Posted by AhmadT on September 23, 2009 at 15:12:22:
Thanks again…I’m buying directly from owner of such…it’s a short sale…I just got another cash offer from the listing agent from another agent who wish to buy for 8K more with over 121K in bank proof of funds.
Do U have other suggestions on how to close it…without me signing my POA for the principal owner. Thanks again John may U continue to be blessed immensely U & yours
GA…Law on selling w/out ownership Title - Posted by AhmadT
Posted by AhmadT on September 23, 2009 at 07:11:06:
I have been instructed by funder who closes deal in metro atlanta every day that this clause is sufficent to close but listing agent say ahmad u can’t sign acceptance because u aren’t on title. use your POA to sign.
the clause reads.
buyer acknowledges that seller is not owner of record however will be so at time of closing.
2.this contract is contingent upon seller obtaining title from current owner of record.
is this not good enough? Where can I research this online I’ve looking for ga law but can’t locate…pls help
If you are not an agent - Posted by John Merchant
Posted by John Merchant on September 23, 2009 at 13:33:53:
If you’re unlicensed, nothing to prevent you from dealing directly with the seller (or buyer if you are seller)so don’t let an ignorant uncooperative agent get in your way.
A lic. REA must deal with the other agent if there is one so he/she’s hamstrung in not being able to deal directly with the Seller or buyer directly.
Re: If you are not an agent - Posted by AhmadT
Posted by AhmadT on September 23, 2009 at 13:43:35:
I’m not an agent…I have a contract from principal owner, have been dealing w/ bank on the short sale for 2 1/2 months…still waiting on the bank approval letter.
The buyer is an agent investor w/ cash wanting the property. My funder says as U say just go to the buyer & deal with them.
Something inside of me says it just doesn’t seem fair since the listing agent is how I came by the buyer that’s all.
But I do thank U for the confidence…sincerely
Re: If you are not an agent - Posted by John Merchant
Posted by John Merchant on September 23, 2009 at 14:13:56:
No REA can legally (or under rules of MLS or Realtors Ass’n) go around the listing agent, but that doesn’t apply to you since you’re not a REA.
Just be careful not to advise anybody to avoid that listing REA or try to evade him/her as that could get you sued for “tortious interference” with contractual relationship.
Understand also that it’s the REA’s own client who’d owe him/her a RE Sales commission if you were to buy it during the listing term…not you but the RE Owner and I’ve seen a number of such cases where the REA did later sue that REO and win.