I have a Deal where I will be getting a finder fee. The Owner as agreed to give me anything over his asking price. I can possibly make 7 figures on this deal. My buyer and seller have not met yet. Everything is ready to go. My question is there anything I can do to make sure I don’t lose out on this deal? I have spoke to two attorneys one said I can get a contract stating the seller agrees to pay me. The other attorney told me because I’m not a realtor I can not get a contract stating that he has to pay me. This is my first deal and its a BIG one I would like any Ideals on how I can get this done. : :help :help
Ok i can tell you this much your not a realtor so your just a middle man you should get the lowest possible price for the home. depending on the profit potential you can put the property under contract and make a nice assignment fee for your self where you can guarantee profit instead of hoping the seller pays you. i dont know what state you in but the way it sounds you in Cali or Fl.
You mentioned your first deal and a finder fee. Do you have a written agreement from the seller? If not, the agreement will only be worth the “paper” it’s written on, which is nothing. Are you just finding properties such as bird dogs do or are you a wholesaler who finds the properties and gets a written contract with the seller? If you’re a wholesaler, you would either have two contracts: one, where you are the buyer and the second, where you’re the seller or you would just write up the contract with the seller, then assign it to the end buyer.
No, I Don’t have a contract sign yet. I have a property that I’m trying to get under contract. So I can assign to my buyer. So I guess I would be whole saling this deal. :deal
I would recommend putting the home under contract with a lease option for whatever purchase price the seller is asking. Then you can market the home to your buyers knowing that you have an option in place. The option legitimizes your position in the property so that you can legally get paid.
It makes me wonder how attorneys think they can get paid the big money, to offer advice on subjects they know nothing about.