Posted by William, Columbus, OH on June 04, 2000 at 23:31:53:
Ed: That is negotiable. Some pay 1% of what they earn and others figure it differently. Why not just ask the person what they have in mind? Then if it is reasonable you can agree, if not, offer something you can agree to. I was recently offered 1/2 of 1% for helping a Realtor find a building for their client. The amount was $5,511.24 due to the selling price of the building.
There is no set fee/amount, okay? I might mention that some mortgage people want to work deals for 2nd’s on “D” quality payors and you will have trouble finding a national investor that will buy those. Hopefully your contact has better quality 2nd’s to offer for sale. If you find a buyer for his notes you will be helping him, also. May you be happy & well.