how can I make money on this deal?

Question

my Grandma has very old house that is on a valuable peice of wisconsin land, it is in Green Lake, becoming the next Lake Geneva, my parents have a contract with a brokerage firm that says they get 5%. I want to help sell the property and make a commission. How can I get an agreement with the local broker that says if I find the buyer, I get 2.5%

Also, I think with my sales skills, I can sell it for more than they have it listed for on the MLS.

I am confident I can find a buyer, we need to sell the house quick and I don't want my Grandma's financial state to be in control of a non-motivated brokerage. I want to help, but also make a nice chunk of change off the deal. Anyone want to help me or lead me in the right direction?

thank you

:mrgreen:

Deborah Beeksma · Answer

Ericthelight,

You need to take Ohio Realtor's advice seriously.  The only other option I can think of is to wait until the listing agreement expires and then go with a FSBO if the personal representative of the estate allows it and/or your parents want to go that route.  In the meantime, it seems to me that your best option is to work something out with your folks.

Deborah

Jim Gordon · Answer

You can not pay a referral fee or commission to someone who is not liscenced. That is against the law and can get both of you in a lot of trouble with the law. Another solution thinking out of the box would be to ask the agent if you found a buyer would he reduce his commission and have your parents pay you. It's real shaky and not something I can do. Check with the agent and see if you can do that in your state.

N/A N/A · Answer

why can't I just make an agreement with the current broker that if I bring them a buyer they give me a 2.5% commission? as a referral, not as a broker

Jim Gordon · Answer

If you want to sell property in Wisconsin you need to take your classes and pay all your fees and dues and align with a broker there.

Jim Gordon · Answer

To get a portion of the commission the first thing that you need to do is get your real estate liscence. It is against the law to pay commission to someone without a liscence Why don't you ask your parents to give you a bonus if you find a sucessful buyer for the property?

The second and more disturbing thing that you bring to light is the thought that the brokerage is not motivated to sell the property. How do you think they get paid? They only make money upon the transfer of the property. To me that is a lot of motivation --" it don't sell you don't get paid"

N/A N/A · Answer

so I should get certified huh? if they house in in Wisconsin and I live in Illinois, where do I have to get my license.?