Hello All
I found what I think is a good deal on a REO property.It is a 3/1 with fireplace 1 blk from elem. school built in 2002.Asking price 56,900 appraised price 120,00. Agent told me i could not do contracts myself that i would need agent to do them.Is this true? I have investors looking at property should I just get a finders fee for this deal and if so what is a fair amount to ask for?
Is the home listed with a realtor? If not, then you can contract it with the homeowner. If not, see if the realtor will partner with you and split the profit since you are bringing the buyers.
The property is bank owned and is listed with a realtor.She wants to work for the buyer i have and she said the bank would pay her comm. and that I could collect finder fee on the side from buyer.I need to know what a fair finder fee is.
Have Great Day
Lexia
How much are you looking to make minimum on this deal?
The investor im talking with says he pays minimum $500-$1500 depend on how much he can get property for.Does that sound fair?
Something does not sound right. I assume if you are working with a realtor on this REO, you will have to put something down for a binder correct? IF so how much? Usually a minimum of 500 bucks, and if you are only making 1000 buck on this deal… :argue
Im not working with a realtor im on my own. I spoke with the buyer if he closes on the deal than he will pay finders fee.
make sure you sign some kind of agreement with the buyer stating you will get your finders fee… cause reo have a way of bumping you out the deal at times… for future references i picked up alil trick from this forum which is to start a throw away LLC put the home under contract with the LLC then sell the LLC to the buyer for your fee :biggrin if the agent or bank ask’s for proff of funds get it from your buyer…