Bird Dogging PROBLEM

Dont live in AZ but I am gona have say NO to "must be a REALTOR to receive a percentage fee"

and the "Upon Close of Escrow" is mostly standard. S/He doen't want to pay you upfront. Maybe he is getting a loan that will cover your assingment fee too. So at the table you get paid...

So how long does that mean I have to wait to get paid? two or three weeks?

Also, he mentioned "Inspection Period" - so what's with that

Do you think he'll turn it down because it's with a realtor? It's a great deal about 40% under current value with very little fix up. Will the fact that it's an reo make it take forever?

how ever many days you will write in on the sale of agreement. (30-60) days. (well this is if you lock it up and assing it to him)

His inpection period can fall in during the 30-60 days. Also if it is an REO, I am sure it is list with a REO RE agent....

So that means I have to wait up to 2 months just to get paid a referral fee...

Check out these posts, they have allot of info. Hopfully it clears up some things. Assignment and bird dog are 2 separte things tha sometimes gets confused.

http://deangraziosi.com/node/3783

http://deangraziosi.com/node/5249

He wants to know what repairs are needed. Price is only one piece of the puzzle.

Just write up each contract with your investor as an absolute number (calculated as a % of the price if you want...) Easy way around it.

Whatever the escrow is.. 45 days is typical. For say 5-10K, you arent willing to wait a month and a half??

On both of these strategies, typically the end buyer or investor will not pay out the a finders fee until the day they close. Alot can happen before closing, lack of financing, bad inspections, bad appraisal, etc. Once you build a relationship with an investors, some can pay out a bird dog fee when you show them the property because it's usually $500 - $1,000. On an Assignment it's usually quite a bit more.

I understand that you must be licensed to be paid if you are acting as an agent in a real estate transaction. If you arrainged a sale where you do not own the property, and are expecting to get paid, you are acting as an agent. I don't know what the details of the law are, or how you would get around this (I asked my broker for an explanation, but have not received one yet). As pjacobs said, any settlement would probably be at COE, because the deal might not close.

Al

If you do not think you will be able to get paid, then use promissorx note and have the buyer or assignee list it as a creditor to be paid at close of escrow like any other creditor i.e doctor bill or credit card. they will usually cut check and give it to them or mail to you directly

I just visited a post by pjacobs in the "Finders fee" thread that offers a good explanation of findes fees and how they fit in to a real estate transaction. It answered my questions.

Al

I read the interesting thread of the deal and saw there was some great advice. I was curious Joepthebeat, how did the deal work out? Did it happen and what have you learned from this transaction? I hope it went well. Good luck on all your deals. Believe and Achieve!

Thanks Indiana Joe,

I have deals in Phoenix available now to investors at 50% or less. I just need buyers.