I currently have a couple short sale leads and am not sure if I want to do them myself or assign them. I know investors that would love to handle the deals. I just wanted to know what kind of paperwork i need to have in order to assure myself of getting the assignment fee that I ask for… if there is any necessary at all.
Little bit of clarification. I worded that last post a little wrong. I’m talking about a finders fee, not an assignment of contract.
Dont turn the deal over until you have the fee paid to you…
To clarity, you have prospects who want to short sale their property and you do not want to deal with the short sale so you want to sell the leads? Or are you looking for a commission once the transactions close? Are you an agent?
No I’m not currently an agent but I am working towards being one. Should have that done in about 2 months. But Either way is fine. I was more thinking along the lines of getting a finders fee at closing for leading them to that deal. I thought that might be a little more ethical. If they make money they give me a small fraction of their earnings. If not I don’t get any either.
Its a Brokers violation in my state, California, to pay a fee for that service to anyone other than another Broker… That doesn’t mean it isnt done… It all started with RESPA.
If you want a way around it you have to be a principle within the transaction… Or the agent?broker must give you a fee for “All” referrals not just the one that closes…
Put the property in a Trust and be the Trustee and charge a Trustee fee…
Good luck.
Michael