In a message that I sent to forum member, "Sully," I asked.....
"I saw in a thread where you suggested to a woman that a great way to get started with real estate is to find out if certain seller's are willing to pay finder's fees. Well, I've been calling around and speaking to people that own properties and all of them have told me that I need to have a license in order for them to pay me a finder's fee. Do you know if there's any way around this?"
Can anyone give me some insight on this? If it doesn't require a license, then I can get started immediately because I live in a nice, low crime neighborhood with lots of foreclosures. Also, does it make a difference if the house is bank owned (foreclosed) or for sale by owner?
Derric,
I have had two contact emails from different sources contact me asking me if i can find them pre-foreclosures or short sale opportunities in NJ? I would find a pre-fore before the bank takes over it, where the investor can go in to talk to the owners and pitch them the idea of saving their credit, etc if they were to sell the home to them. The investor would then dialog with the bank, put prop under contract and then find an end buyer ASAP offering the home just below FMV for retail buyers. I would do the scouting of props, up to the point, where i might even have some dialog with the owners to see the motivation or interest. Anyhow, when talking to my RE attorney about this, he thinks that i might be infringing on a Realtors role and doesn't think this is moral action.
I know that in this blog people do bird dogging and get a finders fee for their work, however, iN order not to be circumvented or not paid for your time, it is critical to have a legal and binding contract that you have your investor sign. DOES ANYONE OUT THERE HAVE ONE THAT THEY CAN SHARE WITH US?
I basically want to have something in writing that will ensure I am paid for my work, but that doesn't hold me accountable in the event that the information I pass on to the investor is incorrect or misleading, they MUST do all of their necessary due diligence. What are your thoughts?
Mati
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