Finder Fee Due Date
When is the finder's fee due? Is it due upon resale of the house, and if so, do you not get the finder's fee if the house never sells? Will we still get a finder's fee if the investor chooses not to sell the house (i.e. lease option instead)?
Thanks!
It depends on what you can negotiate and what kind of fee your taking about. If it were 500-1000 I would pay upon closing or 50% when I had a contract and 50% at closing. If it were 5000 and the property was a rehab I would say 1K at closing and the rest upon resale or 180 days.
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I have someone who pays the finder's fee as soon as he takes possession of the house or the tenants.
Lori
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Quote:
On 2004-05-13 14:07, Stockpro99 wrote:
It depends on what you can negotiate and what kind of fee your taking about. If it were 500-1000 I would pay upon closing or 50% when I had a contract and 50% at closing. If it were 5000 and the property was a rehab I would say 1K at closing and the rest upon resale or 180 days.
50% at contract and 50% at closing is very normal, negotiating is keen when dealing wither "finders"[ Edited by Eric_M on Date 05/14/2004 ]