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Updated about 1 year ago,
How to structure a wholesale assignment fee?
Hello PB fam,
I have been helping a distressed friend find a buyer for their property, it's been renovated and is move in ready.
We are getting close to choosing a buyer that is able to met their terms (this is a creative finance deal/paying loan and doing seller financing).
My question is:
- My role here is a wholesaler, correct?
- Who pays my fees? The Seller in this case, correct?
- How do I structure the fees?
- What type of contracts do I need?
- Do I need to put earnest money to buy the contract of the property, and THEN get the assignment fee paid by the buyer in this case?
- Can I use the title company who's handling this deal to make those contracts available to me and facilitate the payment to me?
- Does it matter if the deal is in a different state to my state of residency?
Thank you,