My father died and my uncle found a buyer for his house. What would be a good finders fee? 1%?

Question

No real estate broker will be used and he also found a buy for my fathers car.

Answer 1

None, that is just what families do.

Answer 2

Is a finder's fee really expected? It sounds like your Dad's brother stepping in an helping out when help was needed. Personally, I don't charge family when I do them a favor. Or maybe it's a situation where you feel like you should offer and he can decline. Was there some kind of agreement that he should be rewarded for his efforts? Did you ask him to help, or did he just come up with some contacts for you? Does he do this kind of thing professionally? If he does, you could ask him what he normally charges for such a thing. You could also ask another relative if you don't know him well enough to have a good feel for the situation.

Answer 3

I would say 3-5% a broker would be 7-10%. If he did ads or made lots of calls I would say 5%. If the house is over $100,000 I would say a straight 5,000 would be fair.

I am guessing he got a good price and you would have got the same amount if you went through all the hassle of trying to self it.

Answer 4

LOL...too funny. Be careful. It is illegal in most (if not all) states to be compensated in anyway related to a real estate sale unless you are licensed to do so. That being said...come on! It is family! I am a Licensed Real Estate Broker and I have NEVER charged a family member or close friend for my services....ever! Wow....amazing.

Answer 5

As a mother - it breaks my heart. As the wife of a Corrections Officer, I understand why. To start off with, we are talking about two different states - it could be across the border and the red tape and cost involved is astronomical. You would need two to three different federal correction officers from each state who would be working overtime, you would need to be able to pay for food and secure housing of the prisoner before, during, and after transport. You would need special permission for the prisoner to even go to the hospital (our local hospital only allows one prisoner in their hospital at any one time, if someone else gets hurt or sick, they have to travel an hour and a half to another hospital, even though there is one 30 minutes away - but it's across the border) Finally, this particular prisoner may be a problem within the facility, and the decision may be based on his record within the facility itself. There's always the rest of the story...

Answer 6

Depends on the price you are getting for the house, but considering that you will not have to pay for advertising or have looky-loos traipsing through the place for possibly months, I think I'd pay 5% for a successful sale to a buyer your uncle found.



ADD-- I don't see why people think it's somehow disloyal to your father's memory for your uncle to help you sell your father's house. Do they want you to trust strangers, or to keep the house as a shrine?

Answer 7

It is very nice of you to offer to pay your uncle for his help but are you offering to pay him or is he asking? Did your father leave him anything in a will? If so, why does your uncle need/want the fees?



Not to sound callous, but all those people don't end up on court shows for nothing, if you pay your uncle for any "fees" please get a description in writing and have your uncle sign a receipt. If he is genuine he will understand (or not ask for anythigin in the first place IMHO).



Sorry for your loss as well...

Answer 8

Unfortunately, you are probably breaking the law by compensating someone not licensed to practice real estate for facilitiating a real estate transaction.



No such law exists for cars though. Nice gesture, nonetheless.



Hope that helps!

Answer 9

I don't know where you are, but in Missouri, you can't be paid for someone else's real estate transaction if you're not a licensed broker. I'd check state laws but I don't think you owe him anything.

Answer 10

Did the buyer find your uncle?....You sure ....Personally i would give him something just for the fact it sold without losing 6% on sales commission...There's no set figure it's all in the way you feel generous

Answer 11

Well i must say how impressed i am that members of your family want to profit from your father's death. I suppose it would be too much to expect someone to do something for the family without some form of economic motivation. What the hell is the world coming to???

Answer 12

Nothing you should not have to pay your uncle for finding a buyer for your fathers home, it was not his job to do it therefore he should not be paid, but if you really wanna be nice 1% sounds good enough he is family afterall...

Answer 13

Hi,



I'm sorry to hear of your loss.



Unless you have an previous agreement with your Uncle, you can do whatever you wish. It might be a nice jesture to offer something as a way of saying thanks, but you are not obligated to offer a certain amount. I would offer what seems reasonable and that you can afford.

Answer 14

since brokers get about 6% or so ... 4% would be nice.

Answer 15

well its quiete bad that ur uncle would try to turn a profit from your fathers death. my condolences. depending on how much u like the uncle i guess and how long its been since ur father has passed

Answer 16

I would think about 5%, he is family after all and you wouldn;t have any of the miney without him!

Answer 17

do you feel he needs a finders fee??? its family... perhaps a "monetary gift" might be better...