OfflineA real estate friend of mine who I have been discussing my plans with and I went to speak to a closing company today. I explained to the lady that I would find homes in distress and etc and agree to a price with the current owner that they are comfortable selling for. I would then add a "fee" to that price and then offer the property to a prequalified buyer at a price that equals the seller's price + my fee. I told her that my fee would be included in the loan amount from the buyer and the seller would only get the agreed to price and I would get the "fee" at closing.
The lady at the closing company told me that I could NOT do that legally. She said I was acting as a real estate agent and unless I had a license, it was illegal. Is she crazy???
NO is not a 4 letter word!
Decisions are a 50-50 shot: yes or no!
Your NOT a real estate agent your a real estate INVESTOR. Real Estate agents provide service of trying to sell (some succeed, some don't)the owners home for a commission. When you sign a contract between you and the seller, you the buyer have equitable conversion in the agreed upon contract between you and the seller. You're selling the contract to another buyer not the house itself. The buyer is paying you to assume the right of first refusal purchase position for a fee. Realtors can't do this, the real estate commission law prevents them from having a vested interest in an owner's house other than their own.
The lady at the closing company told me that I could NOT do that legally. She said I was acting as a real estate agent and unless I had a license, it was illegal. Is she crazy???
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.