Best Way To Collect Assigment Fee?
I've read several articles on wholesaling and I'm still unclear about the best way to collect the fee? I have all cash buyers.
1. Put it on the HUD-1 as an assignment fee for both the buyer and seller to see and collect at closing. If the fee is kinda large ($10k), wouldn't that kinda p...off the seller?
2. Collect partial as a nonrefundable deposit and then the rest at the closing?
(before or after?)
3. Collect some as a nonrefundable deposit upon signing the Assignment of Contract AND have the buyer deposit the remainder in escrow with the closing attorney to be paid out upon closing.
???
What to do? 
Collect as much upfront as possible like you said as option fee. A lot of flippers use a double closing also where there is a large difference and the buyer and seller never meet until it is over. This is done with the title company and would only cost a few hundred extra bucks. I just hope I am not preaching to the choir and telling you stuff you already know. PM or e-mail if I can help more.
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
[ Edited by Tedjr on Date 09/06/2003 ]