Paid at Closing

[jhugenroth]

Originally Posted by bkelly2

Many appraisers get their money at closing here, so do the termite guys. I am not fond of this arangement and do not do too many HI's this way, but all and all, it aint no beg deal.

I agree... AND I charge more for billing escrow. Waiting 30-60 days for the payment is worth it to me because the escrow fee works out to a better percentage return on my money than I could get anywhere else!

[hlowe]

Hey Robin!

I wouldn't touch that one with a ten foot pole. The client pays.....
PERIOD!.......and before he gets the report.

[Paul Pendley]

Have you gotten the info you need yet? I have a escrow billing invoice/contract that goes straight to the escrow office if you need it. Email me for the copy.

[Nick Gromicko]

http://www.nachi.org/closing2007.htm

[rgallahorn]

I have used a modified version of the NACHI Credit Card Authorization for several years and have never had a problem as long as it is signed prior to the inspection. If after 45 days, whether the house closes or not, if I have not been paid, I just ding the credit card. BTW, I also charge an additional $50 for this convenience.

[Nick Gromicko]

Nice.

[Bob Elliott]

Thanks Nick
That is filed for future reference.

[Gary T. Heller]

I wish I had seen this earlier. I am still waiting for payment on a house I inspected March 1. The house did not close and the buyer lost his earnest money. My phone calls are not being returned.

[gporter]

I did it once and it took a month to get paid. Never again.

[tchristopher]

I get paid when we sign the contract or I don't do the inspection, have only had one person refuse to do so since being in bus. no muss, no fuss. I have seen some of the houses I've inspected fail to close due to financing, appraisal to low, or some other reason other than the inspection. I would not have been paid if I hadn't insisted on getting paid in advance.

[Richard W. Washington]

Originally Posted by rgallahorn

I have used a modified version of the NACHI Credit Card Authorization for several years and have never had a problem as long as it is signed prior to the inspection. If after 45 days, whether the house closes or not, if I have not been paid, I just ding the credit card. BTW, I also charge an additional $50 for this convenience.

I like this arrangement the best. Set a time frame and then ding the card if the closing does not happen by x date. tack on $50 seems fair.

Thanks for the agreements Nick. I've filed them as well.

[lfoster]

You have to watch out for all the above mentioned.

For my own sad tale --- the a/c quit during the inspection; turned off for switching to heat and it wouldn't come on. I called the hvac guy to come out because I 'skitzed' and thought it was something we had done. Turned out a fuse inside the unit died of old age. I paid the hvac man the $85 fee.

I presented the bill to the seller's realtor and the seller's wife said they would reimburse it. At closing, the seller (man) refused to pay, and they were unable to include it on the closing.

I learned from this experience how not to proceed when something 'fails under test'.

Be sure you have something signed at the time to protect yourself so that it can't be refused at closing.

Linda