OfflineHello I have a question. I got contacted by a motivated sell a few months back who was loosing his home in Brooklyn, N.Y. He was underwater with his mortgage and needed help badly. To make a long story short I met with the homeowner and an Investor who was going to shortsale his property. The Investor agreed to pay me 3,000 for the deal. He has not paid me yet because he told me that the property has not closed yet, but he has all the rights over that property now. Shouldn't I have been paid already since the owner has gave him the right to short sale the property? And also Is this an assignment fee or a bird dog fee?
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If the investor didn't sign a finder's fee agreement then he does have all the rights to the property now and really doesn't have to pay you. You have to get him to sign that before you turn over the information about the property. That would be a finder's fee.
If you put the property under contract yourself with an assignment clause then you have the rights to the property and can flip it off to him. If he has integrity, maybe he will still pay you, but now that he has the property, he might no unfortunately. Wishing you the best and God bless!!
Because it is a short sale, the lender may not approve the purchase agreement. This sale can fall out for a number of reasons. If he cannot close on this deal, he would not owe you a finders fee. Stay on top of the transaction, and expect to get paid when it closes. Good job in putting this deal together.
"NOW GO FIND A DEAL"
Watch your thoughts; They become words,
Watch your words; They become actions,
Watch your actions; They become habits,
Watch your habits; They become character,
Watch your character, it becomes your destiny.
Frank Outlaw
Thanks everybody! I really appreciate it I still have contact with the Investor and I have been visiting him at his office telemarketing to prospects since he needs a spanish speaking translator like myself. Next time I will have him sign an agreement before I bring in any other prospect.