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FIB - Scams 101 - Ye Olde Archives
Posted By: DaveB <db@plumfinders.com> In Response To: Re: Finders fees? real estate Biz. I have e-maIled Jim Straw and waiting on responce. (Bill Cornelius)
Thursday, 3 February 2005, at 4:19 p.m.
Sounds simple but, the only way options work is in the case of a VERY serious seller who is having trouble selling his property. If you take out an option you may and probably would be liable for the payments until the property sells... Risky business. Putting a buyer and seller together through a broker is not illegal, it's done all the time.
DaveB
If you put the seller together with the buyer and then cpollect a finders
> fee you will be breaking the law. To the best of my knowledge this is
> the case in every state.
> There is a simple way for you to make money on the deal however. All you
> need to do is option the property from the seller. This simply means you
> pay the seller for the exclusive right to purchase the property within a
> certain period of time. The common price to option a residential property
> is from $100 to $2500 depending on the value of the property. Then you can
> simply ell the option to the prospective buyer. I would suggest that
> before showing the property to a potential buyer that you get a disclaimer
> signed. The disclaimer will prevent the buyer from simply waiting your
> option out and then buying directly from the seller and cuttiong you out.
> Good Luck, It is not unuual to be able to flip 30 to 50 properties a year.
> A good margin can run from $2000 to $25000 or more.
>
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