getting away from the finders fee
what should i do????
as an independent marketer i networked with real estate broker that gave me leads. they wanted to share in my finders fee. now that i know more that the broker gets paid from the seller. why should i continue with these guys that charge the seller and the buyer for wholesale deals . is this practice acceptable in re wholesaling?? or should i just go and find new brokers that just charge the seller????
Most Popular Reply
@Chris Bell Most states consider receiving a finders fee to be acting as a broker without a license. The NY law is written in a tough to read way, but I think it is clear that does not allow "finders Fees"
http://www.dos.ny.gov/licensing/lawbooks/RE-Law.pd...
Chris I totally get what you are doing, and the reasons to do it. Lots of people do it. That doesn't make it legal. Lots of people break the speed limit too. That doesn't mean speeding is legal. If you choose to do so you should be aware of the possible consequences.