If someone has had difficulty selling their home for the last year, even with an agent, if a non-real estate professional, tells another person about the property, introduces the two, and the home is sold in 30 days, is there a customary fee for the non-real estate professional who introduced each other? Or is that just considered word of mouth networking that just happened to work out?
2007-03-20 11:35:45 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
P.S. If this has happened more than once with someone without realestate experience, is there something this person should look into since they have a knack for helping buyer and sellers connect, without having to do this as a career, or train for it?
2007-03-20 11:39:40 · update #1
All states have laws that prohibit unlicensed real estate sales practice or the accepting of fees for such unlicensed activities, be they formal or not.
Informally, a "finder's fee" of 1% of the sale price would not be unreasonable for the seller to offer.
2007-03-20 11:42:58 · answer #1 · answered by gw_bushisamoron 4 · 0⤊ 0⤋
If you want to give a person funds for assisting you in selling your home it is OK. You are not limited as to how much you give this person as someone has indicated. You have to decide how much it was worth for you to have the information that this person bought a buyer to you.
There are million dollar deals made daily by those that don't have a license of any kind and these guys get millions of dollars for selling information that cause a deal to be made and closed.
The tricky part comes if you want to deduct this as an expense of selling the house. You would have to ask your tax consultant about this. They will be able to look at the many IRS codes and tell you want you can deduct and what you can not deduct.
If you want to do this as a career you might have to look into getting a license or as one of the people in the forum stated, purchase the house with a right of assignment.
You will need to get a book on real estate investment to understand a few of the terms, so get to a book store and purchase several books on buying and selling real estate for a liviing or making money or buying rehabbing and selling.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-03-20 12:02:41 · answer #2 · answered by Skip 6 · 0⤊ 0⤋
In most states you can"t pay someone for sending them a buyer or seller unless they are an active license real estate agent. You can't receive something of value either. Most of the time it is networking. There is no customary fee for the non real estate professional either.
2007-03-21 12:44:49 · answer #3 · answered by Broker Lisa 2 · 1⤊ 0⤋
You'll need a license to sell another person's house. To go around it and continue doing what you're doing, just tie up the house with an assignable purchase option contract then locate a buyer then assign your purchase contract to the new buyer for an option fee.
Regards
2007-03-20 11:50:17 · answer #4 · answered by Anonymous · 1⤊ 0⤋
it incredibly is all negotiable even though it sounds like the owner would not extremely would desire to sell. i might first go searching and make beneficial there is not any longer some thing greater advantageous obtainable. If no longer, pass forward and counter with any furnish you prefer (at the same time with repeating the 1st furnish) yet i might wait a minimum of two weeks to tutor to the owner there is not any longer something greater advantageous obtainable (or perchance they are going to get yet another furnish from someplace else and this might tutor they'd do greater advantageous than your furnish - yet putting in a clean furnish after in basic terms a week looks to make you seem slightly to fascinated). Even in a marvelous section there are a marvelous type of latest residences consistently drawing close the marketplace that i will guess you will detect a greater advantageous deal in case you wait, yet no ensures.
2016-10-01 06:00:08 · answer #5 · answered by Erika 4 · 0⤊ 0⤋
RE: Someone said there's no regulations against giving someone money for this service. There are regulations though against receiving money for this service without a license. It is completely illegal, and if you were busted doing it, I doubt you'd be able to get a real estate license if you ever wanted it.
Its simple to get a license, so just do it.
2007-03-26 11:48:11 · answer #6 · answered by SndChaser 5 · 0⤊ 0⤋
A commission would not be appropriate, and depending on the state where you live it could be illegal, but a very nice gift would probably express your appreciation for his or her efforts on your behalf.
2007-03-20 11:46:17 · answer #7 · answered by Suzianne 7 · 0⤊ 0⤋
no.
2007-03-26 06:55:47 · answer #8 · answered by J 4 · 0⤊ 0⤋