Have a buyer - have a question

[Nancy Dito]

I am wholeselling an extrememly large multi unit apartment bldg. I am not the one who has the contract on the property. This is not on the MLS either. It is bank owned. I am like the middle person finding the buyer. The person who responded is also a wholesaler who has a contact that is an agent. The agent will represent the buyer and get his commission. The one who has the contract is an agent as well and she said that she cannot compensate me because I do not have my license.

How can I get compensated for bringing the parties together and how do I compensate the wholesaler who is bringing the agent who has the buyer. This sound very complicated and I'm somewhat of a newbie so I need help to sort this out. Anyone care to help?

Thanks,
Nancy Dito

[Will Barnard]

Wow Nancy, the sky is the limit for YOU!
Unless you own the contract, you are not in a position to "wholesale" the deal. Since you are not a broker or agent, you can not get a commission.

Your question still remains, how do you get compensated for bringing a buyer already represented by an agent, with person who has already locked up a PSA with a seller (and this person is also an agent)? Good question!
The only way I see this happening is if the PSA is assigneable. If it is, the agent who owns the contract, can assign it to you for a specific fee, then you now own the contract and you simply double close with your end buyer. Your edn buyer must be all cash and you will most likely have one problem. THe assignment fee the agent wants will be non-refundable and therefore, you need to make sure you get an earnest money deposit from your buyer (large one) and a portion of that EMD must go hard immediately. Make that amount at least in the amount you must pay for your assignement contract.
One possible option (probably not going to happen though) is that the agent assigning the contract to you agrees to accept a promissory note on the assignment fee due upon closing of the transaction. In that case, you would have to make sure your end buyer provided an EMD large enough to include a portion equal to or greater than your promissory note assignment fee, so that if your end buyer backed out for any reason, you would still have their hard portion of the EMD to pay off the promissory note.

Your question is very complex and my answer was probably even more so, but I hope it was clear enough to understand and perhpas get you closer to a paycheck. Good luck! :lol: