Option a house while it`s listed with a Realtor

[hannadang]

Hi fellow REIN members,

A seller called to sell me his house. His house is listed by a Realtor and he`ll sell it for $35,000 below the listed price. I thought that was a good price so I offered him an Option to Purchase. I also wanted to ensure that he understands that he needs to pay his Realtor if I buy the house or if I get someone else to buy. He agrees.

Will and Option to Purchase work with Realtor listed homes (listing Realtors WILL get their commission)?

So, now that I have the option and a potential buyer. The Realtor asked how all this would work... and I`m asking myself the same...

I`ve done option before (without Realtor involved) and it seemed easy enough. Get the seller to sign an option-buy-back then show him the offer where he can accept the offer.

In this case:
do I get the Realtor to help the buyer write the offer? (i need to make sure the offer is above the option price)
I would need the seller to sign the option-buy-back before presenting the offer (so I need to hold the contract and not the Realtor)
Also, the Realtor is confused... does he represent the buyer as well?

Thanks for all your help.
Hanna

 

[RedlineBrett]

QUOTE (hannadang @ Sep 21 2010, 02:38 PM) Hi fellow REIN members,

A seller called to sell me his house. His house is listed by a Realtor and he`ll sell it for $35,000 below the listed price. I thought that was a good price so I offered him an Option to Purchase. I also wanted to ensure that he understands that he needs to pay his Realtor if I buy the house or if I get someone else to buy. He agrees.

Will and Option to Purchase work with Realtor listed homes (listing Realtors WILL get their commission)?

So, now that I have the option and a potential buyer. The Realtor asked how all this would work... and I`m asking myself the same...

I`ve done option before (without Realtor involved) and it seemed easy enough. Get the seller to sign an option-buy-back then show him the offer where he can accept the offer.

In this case:
do I get the Realtor to help the buyer write the offer? (i need to make sure the offer is above the option price)
I would need the seller to sign the option-buy-back before presenting the offer (so I need to hold the contract and not the Realtor)
Also, the Realtor is confused... does he represent the buyer as well?

Thanks for all your help.
Hanna

If the realtor is getting paid let them figure this out for you. They have their broker and connections with lawyers and they`ll be the ones their seller will be talking to to make sure everything is `ok`.

You are better off doing that then spending hours trying to figure out a solution only to have the realtor want to change everything...

 

[JimWhitelaw]

Sounds like the realtor in this situation is confused and you`re in a better position to get the deal done by yourself. Does the seller want to keep the listing active while you work out your end of the deal? If not, offer the realtor some reasonable amount of $$ for their time and ask them to give up the listing.