Expert: Mike Fortunato - 9/6/2011

Question
Good Afternoon;  I know of a 20 unit apt bld in the Bronx, NY that is for sale, and due to my business connections I also know a buyer. My question is what is an average finders fee?  I have heard as high as 10% and as low as 2.  I am not a licensed R/E broker or agent.  I appreciate your input.

Answer
There is no set rate for finder's fees -- it's up for whatever is being offered. There really is not set percentage -- you'll just need to negotiate for whatever you can. Note that in some states finder fees paid to unlicensed individuals may be illegal.