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Updated almost 4 years ago on . Most recent reply

User Stats

11
Posts
9
Votes
Anthony Riddick
  • Investor
  • Chesapeake, VA
9
Votes |
11
Posts

HELP! How to structure a small land deal

Anthony Riddick
  • Investor
  • Chesapeake, VA
Posted

Hello, I have a deal on table.  I'm going to tell you the entire story in hopes to get full advice.  Got a response from someone that I text about her property.  The property is a narrow strip of land that once had a property on it, but is now torn down and the land is unbuildable.  So I knew I would have to figure out a way to either buy one of the properties on either side or sell the land to one of the owners on each side.  I spoke with the owner and couldn't get her to agree to a price or a contract, I offered 7K.  She wanted me to speak with the other owners first.  The other owners basically told me " Not going to sell and you can't do anything with the land BUT sell it to me" ... so one wanted to really low ball.  I did negotiate $8500.  My question now is, how should I structure it.  I'm guessing $1500 finder's fee is in order.  The owner is out of town and I would handle everything for her, but how do/should I do it.  Seems like such a small amount to go through a double closing or even an assignment.  Should I just  structure a contract with the seller and the buyer with a $1500 fee to my company?  Help please, how would you handle it?

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