Take it or Leave it?????
I am unsure what to do with this deal, any insight would be greatly appreciated. I have a MS who has a home listed w/ realtor until June. Is making 2 house payments and needs to get out fast. Mortgage balance is $139,000. House comps at $150,000. Sell price $144,900. No repairs needed. He is willing to lease op or anything to stop the madness of 2 mortgage payments. What would you do?
see if MS would be willing to talk to realtor to break agreement if seller want to lease purchase house to you. If realtor sticks to agreement then you get permission from seller to talk to realtor and explain L/Option. Maybe you can offer him part of your profit when your tenant buyer cashes you and owner out in 2 or three years. If the property doesn't sell by June the realtor loses out anyway. There is some leverage here on your part to partner up with realtor if he plays ball. skwe-g
pathway2success,
Glad to meet you.
Do not talk with the Realtor the minute you do then if you get the property you be responsible in part to pay the commission to the Realtor.
Have your Motivated Seller, ask the Realtor to let them out of the Listing Agreement. Your Seller should explain to the Realtor they want to lease out the house because the Realtor has been unable to sell the property.
Also. they might suggest that otherwise they may not be able to make the mortgage payments and it will become a hardship on them, which in truth it will. The Realtor should have no problem cancelling the Listing Agreement.
If you let everyone start getting a piece of the pie, there may be no pie left for you.
John $Cash$ Locke
Also make sure that the breaking of contract with the Realtor will release any other contracts of liablity to the Realtor (if made during listing period)
Example: Realtor contract 6 months contract broke at 4 months and you sign the deal in the 5 month. If the Realtor does not sign something making the contract null, they can come back to bother you.
We learn from our mistakes.
Sire