When do you collect your assignment fee?

[DArrian]

Greeting fellow investors,

I would like to know at what stage of the wholesaling process would one usually expect to receive money for assigning a contract.  After closing? At/ during closing? Before closing? Do any of you ever receive a "good faith deposit" before the title check? Of course, I'd prefer to receive my money for assigning a contract as soon as the contract is signed and not have to show up at the closing. And then there's always the possibility of the buyer/investor not paying at all. Looking for some insight. Thanks.

[fadi]

You receive a non-refundable earnest money when you assign the contract, and part of your assignment process is to state in writing that you are selling the contract for X dollars to the new buyer. You collect your assignment fee at closing, title company will write you a check. If the closing does not take place, then you do not get the rest of your money.