OfflineLast night, I sent over a great deal to a broker/investor who knows of many investors looking to buy. The home is bank owned REO located in a very upscale and rich area. It is listed at $300,000 and it has an estimated market value of $1,159,000 and it is 4,370 sq. ft. I sent over the info to the broker and I purposely left out the address so that he wouldn't be able to go around me. He just sent me an email saying he needs the address. Now, acting as a Bird-dogger charging a finder's fee, what steps do I take and tell him so that I make sure to get my money should he decide to go through on the deal. I have the possibility of making over $9,000 on this deal and I don't want to get screwed over. Please Help !!!
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What happened with this one? I haven't heard from you in a while. Keep us posted. Let us know if you still need help.
God bless,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
In response to your question, if you are uncomfortable giving this type of info to your/an agent, I would suggest getting one that you can trust. So you can have more of an honest relationship with them. If you find a property and to get the comps, you can go into a Title company and they can also provide them. As far as the price of the property, you really want to do the comps for what the fmv on the given property is TODAY. With all the short sales, this property could be alot less.
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If you have done your research and the property value as you indicated it is, then i would do an assignment "Bossman or Assign" deal. You would make a lot more $$ in doing assignment contract rather than finder's fee. That's a gold mine in your hands if you know how to proceed. You could make a lot more than $9,000. Would you rather make $9,000 plus or $100k plus? If the property is worth $1,159,000 and it's listed at $300k? That's $859,000 equity. I would lock the deal right away and assign the property to the investor for $400,000 or more. Good luck and keep us posted!
LL