What would you pay for a referral

[Account Closed]

Follow up on my previous forum "saga." :) I got a lead from another investor (name and phone#), found a buyer and got him to cover my realtor commission of $6,000. (3% of $200k sale price) After deducting my broker's fees I net $5,500. At the beginning I verbally offered the investor 10% of what I would be getting, or $550. He verbally agreed and seemed happy to get some money for just running some ads and answering a phone call. I worked on this deal for 2 months, jumping through hoops and getting the seller and buyer whatever they needed to close the deal, putting up with lawyer nonsense, even agreeing to kick in $300 for termite treatment which the bank requires before approving the loan. So today I got an email from my investor "friend" saying he talked to a few other investor friends (with whom I also am acquainted) and they all decided that a fair referral fee should be $1,000. I know I wouldn't have this deal without him giving me the lead, but I'm a bit miffed that he now wants more, and that brings down what I take home to $4,200 before taxes. I know I should probably be grateful to have something rather than nothing, but does this seem right? The closing is supposed to take place tomorrow. I do honor my promises but I don't appreciate last minute surprises.

I need your words of wisdom. Help me get over this sour taste in my mouth.

One thing I must do now is 1099 him because the fee would be over the $600 threshold. Sorry, Uncle Sam says so. ;)