Hey there everyone! I am about to get some contracts signed (Option to Purchase) to assign and I had a thought. On some of these deals I will be making 5 figures, even with the end buyers getting the property at 20% or so below market. Is there any way (other than a double close) to present my fee so that they don’t balk or try to talk me down? I am simply trying to prepare for battle here and as we all know, knowing is half the battle lol). TIA!
One option is to get a sizeable portion now, the rest at closing.
Or, have it placed in escrow with your attorney, to be released to you upon satisfaction of your assignment contract, or at closing.
Thank you for your response. So how should I present that? In the assignment contract? Should I make it half?
Make everything clear in your assignment contract. Most buyers just want to make sure that their money is safe in case the seller backs out for some reason.
I learned from Vena Jones Cox on this website, and she has been a great source of info.
Thanks for the info, I have looked her up. Is it out of line to ask for half at first then the remaining at closing? I don’t have an attorney myself yet, I am trying to keep costs down. After my first few deals I will have one, though I will.
Hello,
If they won’t give me a good portion up front, I don’t want to work with them. I don’t want to lose the deal if they don’t close for some reason. My experience is that those who play around are not serious enough to close it.
My real estate attorney just goes thru the contract…it’s not expensive. I found a great one through my local REIA.