Option A is my definition of the traditional conforming sale of real estate that every active real estate agent is familiar with.
The following is a general outline of Option A.
- List the Property For Sale on the MLS
- Showings and receive offers
- Present offers to Seller which include loan preapproval or loan commitment
- The loan is processed and the property has no issues and Closes on the scheduled closing date.
Although this is pretty straightforward, it still takes significant time and effort to ensure this Option is completed as smoothly as possible. Of course, these are general steps and there are a considerable amount of sub-steps to make this happen.
After all your efforts, the Seller decides either to not sell or the listing is about to or has expired. What about offering other Options to the Seller? Let me be clear that there are many unreasonable Sellers in the market. They want a certain number and do not care what it takes which could be holding the property longer or not selling at all.
Eventually, the Seller does reach a reality that they do not wish to have two mortgage payments and they do want to move. At this point, the Seller is usually left with going back to Option A for another round or find a solution on their own. Please note, that I am using generalities because there are many successful and professional real estate agents who help the Seller find other Options.
My point I wish to highlight is that you as an agent do not need to become the resident expert in what I consider other options available to the Seller. I recommend collaborating with an Investor or several Investors who can review the situation and provide possible solutions. These solutions can consist of:
- Fix and Flip
- Rehab and Sale at Retail
- Lease Option
- Seller Finance
- Subject To
- Wraparound Mortgage
These solutions are not all-encompassing. Each of these options would be tailored to meet the Sellers, Agent, and Investor needs. The beauty of this is that you would have more options for the Seller as you progress through the listing while still ending with a sale at the end of the listing.
We are certainly prepared to work with any real estate agent who has questions about these options and how they can be presented and employed. We are completely aware that this is not as straightforward as Option A above, but can result in a Sale that benefits the Seller and you.
Please don’t hesitate to reach out if you have a scenario you would like to discuss and get some feedback as to what options could be made to the Seller.
