HI,
I would like to offer lease option for a house that I like very much. However, it is listed with a real estate agent. When I talked to him about a lease option he said openly - so what’s in it for me? And I was
stomped. I didn’t know - what to say
I read a lot about L/O when the person is NOT selling it with a real estate agent but nothing really WITH one. The Agents opinion was basically (eventhough he didn’t quite word it this way) - “what insentive do I have to sell this house with a lease option.”
I do have to add that the house is across an Army post and rents quickly , the house values have gone down very little due to continuous demand by soldiers.
So what incentive does he have? He could wait another 30 or 60 days for the summer rotation to begin , and with some haggling sell the property and get all of his commission right there and then…
Maybe I am just not looking at this the right way…?Should I approach this differently? I feel I need to go with a lease option as I do not have very much cash available at the moment (but very good credit).
Appreciate any helpful comments.
Susanna
First of all, the agent is legally obligated to present your offer good or bad! It sounds like He want’s to get paid before he helps any one out and I’m sure that’s where the statement comes into play.
Find out if he will accept monthly payments.
Ask to go with him when he presents the offer, or ask to meet with the seller directly.
Let him know he will get paid when you exercise your option to buy.
Will the seller pay him?
I don’t have too much advice because it’s a SFR, and it doesn’t produce any income.
I bet you could purchase a multi-unit property with your good credit score.
Refinance right away to reduce the wait time, suggest a different purchase method, or suggest a partnership and put your credit score to work for you aka leverage. Be confident, these agents can smell fear.
You don’t hear much about doing L/Os with agents involved because doing an L/O with an agent involved is next to impossible.
That agent has the house listed for a SALE and they want a SALE, they don’t want a lease/option. There’s no way you’re going to convince that agent to do a L/O.
So what do you do? Bypass the agent. Call the seller yourself and make your offer to the person who matters.
Can you do that, if you already seen the house with that agent? If you did the deal with the seller, wouldn’t there be a chance that you would get like blacklisted with other real estate agents by word of mouth to go see other property in the future?
Thanks for any replies.
Iam not the expert with LO but I read the book Wandy Patton '‘Lease option and Subject-to’ and she made many deals with realtors.She paid part of commission when she got the deal and part when end buyer bought the house.