I have an idea for you to consider, which may reduce your risk in keepng your property off the market while you pursue a private sale to someone you know. In addition, if your private sale is successful, my idea won't cost you a cent.
If your private buyer writes a good offer, applies without delay for a mortgage, and is approved for their mortgage, then you will have achieved your goals. However, in today's unsettled economic conditions, lenders have become increasingly cautious in making mortgage commitments. If any problem happens to crop up in the mortgage process, your property could be off the market for weeks or months, with lost opportunities for you to sell the house.
Consider this: a discrete Realtor can put your house in the MultiList, disclosing that there is a private sale in progress, seeking only BACK-UP agreements in case there is any problem which results in your buyer's purchase falling through. You don't even have to have any real estate sign in the yard if you wish not to. If your buyer is successful in their purchase, with a listing agreement that excludes your pre-existing buyer, you will not be charged a fee.
In addition, with a written agency agreement, your Realtor would be authorized to give you real estate advice regarding your private sale. While an attorney may offer you legal advice, an experienced Realtor can give you practical real estate experience to draw from. Again, this may be available to you at no charge if your own buyer buys the house, in return for allowing the agent to seek back-up buyers just in case.
You have absolutely nothing to lose by allowing your Realtor to quietly protect your interests while you go through the process with your own buyer. But just in case, having a back-up agreement could save you a lot of lost time and income if there were to be any of a multitude of possible snags in the buying process.
©BrianSchulman2009
|
Brian Schulman offers expert real estate representation for buying and selling homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/ |
|
Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/ |
Interested in Receiving Information on Local Lancaster County Events?
Brian,
Sounds like a win win situation to me...!!! Thanks, Fran
Hmm - I like it. As long as the agent has a listing contract he/she is able to advise the seller on any offers.
Hey - nice idea - hope it leads to some people getting in contact with you to make it happen for them. never hurts to have a back up!
Alexsandra, you're right - it doesn't hurt to have a backup - and it doesn't interfere with the original private sale.
Smart move, very impressive and I'll bet you have some takers, what do they have to lose? Absolutely nothing!
Hi Todd, I don't see what any seller would have to lose by seeking backup agreements. In fact, just the knowledge that the seller was looking for backups might motivate their private buyers not to waste any time getting their mortgages approved.
Brian - Nice way to get your foot in the door while helping them with their current situation. It is always good to come from contribution, and you certainly are here. Interesting approach - workable - nice thought. Thanks.