I have come across an opportunity to purchase a group of non-performing notes secured by properties in my area. A couple of my buyers have expressed interest in buying some or all of the individual notes. The seller will sell individual notes, but what I want to do is put togther a package offer to buy all the notes at once, and hopefully negotiate a better price.
The note seller wants a proof of funds before releasing the details of the notes and beginning price negotiation. My buyers have no problem providing this. I feel like I have all the ingredients to make a deal, but I am not sure how to put it together.
Do I need to establish some kind of fee agreement with my buyers?
Do I need a buyer mandate or letter of intent or both? Do the buyers sign it? Do I get one per buyer or have one for the group with all the signatures?
Do I need a non-circumvention non-disclosure agreement?
How do I get paid in this type of transaction? Do I charge a flat fee or a percentage, and who would pay this fee, the buyer or the seller? If I charge a percentage, what would be reasonable?
I would greatly appreciate any advice anyone can give, especially if you have brokered this type of deal before. I am hoping to move quickly on this, and if it is successful, to rinse and repeat.