OfflineWhat do you do when the buyer wont agree to your 3% finders fee but only wants to pay 1% and wants the seller to pay the other2%? I dont want to keep going back and forth about this and lose out on the deal. Im thinking, if the money comes from the buyer anyway, what difference does is make if the buyer pays the 1% or the full 3%?
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Anyone?
Anyone?
Anyone?
Anyone?
Hi, Vonny!
Are you assigning or wholesaling the property?
Establish procedure upfront with your buyers.
"Non-Refundable Deposit of $X,XXX"...to Buyer for Wholesale Property Deal.
"I'm sorry. This is an awesome deal...
If you're not willing to pay my fee, I'm going to have to pass it along to my other buyers."
Next buyer, please...
Happy Prospering! ~Kat, Liberty Residential Investment Acquisitions
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Sounds like you are doing a Bird Dog deal. Correct?
Have you been in touch with the seller paying you a fee if you find a buyer?
Or just the buyer if you find a great deal?
3% is a high percentage for bird dogging
its commonly $500-$1000 flat fee or 1% of purchase price. Though every deal is different.
Let us know
Yep the money comes from the same place true. I was always taught that whatever given in a deal such as in your case, especially that it is still in negotiations and holding your deal hostage, agree to it and make it up on the other side. Get something you want out of it.
Otherwise, hopefully it's not your only buyer and as Liberty Kat says move it to the next buyer and let him know politely so he can learn to respect your business
Cheers!
Best Regards,
Anita
(Licensed Realtor-Military Vet-9/11Vet)
****
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Live life as if always on vacation and have all the good health, time, & wealth to enjoy it.
Work, only when and IF desired. Helping others do the same. It Pay$ To Connect!
Always In Gratitude.....
They dont want to agree to a 3% finders fee on a 1.1m $....$$ deal which is only 33,000...i dont see what the problem is, they only want to pay 10k which i explained to them can be done on a 80k deal and more on a 200k deal....this is a package deal were trying to close....if she really wants this deal shell have to step up....i asked her politely would she sell a 1.1 m deal for just 10k, considering the amount of time and hours put into this, let see what she says....fingers crossed....i even had to explain the finders fee part, sigh....
Why did you not have a contract made up with your people ahead of time stipulating how your finder's fee would be paid and by whom? You have been on here long enough to know that. Then you would not have this problem and your people would not be feeling like you are trying to stick it to them.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
The contract between us is made, so no one is trying to stick anything with anyone. It was automatically assumed that the buyer knew that there was a fee to be paid. But hopefully itll be straightened out. She didnt even know what an assignment fee was. So thats where the miscommunication was. We are now going to get the 3% when it closes.
Guess it should have been laid out on paper right away.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Another thought, if you plan on doing more deals with this buyer just budge and take their offer (assuming you are in a crunch and have no other candidates or are short on time). That way you are not severing a relationship with a legit buyer and maybe you can re-coup some of the loss from this deal on another deal with them.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
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Is this a "finder's fee"? Or an "assignment fee"? These are two different things. You are using them interchangeably here
and maybe that is where part of the confusion lies.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"