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Unread 02-10-2011, 04:09 PM
 
2,879 posts, read 3,472,638 times
Reputation: 1075
Default Any realtors willing to pay finders fee???

I am not a licensed realtor, but I have a client coming out to buy a house with cash. He has offered to pay me a finder's fee, but I thought since we will just need the realtor for the contract, they might be willing to make a gift. The buyer would be made 100% aware of this. He's looking in the 125K range. I will be doing most of the ground work. This would be a dream client for many--millionaire not afraid of ANY repairs.

 
Unread 02-10-2011, 04:41 PM
 
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Realtor must live in Phoenix, no further than 5 miles from Central Ave.. He/she must also use Docusign. Looks count, so does education.....you must be a native speaker of English or Thai, you cannot have any NODs to your name.
 
Unread 02-10-2011, 06:32 PM
 
Location: Phoenix AZ
2,847 posts, read 2,916,235 times
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Quote:
Originally Posted by khuntrevor View Post
I am not a licensed realtor, but I have a client coming out to buy a house with cash. He has offered to pay me a finder's fee, but I thought since we will just need the realtor for the contract, they might be willing to make a gift. The buyer would be made 100% aware of this. He's looking in the 125K range. I will be doing most of the ground work. This would be a dream client for many--millionaire not afraid of ANY repairs.
If you find one willing to do this, be aware you're both likely breaking the law. Whether or not it will be enforced, I dunno, but if you expect to get paid for the business of real-estate(unless it's a property you own), you need a license. Asking for a "tip" or a "gift", or including a pencil like the scalpers do with a game tickets doesn't make it legal.

Last edited by Zippyman; 02-10-2011 at 07:19 PM..
 
Unread 02-10-2011, 06:41 PM
 
Location: Tempe, Arizona
4,511 posts, read 6,384,419 times
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This link may be helpful:

http://www.biggerpockets.com/renewsb...vesting-legal/

As noted by Zippyman, you need to avoid any actions that can be construed as acting in the capacity of a real estate broker. Best to consult with an attorney, and have a written agreement that specifies what the fee covers.
 
Unread 02-10-2011, 06:54 PM
 
2,879 posts, read 3,472,638 times
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I'm simply finding it and expect to get paid for my expertise. I am not representing myself as a broker to anyone. If you can't make money off your friends, who can you make money from? I'm thinking along the lines of a 500-750 HD gift card.
 
Unread 02-10-2011, 07:01 PM
 
Location: Tempe, Arizona
4,511 posts, read 6,384,419 times
Reputation: 2085
Quote:
Originally Posted by khuntrevor View Post
I'm simply finding it and expect to get paid for my expertise. I am not representing myself as a broker to anyone. If you can't make money off your friends, who can you make money from? I'm thinking along the lines of a 500-750 HD gift card.
Simply "finding" it is one thing, but consulting with and advising them in the purchase transaction is another and is likely to overstep into a licensing issue if you are getting paid to do so. A gift card is just another form of compensation. Of course, taking the risk is up to you.

Last edited by rjrcm; 02-10-2011 at 07:20 PM..
 
Unread 02-10-2011, 07:10 PM
 
Location: Everywhere and Nowhere
14,141 posts, read 13,836,813 times
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This almost sounds like a lame setup by the state licensing agency to suck some broker or agent into violating the law.
 
Unread 02-10-2011, 07:51 PM
 
2,879 posts, read 3,472,638 times
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and not one of you can cite any specific law. "Likely"? He sought out my assistance. Realtors offer rebate programs all the time. Insurance agents pay good money for leads from the internet, and I would guess RE Agents do the same.

You all remind me of the broker, who told me I had to pay for septic pumping, even though the buyer stated "as-is, no inspections." She kept saying "it's the law" and I said, well I have access to the whole ARS on my computer, if you will simply show me the law, I will pay--and if she couldn't show me the statue, then please **** or I will tear the contract up in your face.
 
Unread 02-10-2011, 08:27 PM
 
Location: Tempe, Arizona
4,511 posts, read 6,384,419 times
Reputation: 2085
Again, it depends on what services you provide. Just finding the home and getting a fee for that is probably OK. Going beyond that and brokering the transaction is where you cross the line.

See the attached image from the Arizona Real Estate Lawbook, pg 27. You can view the entire PDF here:

http://www.re.state.az.us/LawBook/Documents/LawBook.pdf
Attached Thumbnails
Any realtors willing to pay finders fee???-lawbook_license_clause.jpeg  
 
Unread 02-10-2011, 08:29 PM
 
Location: Tempe, Arizona
4,511 posts, read 6,384,419 times
Reputation: 2085
Quote:
Originally Posted by khuntrevor View Post
...Insurance agents pay good money for leads from the internet, and I would guess RE Agents do the same....
That would definitely be illegal unless the lead provider was a licensed agent.
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