Posted by wm-pa on February 28, 2003 at 03:00:20:
I will heed your advice and get in touch with a real estate lawyer, see what the law is in Pa.
Thanks for your reply.
wm-pa
Under contract-can realtor sell for me? - Posted by wm-pa
Posted by wm-pa on February 27, 2003 at 19:00:16:
If I were to put a home under contract with an owner who justs wants to sell for what is owed on the mortgage and is current on payments can a realtor sell this for me?
I would use an option to buy contract or a “striaght Option”, the owner has health problems and just wants to get out of the payments and move in with a relative. If she signs an agreement with me for the option to purchase her house, say for 60 days, can I involve a realtor? If not is there a way to do this?
Thank you
wm-pa
Re: Under contract-can realtor sell for me? - Posted by js-Indianapolis
Posted by js-Indianapolis on February 27, 2003 at 22:24:32:
Currently, I’ve got a property, in Virginia, under contract, and thinking of listing. One Realtor said, “You can’t list a property you don’t own yet.” Another, who could see beyond the end of their nose said, “The Board of Realtors says that it is not advisable, but the state of Virginia says it’s not illegal. If you want me to list it, I’ll rely on state law.”
A Realtor who can think outside the box. huh.
Also, in Indiana, I’m working with a broker who will list any property I have with an option, or P&S. I’m not sure of the laws in PA, but I bet you can find someone who’s willing to list, and knows the law.
Re: Yes you can list - Posted by Ed Copp
Posted by Ed Copp on February 27, 2003 at 19:54:20:
a house that you do not own, but only have an option on.
A lot of Realtors do not know this is possible, or how to do it. There have been bunches of posts on this subject lately so you might check the archives.
The problem that Realtors have with this transaction is that while you can agree to pay a commission you do not own the property. So the property can not be used as security for the commission until you buy it, which you are not required to do.
Another problem is that often there is some reason that the current owner can not deliver clear title. So the Realtor could do the work of selling the property and not get paid, since the current owner did not agree to pay a commission.
An option is not real estate, and this is a problem in the thinking of many. To come under the scope of real estate laws the option would need to be excersised, which you have the right to do, but are not required to do.
Your option period is short. 60 days is not much time to get a deal done especially if it is a bit complicated.
Possibly a better way to achieve your objective might be to sell the Realtor an option to purchase your option. Then the Realtor would become the seller, subject of course to all the possible complications that might arise.
Re: Under contract-can realtor sell for me? - Posted by wm-pa
Posted by wm-pa on February 28, 2003 at 02:58:36:
Thanks for the reply, I hope I can find an agent who can think outside the box, if it is legal to do so in Pa.
Re: Yes you can list - Posted by wm-pa
Posted by wm-pa on February 27, 2003 at 20:06:08:
Ed Coop,
Thank you very much for the reply. I guess step one would be finding a realtor who understands this idea and will ty to sell the house in this fashion.
Once again, thanks,
wm-pa
Re: Yes you can list - Posted by Don Dion
Posted by Don Dion on February 28, 2003 at 02:50:21:
Check with your Real Estate Attorney on this one. It is not legal for someone to list a property they do not own in IL & MI.