Closing a Deal w/ Cash Offer, No Agent, while Property is Pending

Buying & Selling Real Estate
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Closing a Deal w/ Cash Offer, No Agent, while Property is Pending

Brandon Lancaster
Professional · lincoln park, MI · Member since 2017 · 54 posts · 5 votes

I Need Creative Ideas and/ or Suggestions to Stop a Transaction from Happening and Close this DEAL,  ALL CASH ASAP.

So I Recently Found a Home I want to Purchase All Cash. but the Home is Already in Pending Status & Now Says (on Zillow) Taken off Market.

I Stumbled upon the Home Because i was in the Area Biddding a Job. 

Long Story Short I Find out that they Already Have an offer & "Possibly" have Accepted an offer (though i was told by owners brother i could still put in an offer, so IDK)

My Questions are , if she has Accepted an offer on the property , But Feels my offer is More Attractive can She Change her Mind and sell it to me All Cash??   instead of Waiting on the other Party to Get Approved for Loan? ( if they arent approved already) 

Also Part of my Strategy to Making my All Cash Offer even More Appealing is to "Somehow, IF POSSIBLE"??? Release her Realtor from being involved and by doing so FSBO (For Sale By Owner) She will Save Approximately 6% ? Realtor Fees, Plus Another Approx $2K in Closing Costs

Asking $73K 

Minus Realtor Fee & Closing Costs They Should Save Around $7K

Now We're At Around $ 66K  

I Also Would Allow Her Extra Time to Move out without the Rush, And She would Receive Money Much Sooner.

Im Meeting with her in 2 Hrs!! & NEED to TRY to Get Creative Somehow/if Legally possible?? AND CLOSE THIS DEAL.

(Ill Keep Realtor in Deal If I Must, I Just Felt That was a Bonus for Both of us If Possible.)

THANK YOU FOR "ANY" HELPFUL INPUT,  IDEAS OR SUGGESTIONS !!

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Brian Pulaski
Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
8y

If she signed contracts/paperwork, she needs to sell the house to the interested parties. She may also have a realtor agreement on her end, so removing them from the deal might also not be possible. Keep in mind whatever she tells you, she may not actually know the truth to what she signed.

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  • Brian Pulaski
    Flipper/Rehabber · Montgomery, NY · Member since 2016 · 2k+ posts · 1k+ votes
    8y

    If she signed contracts/paperwork, she needs to sell the house to the interested parties. She may also have a realtor agreement on her end, so removing them from the deal might also not be possible. Keep in mind whatever she tells you, she may not actually know the truth to what she signed.

    1Reply
  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    8y
    If it is listed with an agent, there is no getting rid of the agent. If she had an executed purchase contract, she has to honor it. If so, you can put in a back up offer in case the first one falls apart. On a different note......you seem willing to have her try to break contracts with her agent and buyer, to help you out. What if all your clients did the same with you?
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  • Brandon Lancaster
    OP
    Professional · lincoln park, MI · Member since 2017 · 54 posts · 5 votes
    8y

    My Intent Firstly Was Not to Break Contracts With Agents to Help ME OUT.
    as in DUALLY Stated #1) I Felt If it was A FSBO It would Help HER Out & myself b/c of having the upside of HER SAVING Money & In return being More Intere3sted in my Offer. Also #2.) I Clearly Stated at the end of my Post that I had No Issues with KEEPING THE REALTOR on Board, and that im Just seeking advice &/Or Options & Possibilities IF LEGALLY POSSIBLE to "Unbind her to a Deal She may no Longer Have Interest in as I Would be Giving Her More Money, And Much more Upside with my offer ( Saving HER Time, Money, Worry of Deal Falling Through, Being Rushed out of her Home With a Deadline, and Another Offer i was going to Entertain with her If Interested is My 18 Years Experience in Working on Homes + Having a Builders' License , Would Be of Extreme value to Someone Buying another Home that May Need Work that i would do for Pennies on the Dollar for Working With Me.

    WIN WIN FOR EVERYONE. LIKE I STATED,  IM NOT JUST TRYING TP CUT REALTOR OUT AND IM WILLING TO USE THE REALTOR / IM NOT PAYING THE FEE SO DONT MAKE A DIFFERENCE ON MY SIDE. Im an Honest, Genuine ,Fair , & Hard Working Man that isnt looking to Step on Peoples Head to get where im going.

