Replies to This Discussion

Permalink Reply by Mori Langshaw Sr on November 13, 2009 at 6:37am

Hi Neil.

1. There IS a way your Realtor can pay you...legally! (But I understand why you both say you can't...I was once there)
2. I would NOT put fees on the buyers side (even though the bank should not care). They (the bank) will want that money from the buyer, unless we are talking about $500, $1,000, maybe $2,000.
3. The only "other" way I have done it for my Investor clients is to do a variation of an "assignment" contract. Talk to your title ATTORNEY about doing one. But do NOT call it an assignment contract. This may not be the forum to post this on as this is primarily agents doing short sales for commissions.

Permalink Reply by Bryant Tutas on November 13, 2009 at 7:12am

Mori, I'd actually be interested to see how yo would handle this. In Florida he could only get a commission rebate if he were a party to the contract.

I don' believe you have to have a license in Florida to get paid as a negotiator but it would need to be on the HUD. I just had $1,200 approved through Chase for a 3rd party negotiator. It was not however an FHA loan. FHA is very strict and I'd be very careful not to circumvent them.

****I am NOT an attorney nor do I play one on TV.

Permalink Reply by Neil L. on November 13, 2009 at 7:14am

How does the realtor pay me legally?

Mori Langshaw Sr said:

Hi Neil.

1. There IS a way your Realtor can pay you...legally! (But I understand why you both say you can't...I was once there)
2. I would NOT put fees on the buyers side (even though the bank should not care). They (the bank) will want that money from the buyer, unless we are talking about $500, $1,000, maybe $2,000.
3. The only "other" way I have done it for my Investor clients is to do a variation of an "assignment" contract. Talk to your title ATTORNEY about doing one. But do NOT call it an assignment contract. This may not be the forum to post this on as this is primarily agents doing short sales for commissions.

Permalink Reply by Vincent Mignogna on February 1, 2010 at 4:16pm

What involvement do you have, what was your motivation to work on this transaction? If its contract labor, your realtor can pay you if in fact you provided services for him/her, short sales are handled by office personnel that do not have licenses so I don't believe its any different. But I am not a tax advisor nor an attorney but I do pay unlicensed people to do clerical work for me all the time, then I just send them a 1099!

Permalink Reply by Brian Peters Jr on February 17, 2010 at 1:06pm

Become the buyer!

Mori Langshaw Sr said:

Hi Neil.

1. There IS a way your Realtor can pay you...legally! (But I understand why you both say you can't...I was once there)
2. I would NOT put fees on the buyers side (even though the bank should not care). They (the bank) will want that money from the buyer, unless we are talking about $500, $1,000, maybe $2,000.
3. The only "other" way I have done it for my Investor clients is to do a variation of an "assignment" contract. Talk to your title ATTORNEY about doing one. But do NOT call it an assignment contract. This may not be the forum to post this on as this is primarily agents doing short sales for commissions.