Offlinehas any1 ever heard of those? well basically the thing is i plan on doing an assignment deal and i cant lock it up beause i need 5% down out of a 225k purchase price (insane). now the owner suggest that we sign a consultants fee in which case i would get the difference between what the new buyer offered (pending the offer is accepted) and the number i locked it up in(225). now my question is how legit is this? cause i plan to take my buyer to the property itself and introduce the owner to him and whatnot and if they agree to a price thats when he tells me he will go ahead and sign the "consultants fee" with me. this way he will get his 5% earnest money upfront. keep in mind that i have nothing in writing with the owner until that point. so guys am i taking a risk here?
Consultants Fee Agreement
Posted on: Sun, 11/29/2009 - 01:31
anybody?
...is needed for as assignment of contract. And you sure don't need to put 5% down. I never heard of such a thing.
You just fill out a purchase and sale agreement between you and the owner of the house. Fill out a Discharge of Agreement to Purchase Statement (instructions for the title company) and a Notice of Option (to be filed at the county courthouse for about $40 bucks) The Notice of Option keeps other investors from trying to go around you and steal your deal.
Don't let the homeowner try to confuse you with un-necessary contracts. You are the wholesaler and you take charge of your wholesale business. People who don't know what they are talking about can be very confusing to someone who is new at wholesaling. Just follow the instructions in Deans book Profit From Real Estate Right Now and you can go wrong. He has it all simply lined out for you.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
Tell the homeowner he/she doesn't have to worry about your fee...you will collect that from the person you assign the contract to. The homeowner is out no expense to you at all.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
"SUCCESS WALKS HAND IN HAND WITH FAILURE"
the thing is i CANT sign a purchase and sale agreement with the owner if i dont have that 5% earnest money. the owner is insisting that he cant enter a contract without a 5% earnest money, he doesnt want to waste time, lol. so thats why im bringing up the consultants fee agreement. could that be a way to get a paid instead of doing the assignment of contract?