WHO WILL PAY MY FEE?
I have a buyer who has negotiated with a builder to sell them a house for $209,000.
Their financing fell through although their closing date is March 21. They called me to see if I could do lease -purchase with them on the house or owner finance it for them. I do not want to buy a house and sell it to someone on a lease purchase. Btw, the homemaker wife has a credit score of 575, the husband-wage earner- has a credit score between 565-635. They are willing to put down 20%.
I have hooked them up with another mortgage broker who being an investor himself, works with investors. He says he can get them a loan.
The problem is how do I get paid? The builder will be paying the buyers real estate agent 3% commission. The mortgage broker by law cannot give me a referral fee.
SO WHO PAYS ME? After all I put the deal together. I spoke with the builder and he wants to know even if they pay how would it be put down on the HUD form? The real estate commission is being taken by the realtor. The builder wants me to keep bringing him buyers and will pay me.
Should they increase the price or decrease the price to pay me my facilitation fee, and how much?
The deal with the builder had almost fallen through if they did not come up with the loan.
the buyers contacted me to do something for them so they do not lose out on this deal.
I am in Texas. Do referral fees apply. where would they be noted on the HUD form?