collection of compensation for acquisition/referral fee?

[johnchi]

Illinois
12/17/02

One year ago I referred/acquired a foreclosure of a condominium for $430,000 in Chicago (Cook county), Illinois and the owner verbally promised me a referral/acquisition fee. Then she had me list (again verbally but I did put it on the multiple listing service) the property (for 6 months) but refused to fix the things I suggested to assure an easy sell. After 4 months she removed the listing without notifying me and gave it to a fellow sales agent who now has it under contract for $545,000 which should close the end of next week (12/27/02).

Twice I gave written requests for payment and had the delivery documented. 1st I had asked for 10% of the acquisition fee within 30 days and the second 5% of the acquisition price within 1 week.

Is it possible for me to put a lien against the property to stall the sale? Do I have any other options to receive payment promptly? Any suggestions to receive payment or what recourses do I have? How do I go about them?

I understand this is short notice but I trusted her to pay me but am running out of time if it does close. After the first request she did offer me 1% of the acquisition fee and then complicated it by also saying I should get a split from the listing and selling agent. So I refused her offer and submitted my second offer, which she has not responded to.

 

[HomeGuru]

Illinois
12/17/02

One year ago I referred/acquired a foreclosure of a condominium for $430,000 in Chicago (Cook county), Illinois and the owner verbally promised me a referral/acquisition fee. Then she had me list (again verbally but I did put it on the multiple listing service) the property (for 6 months) but refused to fix the things I suggested to assure an easy sell. After 4 months she removed the listing without notifying me and gave it to a fellow sales agent who now has it under contract for $545,000 which should close the end of next week (12/27/02).

Twice I gave written requests for payment and had the delivery documented. 1st I had asked for 10% of the acquisition fee within 30 days and the second 5% of the acquisition price within 1 week.

Is it possible for me to put a lien against the property to stall the sale? Do I have any other options to receive payment promptly? Any suggestions to receive payment or what recourses do I have? How do I go about them?

I understand this is short notice but I trusted her to pay me but am running out of time if it does close. After the first request she did offer me 1% of the acquisition fee and then complicated it by also saying I should get a split from the listing and selling agent. So I refused her offer and submitted my second offer, which she has not responded to.

**A: are you a licensed real estate broker or sales agent?

 

[johnchi]

yes i am a licensed agent.

 

[HomeGuru]

You are not entitled to any commisison since you do not have a listing or referral fee contract between the owner and your real estate broker.

 

[johnchi]

i am not looking for any commission as our original oral agreement was an acquisition/referral fee for getting the foreclosure for her.

thank you,
john

 

[HomeGuru]

i am not looking for any commission as our original oral agreement was an acquisition/referral fee for getting the foreclosure for her.

thank you,
john

**A: please explain what "getting the foreclosure for her"means.
Did you tell her about the foreclosure, did you bid on the property for her, did you actually buy the property for her as a strawbuyer....................?

 

[johnchi]

i brought the foreclosure as an investment vehicle and did the bidding - she paid for the acquistion - and she made a very, very generous on her investment.

 

[johnchi]

a very, very generous return that is.

 

[HomeGuru]

You are not entitled to any commisison since you do not have a listing or referral fee contract between the owner and your real estate broker.

**A: this is my answer.