Assignment Contract w/o a Purchase Price or Defined Fee
Hey Gang,
Searched for an exisiting thread that touched on this buy couldn't find one on the first couple pages of results.
The quick and dirty question:
What is your opinion on getting an assignment contract signed by a seller without a defined selling price (nor will it list an assignment fee)?
The Background (aka long question):
I have 3 raw land owners that don't fit into my buying criteria to use my own capital. However, when mentioning an assignment contract instead - risking time instead of money - they said sure. I know I need to have these properties under contract to (morally for me) talk to the potential buyers I have identified. However, I'd really like the flexibility to try and maximize both the cash the seller could receive, earn myself a decent fee and expediate the selling process by marketing at an under-retail price. I feel these can all be accomplished.
The assignment fee could be stated in the assignment contract - stating I will take $$$ for selling the property - but I have no idea what that number could/should/want it to be. Depending on the property - I'd love to take $1000-$5000 as a fee - but I want the flexibility to define my fee based on what I can get the property sold at. Example, Retail is $15k, I sell for $10K, I'd like a $2k fee. If that sell price moves to $12K, I'd like $2500.
Am I asking for a pipe dream here? Has anyone structured wholesale deals like this? Guidance, opinions, and "slaps to the face" are all welcomed. Need some help so I can present a contract to these guys so I can start selling there land. Thanks -Sean