Posted by Redline on April 23, 1999 at 12:59:06:
I agree with Jim.
Ex: I have a listing now on a house I can’t sell where the seller doesn’t have any equity. (I didn’t originally take the listing … don’t ask!) I’d love for someone to take it off my hands with a L/O. I’d rather get paid in 2 years than not at all. Or, I’d consider a (very) reduced commission up front and nothing on the excercise. I’ve refrained from doing the deal myself for obvious reasons.
RL
RE Agents - Posted by MattM
Posted by MattM on April 23, 1999 at 11:21:17:
Quick question that has been bugging me lately. Once I find out that a potentential home has been listed with a RE agent I scratch it right off the list. I always ausumme that the owners nor the agent will ever go for a no money down L/O because there will be no money to pay the RE agents fee. Would the agent still get the fee right away even though the home has been contracted with an option to purhcase? Will the agent have to wait for the fee until the home is purchased, which may take 24 or 36 months? What’s the truth to this.
Let me give you an example. I just read read an ad two minutes ago that includes the phrases - “highly motivated sellers” and “handyman special”. I had the phone in my hand before I finished reading the ad. Then my eyes gazed to the bottom of the ad and I see that it is listed with an agent. Am I correct in assuming that zero-down lease options will not work with property listed with an agent?
Thanks for any insight.
Re: RE Agents - Posted by Jim IL
Posted by Jim IL on April 23, 1999 at 12:28:00:
Matt,
How can you know the answer to something unless you ask?
I just signed a L/O with a seller thru an agent. The agent gets paid when the option is excercised.
Now, frankly, I’d not expect this to happen often, but you’ll never know unless you ask.
Go for it, you have nothing to lose but a few minutes talking to the seller.
Call the ad, go see the house and then talk to the seller.
Not the agent alone, but both if possible.
Good luck,
Jim