For Lancaster County Sellers With a Private Buyer - I Have an Idea

By
Real Estate Agent with Coldwell Banker Residential Brokerage, Lancaster PA RS134746A

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/

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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/

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Rainmaker
826,134
Fran Gaspari
Patriot Land Transfer, Inc. - Limerick, PA
"The Title Man" - Title Insurance - PA & NJ

Brian,

Sounds like a win win situation to me...!!! Thanks,   Fran

May 07, 2009 01:55 PM #1
Rainmaker
334,644
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager

Hmm - I like it.  As long as the agent has a listing contract he/she is able to advise the seller on any offers.

May 07, 2009 04:38 PM #2
Rainmaker
137,577
Alexsandra Stewart
Remax equity group - Portland, OR
Broker - Portland Oregon Real Estate

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!

May 07, 2009 06:11 PM #3
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

Alexsandra, you're right - it doesn't hurt to have a backup - and it doesn't interfere with the original private sale.

May 08, 2009 02:17 AM #4
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Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

Smart move, very impressive and I'll bet you have some takers, what do they have to lose? Absolutely nothing!

 

May 09, 2009 05:46 PM #5
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Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

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.

May 12, 2009 06:11 AM #6
Rainmaker
122,554
Jim Valentine
RE/MAX Realty Affiliates - Gardnerville, NV

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.

May 16, 2009 01:37 AM #7
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