Lease Option Purchasor Selling To A Cash Buyer
I am lease purchasing a house from a seller. My option to purchase the house is for 84,000. Currently the property is vacant and I have two signs in the front yard - one says "For Rent" the other "For Sale By Owner".
Along comes a Realtor and says they have a buyer interested in the house. I say ok, my asking price is 98,000 and I don't mind paying a commission if you meet that price.
The Realtor says the buyer can pay that price but they can't make a contract with me because I'm not the title owner of the property ( the person selling to me on the lease option is the title owner ). How would I sell my property to this buyer if the dang Realtor is in the way?
Realtor or no Realtor - what kind of contract/paperwork would I use to allow the buyer to contractually purchase this property from me even though I'm not the title owner?
hbomb8
Glad to meet you.
Since you posted this twice it must be important, so here are my thoughts.
1. If you got the deed to this property this would be a mute point as what you would have to do. So go back to the seller and have them deed you the property. Tell the seller why you need the deed because you have a buyer and need the deed to close the deal because your buyer is going to finance the property.
Then call the realtor and tell them OK bring your buyer on and watch what happens.
2. If you believe every realtor who comes along and tells you they have a buyer, here are some more things they will tell you, my sister is in town and looking for a property just like this one, several agents in our office have buyers looking for a property in this area.
I could go on with all the stories I have heard from realtors as to why, even though they have access to the MLS with house after house they need mine.
Could it happen, yes it could that a realtor is actually telling the truth about having a buyer when they only want to list your property, however when I see an elephant fly I will start believing the "I have a buyer" story. Dumbo does not count.
Like I said there are a few good realtors around, it will take some due diligence but when you find the right one you both can make money together.
John $Cash$ Locke
Agreed...
I appreciate your response.
However, what if there was no realtor. What if someone just came along and wanted to buy the house. Would I be able to sign a contract with that person as though I owned the house? That seems fraudulent.
I don't think the seller is going to want to deed me the property without me excerising my option and closing with him. And to do that, I need the funds which means I need to have some type of agreement with my buyer right? (who has the funds)
Is that as simple as a napkin contract with words saying "I'm a buyer and want to buy this house" Somehow I don't think that would fly...
Help, I'm drowning.......