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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Finder's fee... Posted by Ward-CA- on September 16, 2003 at 10:35 PM In Reply to: Legally receiving finder's fee for bridge loan to owner? posted by David F on September 16, 2003 at 1:23 PM : Ward, : I am not a licenced mortgage broker or real estate broker. I am leading several people in foreclosure to mortgage brokers who are successfully closing bridge loans for them (usually hard money junior loans). : 1. How can I legally receive a finder's fee for this? : 2. How much would you charge for this service? : 3. When would you take payment for this fee (before, during, or after escrow closes)? : 4. Can I receive such fees and NOT be viewed as a foreclosure consultant by the courts? -=-=-=-=-=-=-=-=-=-=-= David, In CA, for merely introducing A to B you can legally charge a finder’s fee. It’s only when you negotiate the terms of a real estate transaction on behalf of another that the state requires you to hold a real estate license. 1. The amount of the finder’s fee is up to the parties to determine. 2. I’d try to get about 10% of what the agent stands to make on the deal. 3. I’d try to collect my fee at the time of the introduction of A to B. 4. To be viewed as a foreclosure consultant you’d have to be collecting the fee from the owner in default before the service was rendered. Hope this helps. Follow Ups: Re: Finder's fee... David f 9:50 AM, 09/17/03 (1) Finder's fee authority.... Ward-CA- 7:19 PM, 09/17/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : I am not a licenced mortgage broker or real estate broker. I am leading several people in foreclosure to mortgage brokers who are successfully closing bridge loans for them (usually hard money junior loans). : : 1. How can I legally receive a finder's fee for this? : : 2. How much would you charge for this service? : : 3. When would you take payment for this fee (before, during, or after escrow closes)? : : 4. Can I receive such fees and NOT be viewed as a foreclosure consultant by the courts? : -=-=-=-=-=-=-=-=-=-=-= : David, : In CA, for merely introducing A to B you can legally charge a finder’s fee. It’s only when you negotiate the terms of a real estate transaction on behalf of another that the state requires you to hold a real estate license. : 1. The amount of the finder’s fee is up to the parties to determine. : 2. I’d try to get about 10% of what the agent stands to make on the deal. : 3. I’d try to collect my fee at the time of the introduction of A to B. : 4. To be viewed as a foreclosure consultant you’d have to be collecting the fee from the owner in default before the service was rendered. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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