This would work. Is it legal?

What you should have is a first right of refusal, option on their property. That is what it sounds like you are doing. This is where you would have the option to buy their property for a period of time at a certain price. If someone would come in higher you would have first option to match their offer or back out. This would/should of course, cost you money for the option. Make sure that the option is assignable. Then you could sell the option! I hope that this helps! Great thinking!

Thank you for your response, salden. I was wondering if you or anyone else knows where I might find a contract like this? This is the type of scenario that I was thinking about.

I would approach many sellers and offer this service. I would find a buyer for their home and market it much like a re agent, although it wouldn't be listed on the mls, but instead of working on a commission, I would either buy and flip or sell the contract. At the same time, if they found a buyer on their own, their house would be sold. The service that I would provide is market it for free and they never have to pay a commission. I do like the option to match or back out. I just don't understand why all fsbo's wouldn't buy into this service. What do they have to lose? Someone is trying to sell their home for them and they pay nothing for the service. Any input would be appreciated.

Vincent

Hello Vincent,
I have had the same idea but just was not sure how to approach it.
This sounds like a great plan and a good way to promote the sale without being an agent.
I am looking forward to others opinions on this subject.
Bob

I would also like to know if this is a possible scenario, if it is a legal way to make an offer still with the option to assign it to another party. My thoughts on this subject is this If an offer is made to a seller to purchase the home within a certain length of time for an agreed upon price with the and/or assign in the contract with the seller retaining the right to sell the home if an individual approaches them which in turn would leave the investor out of the deal, but on the flip side if the investor found a buyer to assign the contract to then the investor could make his profit. I believe there is nothing shady about this concept. If there is any other input on this idea it would be greatly appreciated.

Raymond

I can see how this would really work great and most fsbo's would be open to it, if they had an out in the contract. To me the only question is, is it legal?

Vincent

This is one way to market it. The option, not the property.

We can also give you an Option without a lease. No one will be living in your house; however, you'll have to continue making the mortgage payments. You decide which way is best for you. Under the Option program, we sell your house for you, but we do not take it off the market. You can still list it with a real estate agent or even sell it yourself, but we don't make your mortgage payment under this program.
The property must be nonowner-occupied to qualify for this option.

Vincent

Seems like this would be a good thing to start as no body would lose but the main thing is that if this is legal or not and hope we hear more if some one finds this out the please post it here for us all to know and great topic vincent

I would think that this would be legal if you had a contract with the owner, and you were making it clear that you were selling the contract, not the property. If your advertising hints that you are selling a property, you may be in trouble.