Assignment Problem-payment At Closing-URGENT
Good morning all:
I have identified a home for my client and he would like to pay my consultant fee at closing the numbers go like this:
1.6 million Financed
1 million to the seller
300,000 to me as the consultant
300,000 to the buyer as cash back for repairs, marketing, closing costs etc.
How should I structure this so that I am paid at closing via the title company?
What should the PA state? The addendum? Do I need a promissory note? I must keep this super simple for all involved.
Thawkins, are you a licensed agent in your state?
Thomas
Be careful with the money back to a buyer if the lender is not aware this could me mortgage fraud.
As for your fee, get the property under contract to purchase, tehn assign the contract to your client for the $300,000 fee.
Your buyer needs to talk to a mortgage broker. But .... no lender that I know is going to let you walk away with 300k and let the buyer have 300k of their money. The lender lends on the house. They do not like people walking away with cash from the table. I only assign contracts to cash buyers.
what steps should I use to get this property under contract and then assign to the buyer? we still have the problem that he must finance the deal and my payment. what should I do?
You can use the SEARCH feature of the forum - as this topic has been discussed thousands of times. Someone had posted the names of some lenders that allow assignment fees.
Again, I only assign to cash buyers.