Ive been working a deal for weeks now and I’m almost ready to set a closing for it and I goofed!I worked the seller down to 21,500(property worth 48k) and found a buyer and I accidentally told the buyer it was being sold for 20k!But he wants to know what my fee is?What would be a good fee?a flat rate or a percentage?This is my first deal and I don’t want to screw it up. Any input?
Explain to him that you made a modest mistake when reporting the price to what the real price is. If you’re only off a grand or two, it shouldn’t be a problem.
You fee should depend on what value you brought. It can be anywhere from $500.00 to a percentage of the property’s value. Wholesalers around here seem to charge 2-5%, but I don’t really know.
I don’t think you messed up at all. It was just a little mishap that you can fix. Talk to both the seller and investor. You already have the seller locked and they think you are going to purchase the property from you. See if you can bring them down a little bit more.
And talk to your investor and tell him what you did. Since the purchase price is only 21K your assignment fee I would say is definately under 1,000.