluctance for the vendor to have a second mortgage be overcome - what % interest, etc.