Hello guys,
I currently have a Seller selling their home for 15,100 (under contract by me). I provided the seller with a buyer. The buyer agrees to pay 21,000 for the home. My fee is for 5,900, which I think is fair.
My dilemma is: The seller of the property is a wholeseller. He is performing a double close. I sent him a compensation agreement and he sent me the contract with my buyers name on it. can someone please tell me some options that I can do to collect my fee if he downst return the compensation agreement. Im in Atlanta if thats any help.
Hope to hear from you all soon. I am scheduled to close Thursday.
First of all, is this “wholesaler” the true owner of the property? If so, make sure that the title company used will do a simultaneous close. That means submitting to them your agreemnt for the 15,1K and the contract with the buyer at the higher price (21K) which YOU should prepare and have signed by you and your buyer period. Both agreements are agian submitted to the title company. IF they will do a simultaneous close, then they will configure closing costs etc. so be sure that your check marks on the sales agreement between you and your buyer are in the right places. Personally, I think it’s cleaner and more profitable to “option” these type deals and avoid paying any real closing costs.
thanks for responding @belaircorp
Another option would be to assign the contract. You have your purchase agreement through the wholesaler. Did you include “and/or assigns” next to your name or in the addendum? If so, then simply prepare an assignment of contract form and have the appropriate parties sign it. You then submit an invoice along with the contract and the invoice is given to the title company. You get paid at closing.