I’m wondering if I have a seller’s property under an option contract, if I’m allowed to now list it w/a realtor to try and get it sold. Or can I not do this since I am not the owner of the property?
Thanks in Advance.
Alex, If you’re talking about a Lease Option Assignment then yes you can. You don’t need a Realtor. Herbster
I think you may have misread, not sure.
I’m wondering if, now that I have a property under contract, am I able to LIST it for sell with a realtor? I’m willing to pay their commission as the deal does not have quite enough equity for an investor to take off my hands, but I feel as if it would go fast on the MLS as there is a great deal of equity and no repairs are needed as it was actually just remodeled.
Thanks
You have an equitable interest in the property and you can sell it. Depending on the exact language of your contract you may be able to assign your current contract. Otherwise you can buy the property and then resell it.
Some brokers or auctioneers will happily do this an some will not. You simply need to find one that will do it. Many will tell you it is illegal even though they don’t have a clue.
I am not a lawyer and the above is my laypersons understanding of the law. The laws in you state may be different than mine.
You can’t list a property that you dont own because you are not able to commit a contract against it. Just focus on ads, signs and direct mail and you’ll be fine
Hey Alex,
As long as your option contract discloses your right to list the property for sale you can. I would recommend also recording a notice of option or the option contract in the township. That way if the buyer was to ever run title, they would see that you have equitable interest in the transaction.