Hi CFD members,
Had a deal that the seller brought the paperwork for purchase to their attorney. My simple 6 paragraph purchase agreement. As I told the seller that would more than likely would kill the deal because they will want to use their own contract. Sure enough, came back with a cumbersome unusable contract for me to sign. I had my attorney talk to their attorney but their attorney would not budge on the contract. Seller was dismayed and said they would sign mine and go ahead with the deal. I said I had to walk away from the deal now because if something went wrong I was worried of possible litigation. I said I have never done this before, but for you I will. I know you are going to loose the property for back taxes come November 1, 2018 so I will make an exception. I told her I would approach my investors data base in her area and present the deal with it not secured by a contingent purchase agreement. She was totally great full. Cut to the chase on of my investors was ecstatic with the deal. Closing next month with conventional financing. The investor buyer has agreed to give me a fee for bringing the deal to the table. What would you creative geniuses put on the HUD1? Finders fee seems week to me. That was my initial thought. I am sure you all can come up with something much better than that.
Consultant fee — create a written agreement between you and the buyer that says they will pay you a consulting fee of $____ at closing. Turn that document in to the title company or fax to them. Call to verify that they received it.
CRAZY that he is using conventional financing. It could fall apart at the last minute.
Why not just bring the back taxes current at closing, some cash to the seller, then monthly cash to the seller?