Selling under land contract while using an agent

2 Replies

A little background:

I am a month into trying to sell my first flip. My original thought was to sell it FSBO, but found a multi family on MLS. Our bid was accepted but it was contingent on us selling the flip. We listed the flip with the selling agent hoping it would help ours sell faster and we could move on the multi.

The house has had several showings but no offers. We put the flip on Facebook marketplace and have had a ton of interest. No surprise lots of people are asking about selling on land contract.

We have never sold like this but I am willing. No sense in the banks making all the money, they get enough of mine. However not sure how this plays with the agent involved. I have not spoken to him thought I would pass my questions here first so I know what to expect.

I currently own the house outright as it was purchased with a personal loan and rehabbed on a credit card.

Can (should) I ask for a reduced commission?

Any other items I should follow up on?

What's the best way to structure a land contract? 

Any help would be greatly appreciated.

No reason why the agent should take a reduced commission for the work.....unless you just want to squeeze him since he can close both sales. You need enough down from the buyer to cover commission, clouding, etc.
Unless you are getting a large down payment, not sure how it helps you with your second purchase.

Not trying to squeeze just hate giving money away that I don't have too. The only help with the other deal would be moving forward, I could go ahead and get the inspections but hate ding that with loose ends. I appreciate the info just never been in this situation before. Don't want to screw anyone or lose anything.