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We are interested in buying a house that is under contract and has a closing date of 3 weeks from now.
Spoke with the seller and he said he will let me know if the deal falls thru.
The only thing I can think of is to offer the buyer (who I don't know who it is) money to not close , and then offer the seller a higher price than their contract sales price.
I would want the seller to know the entire arrangement.
I am not a professional but this sounds like it could lead to a sticky situation. I am not sure how you would find out who is buying it and go about contacting them without breaking some sort of privacy rule. In my opinion why don't you just wait to see if the deal falls through. I am in the process of buying a home and I would hate for someone to try to do this to me.
We are interested in buying a house that is under contract and has a closing date of 3 weeks from now.
Spoke with the seller and he said he will let me know if the deal falls thru.
The only thing I can think of is to offer the buyer (who I don't know who it is) money to not close , and then offer the seller a higher price than their contract sales price.
I would want the seller to know the entire arrangement.
First, if customary or legal in your area, I would make a solid back up offer to the Seller, with as few as possible contingencies, a large EMD, and a condition of a large down payment, with a solid preapproval letter if you are not paying cash.
A great back up offer may also tilt the Seller's negotiating hand into a firmer position, favoring your success, if the buyer begins to make unreasonable demands.
This approach alone may be enough that you get lucky and get the home.
Next, your agent may be able to identify the Buyer's agent through MLS.
Then you could make inquiry about the acceptability of an offer to buy out the Buyer.
You might offer to pay the Buyer's agent a nice piece of their expected commission if you succeed in getting the deal, and also offer to reimburse the Buyer 100% for any expenses.
And, check with your agent and/or attorney about the legalities involved, ethical considerations, and drafting of the various agreements.
Here, standard contracts are not assignable without the seller's consent, and I would expect you may have to work through the seller's resistance to letting go of a valid contract.
Getting a foot in the door and closing the deal will not be cheap, but if the house is "The House," well, it is what it is...
First, if customary or legal in your area, I would make a solid back up offer to the Seller, with as few as possible contingencies, a large EMD, and a condition of a large down payment, with a solid preapproval letter if you are not paying cash.
A great back up offer may also tilt the Seller's negotiating hand into a firmer position, favoring your success, if the buyer begins to make unreasonable demands.
This approach alone may be enough that you get lucky and get the home.
Next, your agent may be able to identify the Buyer's agent through MLS.
Then you could make inquiry about the acceptability of an offer to buy out the Buyer.
You might offer to pay the Buyer's agent a nice piece of their expected commission if you succeed in getting the deal, and also offer to reimburse the Buyer 100% for any expenses.
And, check with your agent and/or attorney about the legalities involved, ethical considerations, and drafting of the various agreements.
Here, standard contracts are not assignable without the seller's consent, and I would expect you may have to work through the seller's resistance to letting go of a valid contract.
Getting a foot in the door and closing the deal will not be cheap, but if the house is "The House," well, it is what it is...
Good luck, and hope everyone is a winner...
Great advice.
All in all it sounds good but expensive.
I think I'll wait to see if any problems turn up with the deal.
Great advice.
All in all it sounds good but expensive.
I think I'll wait to see if any problems turn up with the deal.
If you can, make the back up offer.
That does not have to be expensive.
It only gets expensive if you want to diddle around in someone else' agreement.
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