I have a question there's a piece of property that I want to do an option contract on but it's listed with an agent. The property has been on the market for over a year. Has anyone had success with getting the seller to cancel the listing contract and taking the option contract ? I'm willing to give the seller the 6% commission he was going to pay to the agent for the option contract. Advice and suggestions are welcomed !!!
@Cierra Seay I wouldn't do that as a non-agent. You, as an agent, would be opening yourself to serious issues.
If the seller wants to do an option, the realtor can take their commission from the option amount. You should still get full credit for the option.
Has anyone had success with getting the seller to cancel the listing contract and taking the option contract ?
IMHO this is the wrong approach.
Let face it if a seller is willing to cancel an agreement with another party for their benefit why would you think that they wouldn't do the same thing to you?
And IMHO its highly unethical for you to even have the conversation with them about them canceling their agreement.
Originally posted by @Cierra Seay:
@Wilson Churchill thanks I didn't know that was possible.
@Walt Payne I get what you're saying. Just trying to see if anyone actually does this or do they leave properties that are listed with agents alone. I guess I should go after expired listings to do option contracts.
Of course the agent just wants the money. It is similar with land contracts: The agent takes the commission from the down payment. I do believe that agents sometimes list lease option properties, though I haven't seen any lately.
@Michael Quarles I haven't had a conversation with the seller I'm just asking a question in a forum trying to get answers from people who have been doing this a while.
I remember the time a short prospect asked me to break the law and to give them 5k outside of escrow in order to induce them into signing my purchase agreement. I said no and they said that another investor offered it give it to them..
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