lease option when lister with agent

Hello all i have a couple L/O deals in the works right now both are currently listed with an agent.
how do i L/O a property when it is listed with a real estate agent?

If the seller agrees to a lease/option it’s just a matter of putting that paperwork in place. The agent will get paid based on their listing agreement with the seller. For example, the listing agreement I use in Missouri states “If Owner executes a lease/option contract or lease/purchase contract during the term of this listing agreement, the commission shall be due when title is conveyed to the Buyer.”

Nice for the owner, but the agent might not be thrilled with waiting.

oh sounds good what paperwork do I need besides a lease agreement and an option agreement?

I’m pretty sure all you need is the lease agreement and option agreement. The goal as a buyer on l/o is long term for the option, little option money down, as much of you monthly payment credited towards purchase price as possible. How much of that you get depends on how motivated the seller is.

tcwood thank you very much heres the deal.

asking price: 400k
payment: 1400 mo. PITI
no down payment just take over payments with right to sublease.
Seller is motivated and wants payments off his back and does not mind waiting to cash out.
They called me off a postcard i sent them.

did i do good so far? anything else i need?
do i need a separate agrement for thr right to sublease or do i just work it into the lease agreement?

I plan on getting a T/B in there for about 1600 -1800 a month asking 415k with about 4% down in option consideration and about 25-40% rent credit towards purchase.
If I cant get a T/B in there i will just rent it out for cashflow since the payment is so low. or just assign my interest to another investor who does have a qualified T/B ready to go

am i missing anything here?

thanks in advance

Overall pretty good. Make sure 400K is not above FMV. Make sure your option is longer than a year, otherwise your T/B will not cash out before your option expires. Don’t give your T/B too much credit towards purchase price, remember you pay $1400, if you give them more credit than you pay then your basically reducing their purchase price and your profit.

Your lease agreement should allow you to sub-lease. Another strategy to consider is to ask the seller to pay for any maintainence expense on the property over $300. Then ask your T/B to pay for anything under $300.