BiggerPockets

I was hoping that there would be others who would have replied by now.

If it is possible, get the seller to sign a document similar to a NCND which simply gives you permission to show his homes and if they go on to purchase one of them then he owes you XXX.

This gets you very close to acting as a realator, so check your local laws in this area.

Then just have everyone that you show the homes to sign a document that you showed them the homes. And if anyone of them buys then you are set.

These are thoughts off the top of my head and I do not know about the leaglity or illegality of them so I hope others chime in and pick my ideas apart!!!!!!!!!!!!!

Why won't the seller allow you to put it under contract?

Someone is just pulling your chain here.

All contracts mean something!!!!

This is sounding like someone that you do not want to deal with. Since even when they give you their word on a contract they say it means nothing.

That tells me that you can not trust their word at all.

Am I correct in assuming that you want the seller to accept a contract that legally binds him to sell the property to you but which in turn you can back out of and get your earnest money returned if you are unable to find a buyer? If so, we must look at the situation from the seller's perspective; why would it be in the seller's interest to tie up his property when the purchaser would close only if he can sell the property to someone else for a higher price?
We deal in an environment in the real estate industry in this country in which the "standard" residential property sale contract greatly favors the buyer. This is a result of realtors who want the easiest way to get the most offers on their listings. The NAR has influenced state real estate boards so that the boards are concerned with the "rights" of buyers almost to the exclusion of fair play for sellers. Almost all residential contracts are in reality a "free" option for the buyer. Specific performance is near impossible to enforce, liquidated damages require court action even when situation is clear cut. When a seller decides to protect himself and ask for a "serious" buyer commitment, such as non refundable earnest money, the response of the real estate community is that he is unreasonable.
As a direct buyer and as a general partner of 2 private real estate investment funds I have purchased over 200 properties, and sold 50+. Sophisticated sellers, such as banks, REITs, institutions, have developed methods of seperating "real" buyers from those that will only close if a laundry list of unlikely events occurs, i.e., 100% financing, sale to a third party, etc.
As a result, it will become harder and harder to do the proverbial "nothing down" deal. Proof of funds letters, from anyone other than a major lender, are no longer regarded seriously. This all makes it easier (less competition) for the well financed players. However, in truth, I will miss the stories of the people who were able to pull off deals with nothing except their guts and experience. In a way it is the ability to start with absolutely nothing and still be successful in the real estate arena that has made this business special.

LeJon jawsette's idea is a violation of of the law in Ohio. You would be performing an act regulated by the State of Ohio.

Thanks for everyones respond. These homes seem to be bought by some one in bulk and now they are trying to liquidate on them fast. Looks like I will have to walk away, if anyone has any ideas, please let me know. Or if some one would like to partner and know of legal creative way to get this donem, I would also be up for that.
LeJonR

Originally posted by Jim Gordon

LeJon jawsette's idea is a violation of of the law in Ohio. You would be performing an act regulated by the State of Ohio.

Not according to the CA case of the old grey fox, which was setteld in FED court. But I do know that it does require certain full disclosures given to both parties involved that you are not acting on their behalf, but only on your behalf to be in these contracts.

That is why I specified to go to the proper legal authorities as even if your case is proven legit, it will still probably cost you more to defend yourself from those who feel it was not legal.

And yes, I do know that there are states that regulate even that, so the same response was needed.

But there are states where it is perfectly legal. It all depends upon the situation.

PS... I do like Nick's suggestion best, a whole lot better than mine!!!!!!!!!!

Originally posted by LeJon Ratchford

... These homes seem to be bought by some one in bulk and now they are trying to liquidate on them fast. ...
LeJonR

One thing that hasn't come up is: maybe the "seller" CAN'T put it under contract, because they are not the owner. The "bulk REO" stuff often has title transfer by "quit claim", and often also has various intermediaries who attempt to sell the properties.

LeJon,

Based on that 6% and that you did not call the seller a realtor, then this is almost certain to be bulk REO. You should read through the BP bulk REO forum posts to get a taste of how this might turn out.

If they're up to a 6% fee, there must be layers on layers of intermediaries, each wanting to take a cut.