    But her Realtor did NOTHING to help her get this Offer, I Approached the Home Not Even Knowing it was for Sale...That Being Said , Of Course im Going to look for an Advantage with my All Cash Offer in the Neighborhood I Grew up In to raise My 2 Yr old Daughter in a Safe Neighborhood.

    That Alone is Worth Paying Realtor Fees!

    I SIMPLY was Looking for a Way, If Possible to Put in MY OFFER

    Simple As That

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  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    8y

    Squeezing out the real estate agent would be tortuous interference with contract. The end result is you and the seller would find yourselves in court... and it might be you who ultimately ends up paying the commission plus everybody's attorneys fees (depending on local law).

    You need to wait for the deal to die and for the listing to expire in order to purchase this property without broker(s) involved.

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    it always cracks me up when folks say " the agent did nothing"   you have no clue as to what the agent did or did not do.

    as agents sometimes we get a laydown.. other times we work 100's of hours on a deal.. they are all unique

    your self professed fair honest man.. how would you like it if someone was coming in and trying to bump you from a ratified contract.. its only a win win in your eyes  @Wayne Brooks  Wayne makes good point.  if you want it simply put back up in... if the person falters you will be able to come in and close.

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  • Steve S.
    Investor · River City, Manitoba · Member since 2017 · 162 posts · 193 votes
    8y

    The realtor didn't help find the house... for sure.... 

    Had you seen the listing on MLS, or talked with any other agent about homes available in that area you may have been the first to offer.

    Now you're offering cash and asking it to be a FSBO to "help" the seller

    I think this is a simple case of where you got beat to a deal by someone else. It sounds like the things that you're trying to do to "snag" the deal could seriously get you into trouble costing you a LOT more.

    Sounds to me like you have spoken to the seller already. The proper thing to do would be to hand them your card. If the original deal falls through they can contact you. If the seller wants to do this sale FSBO then you may have to wait for the their contract to expire with their realtor, but know that another offer with accepted financing terms may come along before that. (this is where bringing up FSBO may have done you more harm than good to get the deal done!)

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  • Brandon Lancaster
    OP
    Professional · lincoln park, MI · Member since 2017 · 54 posts · 5 votes
    8y

    When I first asked my Questions I Really Had No idea ...

    1.) If the home owners had Accepted an offer and Signed a Binding Contract 

    2.)I Also Had No Idea If a Realtor Was involved And/or If They Had Signed an Agreement Togethor.

    Had I Known Either of those things I wouldnt have asked the questions I did, & how i did .Therefore My Questions would have been perceived quite Different. And just to be Real about it i was kind of panicked thinking my meeting Could determine weather i got the deal or Not. And Would've been my First Deal on My Own.

    Although What Led Me to Ask the Questions was because the owners Brother ( Which at the time I thought Was the Actual owner of the ptroperty ) And the GrandMother Both Told Me "ITS NOT TOO LATE TO PUT A BID IN "

    I Perceived this as the property having an offer but not Yet Accepted BUT since I Felt Something was off with the info I Received I asked Questions Out of "Worse Case Scenario" NOT KNOWING the Legality ,or ANY Legal Issues I May come across , So I Was looking for those Answers/ Not Looking to "Steal" A Deal,though it may seem that way. I was Seeking info to find out if it was Legally possible to " PUT MY BID IN" & If Cash Changed Anything. Because Honestly it may sound Stupid but i thought It could be possible that b/c i was an All Cash offer & it was Higher then the original ,Would they still "HAVE TO" Accept the offer? And I got my Answer.

    And to JAY HINRICHS. When i stated the Realtor did Nothing. I said it only to state that I didnt Find the Deal Due to ANY of their Work, So I Had a Clear Conscious about Seeking answers to "The Possibility" of Legally Working without one.

    But i also Stated 3 times Now i didnt have an issue working with one, I just wanted answers to weather We Could Decide Not to , Legally.

    My post May have Sounded Cuthroat by Some of the Responses i received, But it fully wasnt intended to be.

    And Yes What i ended up doing was Asking If She Accepted and Signed an offer? If she Signed an agreement with a realtor? 

    And If it doesnt end up working out,  This is my Offer , Here is My Card.

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  • Brandon Lancaster
    OP
    Professional · lincoln park, MI · Member since 2017 · 54 posts · 5 votes
    8y

    Thanks for Everyones Input & Responces, I Appreciate All the INFO

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