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Updated almost 8 years ago,
Assignment deal from the MLS?
This feels like a silly question but I've got to ask... I'm got a wholesale deal in Memphis on contract. A friend listed it on the MLS but I've never sold a deal this way. Normally, I have a contract and just assign my interest for a fee. In this case, I assume, there are going to be agent commissions that will need to be paid. To keep the numbers easy...
If I have it on contract at $40,000, and we agree on a price at $50,000, then the agent commissions will be $3,000 (%6). So do I write an assignment agreement for $7,000? or should I do a double close? How does this actually work?