How does this work? Received a bird dog lead. wants 25%

Question

Still a newbie. I've sent out some yellow letters and now trying to get my buyers list going before any more calls come in. I got a few numbers and called around to ask what buyers are looking for. One happened to offer me a lead and said he just wants 25% after closing. He wont send me the address or contact information until we get some type of agreement together, which I totally understand. I've found a few bird dog agreements but they look more like agreements when you are hiring a bird dog.

My question is how do I create the agreement and what do I put in there to protect myself? Based off the information he did give to me, it seems like a deal that is definitely worth it.

My question is how do I create the agreement and what do I put in there to protect myself? Based off the information he did give to me, it seems like a deal that is definitely worth it.

David Sicherman · Answer

I dunno, can't really sign a JV agreement unless one of you has a contract on the house.  If you are a gambling man, offer the birddog $500 for the deal, or write out some contract that says you will give him $100 for the lead and $500 more if/when it closes.  Otherwise tell him good luck and to hit the bricks.

Larry Turowski · Answer

This sounds complicated and a waste of time.  You are are completely new, the bird dog probably is too, and the lead, like most, is probably not any good.  If s/he can't accept a verbal agreement or something quickly written up on a piece of paper, I'd move on.