Wholesaling a property that is listed with a realtor.

[Kendall Morgan]

I want to start by saying I’ve done many wholesale deals and am very aware that listed properties are not ideal for wholesaling. 

However, this situation is a bit different and since I’ve never dealt with a listed property I am seeking advice. 

The property is owned by a woman who inherited the property when her grandfather passed. Before his passing he took out a reverse mortgage, causing her to take on the remaining debt of the loan when she took ownership. She had very little time to pay it off and In order to get an extension, the reverse mortgage company required her to hire a realtor. I was connected to her through a friend of mine who knows I’m always looking for distressed properties/motivated sellers. Before I knew about the realtor, i’d Already been negotiating with the seller and got her to agree on a price that is less than half of what the realtor has listed the property at. Before signing the contract the seller informed me that she did have a realtor but has not heard from her in 3 months since the signed the contract. And that the realtor has done nothing to her knowledge to market the property or show it (seller still lives in the house). By the time the contract with the realtor expires, she will have already lost the house so waiting for it to expire isn’t an option. The agreement they have is an “Exclusive Right of Sale” agreement.

So, my question is.. with the seller having a realtor, what (if any) options do I have here? I have a handful of cash buyers that I am confident would jump on this immediately following me getting it under contract, sight unseen.