Question on getting finders fee

I was talking to a rehabber and he told me that as soon as the owners of a house receive the first notice of foreclosure that house cannot be assigned. Is that true?

I was talking to a rehabber and he told me that as soon as the owners of a house receive the first notice of foreclosure that house cannot be assigned. Is that true?

Are you able to bird dog for investors and receive a fee without assigning contracts; I don't know if i'm ready for assigning contracts yet and i wanted to start off slow?

Lets say you find a house or know of a realtor who has a property and is looking for a buyer

If you can't purchase the house but know of a buyer(s) who would, you set up an agreement,.....written agreement, with buyer(s) to get a finders fee for any houses you find them.

You can do the same if you know of a realtor who you know that is willing to work with you; you get your agreement in place beforehand, forward them to the realtor who will act as buyers agent, have him/her purchase home and at closing you get your finders fee check.

Propose a multi-home, NOT multi-transaction agreement at a set price. Meaning if they buy three houses at one time, you get three separate finders fees, not one for the one closing. This type of agreement is good for both parties; for you it allows you to know you're getting a check and for buyer, it allows him to put your fee in his budget beforehand and lets him know you plan on bringing him good stuff with the commitment you suggested

Win-win for everyone

I am nervous because never did this before I was wondering if someone could explain to me where do I write in the assignment fee?
Thank You in advance
Blessings!
Juanita

Thanks again for your wisdom on "exit strategy" by nickwalters13.

-if you do not have a buyer within the time of your contract and you do not have an exit strategy, you could be legally bound to the property. you need to have an exity strategy such as an inspecition contingency or a clause contingent on obtaining financing.

This is very important to save necks.
Valerie

both assigning and finder fee CAN be illegal, depends on your state!
Check out **** if your buying property, its a great networking tool to help you find buyers in your area, its free

id always recom doing finders fee tho over assigning, less risk- virtually same reward and def. less work!!!

I can't tell you if that's true or not, but it is obviously something you need to find out. To protect sellers, there are different legalities in different states involving buying properties in foreclosure. For instance in California, if the property in foreclosure has equity, this must accompany your purchase and sale agreement, and note that they even specify the size of the type. If you do not include this, your contract can be declared null and void. Best to have an attorney look over your contracts to determine if they are legal for your specific situation and locality.

California Civil Code 1695.5. (a) The contract shall contain in immediate proximity to the space reserved for the equity seller's signature a conspicuous
statement in a size equal to at least 12-point bold type, if the contract is printed or in capital letters if the contract is typed,
as follows:

"You may cancel this contract for the sale of
your house without any penalty or obligation at
any time before
_________________________________________________.
(Date and time of day)
See the attached notice of cancellation form for
an explanation of
this right."
The equity purchaser shall accurately enter the
date and time of
day on which the rescission right ends.
(b) The contract shall be accompanied by a
completed form in
duplicate, captioned "notice of cancellation" in
a size equal to
12-point bold type, if the contract is printed or
in capital letters if
the contract is typed, followed by a space in
which the equity
purchaser shall enter the date on which the
equity seller executes
any contract. This form shall be attached to the
contract, shall be
easily detachable, and shall contain in type of
at least 10-point, if
the contract is printed or in capital letters if
the contract is typed,
the following statement written in the same
language as used in the
contract:
"NOTICE OF CANCELLATION
__________________________________________________
(Enter date contract signed)
You may cancel this contract for the sale of your
house, without
any penalty or obligation, at any time before
_________________________________________________.
(Enter date and time of day)
To cancel this transaction, personally deliver a
signed and dated
copy of this cancellation notice, or send a
telegram
to ______________________________________________,
(Name of purchaser)
at _______________________________________________
(Street address of purchaser's place of business)
NOT LATER THAN _______________________.
(Enter date and time of day)
I hereby cancel this transaction ________________.
(Date)
______________________________________"
(Seller's signature)

(c) The equity purchaser shall provide the equity seller with a
copy of the contract and the attached notice of cancellation.
(d) Until the equity purchaser has complied with this section, the
equity seller may cancel the contract.

Would it be possible for us to get a "Favorite users" or a "Friends" link, someway to list the people we regularly communicate with, without having to find a posting by them?

im trying to BUY my 1st home doing the many options on the book. I have a question though. How long do i have to actually stay in the home before i can sell for a porfit? I know theres all this thing about seasoning, but do i ask the lenders before i get pre-approved for a loan? Any advice is much appreciated!

FOR THE FINDERS FEE LAW GOT TO THIS FORUM ( http://www.deangraziosi.com/real-estate-forums/everything-else/13983/fin...)

Rina and dgadmin explain it very well what finders fee really means.

More questions answered! Overwhelming amount of info.Learning proper phrases and lingo is key.Will look into backpage.com
The resources here are invaluable.Would love to do a flip just to go to the academy!