Finder's Fee is illegal

with an assignment you don't have to worry, since you are not receiving a finders fee. You are actually selling the "right" to the contract. You will have locked up a contract on a property (the sole right to buy it) and you are transferring that right to someone else (your end buyer). That is what your "assignment fee" is for.

As far as a "finders fee" (as in bird-dogging) I just call it an "assistant's fee". I do the leg-work for my out-of-town investor. He ultimately makes the decision, based on my pictures and input, to make an offer on the property. This has worked well for me. We have gone through my realtor in each deal, so the realtor also gets her cut from the seller. win-win-win situation.

Hope that helps.

Rina

Rina has explained it great.

We might call it a finder's fee on this site or in discussions just in a descriptive sense, but it is not.

Those laws were created under the lobbying of realtor organizations and corporations to make it so being a licensed realtor, operating under a broker (in most cases) was the only people who could sell houses.

Now, what you are doing is something totally different. You are selling the rights a contract to someone else. It just so happens a house is a vehicle for the wealth built in to it. This is done with virtually every type of contract for commodities, payments/notes, equtities, etc. You may have seen the commercials on TV for people buying rights to annuities (things like lottery winnings, lawsuit judgments, etc).

If you copy the state law or the statute number I will look it up and see what it says. If you haven't seen the law yourself, you may want to double check that it really exists. I've seen people from nearly every state tell me at one point someone told them (often a realtor) that it was illegal in their state. I've looked into a handful of them at one point and never found the law for those. I've concluded that the finders fee law is a myth for many states, and that the myth is perpetuated mostly by realtors.

In a bird dogging situation, that is a agreement between two private parties that is never disclosed. I'm not saying don't listen to law, I just have no idea how that could be enforced unless you are advertising it. Again, you can simply work it out as a flat fee for being an assistant, which is the truth, you are assisting with the deals.

How do i start making money in real estate for a finder's fee(ass't fee)with this situation?i have posting comments in regards to getting out of debt,hoping that someone really can give me some info that's truly not a scam with this program!Just as i have mentioned before, there has been other programs that i ordered and came to a DEAD END!!!!!!!!!!! i hope this is for people like myself can really make money according to the testimonials.so far i have not gotten any responses from anybody!!!!!! i live the state of New Jersey how can i benefit living in New Jersey?

are assignments still legal in Maryland?
I'm in the process of assigning a contract and the investor's title company says that the law has changed in Maryland.

first thing first. your destiny is in your control. look for a property do the homework on that property and then write up a contract meeting the owner needs and yours as well. all they can say is no--- only you know your situation. and please believe in yourself. just make it happen...

thanx for the post

Assignments are Legal in all 50 states, I also believe bird dogging is legal in NY. I know a wholesaler who is a veteran at this and he said it is not illegal to do either.I will find the e-mail he sent me and paste it for you to see.

When ever you are the seller which you are. You have the legal right to sell any property and it does not matter what state you are in. You do not have to have your own cash to buy and sell real estate.. There is no law against you buying and selling a property. As Rina said you are selling your equity in the deal..

Stay focused on your destiny you are on your way somewhere!!!
Wealth is how you see it!!!

Born to Win!!

LMartin

"I just found out that a finder's fee is illegal in the state of New York"

Howard, where did you hear that from? The reason I ask is because....

“[N]ew York courts distinguish between finders and brokers. Finders find potential buyers or sellers, stimulate interest and bring parties together, while brokers bring the parties to an agreement on particular terms"

http://nysmallbusinessattorney.com/how-to-prove-a-finders-fee-case-under...

Probably heard it from the same person who said "you can't make money in real estate that way."

Hello,

I am new to this forum and VERY interested in this process. I am a former mortgage broker (no longer in the industry) but have my eye set on real estate.

My pressing question is: I have a former client/ friend who wishes to sell her current property and purchase a new one. We found the new property to purchase adn she has not yet met with the listing agent. She does not have a realtor of her own and has thus far relied on my experience in helping guide her through the process.

Is there a way I can receive commission or finder's fee or something if I set her up with a Realtor? I am not licensed in any way. Can I work out an agreement with the listing agent? Or should I find a Realtor who will list her current property AND represent her buying the new property, and who will also pay me a percentage of their commission for the lead? Finally, is this legal in Maryland, and is this something to be documented PRIOR to initiating the process? Is it listed out on the HUD or is it a private payment of fee by the Realtor, outside of the actual closing documents? We must move quickly so I need to make sure I have my ducks in a row prior to talking with any realtors. My friend is asking that I find the realtor.

THANK YOU FOR YOUR HELP! I am newly addicted to this site and looking forward to learning more about this Dean's system!