I've thought about this strategy as well. It could be good. The one thing I'd be careful of is most agent listing contracts have a clause in there that says if the property sells within a certain amount of time after the listing is expired or canceled, then the agent is still entitled to a commission. One way around this is to do a sandwich lease option and then exercise the option after that time period has expired. Good luck!
I've thought about this strategy as well. It could be good. The one thing I'd be careful of is most agent listing contracts have a clause in there that says if the property sells within a certain amount of time after the listing is expired or canceled, then the agent is still entitled to a commission. One way around this is to do a sandwich lease option and then exercise the option after that time period has expired. Good luck!
I don't do marketing regularly to find deals, but I do like to look here when I'm ready to find a good buy hold.
One time I knocked on a door of an expired listing in a great neighborhood. It was awkward and maybe unsafe. Some people on here probably wouldn't want to spend the time like I did, but it was worth it to me.
The owner was Russian and didn't speak much English. That's why the house never sold. She didn't understand how she had to pay a 6% commission to an agent. I hired an interpreter from Craigslist and he helped me negotiate. I figured out that all she wanted was a specific amount of money, not pay for title, survey, abstract update or anything. So I covered it all. She got the amount of money she wanted and I got a solid house at 60% of the houses value.
Listing agreements have a clause that if a buyer who was exposed to the property during the listing, buys within so many days, a commission is owed.....not for any sale whatsoever.
Thanks for the tip @Aaron Vergason. I will definitely keep that in mind, and that's why I love about our industry. There's always a way to help people out. So what did you end up doing with the house?