A friend of mine asked me to find her a great deal on a home she has already been approved, and I was offered to get paid out of the loan as something like a finders fee? Is this possible if so what kind of contract is needed?
Thank You Guys
An assignment fee is something that is created once you have a property under contract, and then you assign it to the final buyer at a mark-up.
Since you have a loan involved it will be very difficult to get that done in this deal. Mortgage companies do NOT like to pay assignment fees and rarely do. In this case you would need to buy the property, show the mortgage company you are on the title, and then sell the property to your friend. If they are using a FHA loan you would have to wait 90 days for that to happen once you own the property. They have deed restrictions.
All this to say, assignments are really designed for investors that are using cash on the back end.
I hope that helps, If I can be any further assistance please PM me.