Escrow Payments - anyone accept these for inspections?

Originally Posted By: jwatts1
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These are a pain in the a$%, I have to collect money after escrow closes!!! I was stupid, now I have to spend more time hunting down the payment… I made the buyer sign an invoice stating that she was responsible for the inspection fee, whether or not she purchased the property… so the contract states that she is responsible, and I had her sign it…


This sucks! I think I will resist from accepting these payments... Anyone else have problems like this????

Let me know,
Justin.


Originally Posted By: tshields
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no


Originally Posted By: jpope
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I charge an additional fee for billing through escrow - 10% or $25, whichever is greater.


This works as a deterrent and helps cover the cost of the "aggravation factor."


--
Jeff Pope
JPI Home Inspection Service
"At JPI, we'll help you look better"
(661) 212-0738

Originally Posted By: dvalley
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CASH, CHECK or MONEY ORDER. Without either one of these…No inspection.



David Valley


MAB Member


Massachusetts Certified Home Inspections
http://www.masscertified.com

"Some cause happiness wherever they go; others, whenever they go."

Originally Posted By: rsummers
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In this area of the state if you didn’t bill Escrow you wouldn’t be working.


Originally Posted By: jwatts1
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Yes, I charged a $25 fee, I called (escrow billing fee) so if I actually do recieve the money, it will be worth it… I charged $275 for a 1600 square foot condo.


I just hate hunting down the cash, and being a bill collector, its just more work.... The commute, inspection, and report is all us inspectors should do! Bill collecting! that sucks!

I think next time I will just jack up the escrow billing fee to $50... hopefully that will be a nice deterrent.

Worse case scenario, I will either have to take them to small claims, or just write it off on next years taxes? What do you guys do???? Tax write off as a loss, or do you spend more time and head aches in small claims?

Let me know.
Justin.


Originally Posted By: jbushart
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Billing escrow seems to automatically assume that my client will purchase the home, prior to the inspection. It seems to me to create a conflict of interest where, otherwise, none would exist. I’m not for it.


Originally Posted By: jhagarty
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Justin:


Is the Client also Selling a Property?

If YES, send an Invoice to the Listing Agent of their current property to be Paid at Closing.


--
Joseph Hagarty

HouseMaster / Main Line, PA
joseph.hagarty@housemaster.com
www.householdinspector.com

Phone: 610-399-9864
Fax : 610-399-9865

HouseMaster. Home inspections. Done right.

Originally Posted By: bkelly2
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I charge $50 to bill through escrow. I have been burned once but the extra fees made it a wash.


BK


--
"I used to be disgusted, Now I try to Be amused"-Elvis Costello

Originally Posted By: jedwards
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jbushart wrote:
Billing escrow seems to automatically assume that my client will purchase the home, prior to the inspection. It seems to me to create a conflict of interest where, otherwise, none would exist. I'm not for it.


I agree. Suggests that the inspector has a vested interest in making sure the deal closes so he/she'll get paid.

One alternative I've heard is to have the client's REA sign a statement of responsibility for the inspection fee should the deal fail to close. Never tried it myself, and unless you have a *real* good relationship with the REA, it'd prolly be pretty hard to get.

Cash or certified funds on delivery of the report is, IMHO, the best way.


--
John Edwards
Assurance South, LLC home page
Pre-Paid Legal Services

Originally Posted By: dhadler
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Cash or check…been real lucky, no complaints with that, and haven’t lost one yet (touch wood!)


I even put this little blurb right at the bottom of my disclaimer "We DO NOT receive any commissions of financial gains from the sale of the home, only the fee charged for the inspection. The amount is due and payable upon completion, by the client, whether the home is purchased or not. Thank-you for your la,la,la....

Wouldn't even consider waiting till the deal went through, up in our neck of the woods anyway. I figure it helps separate the inspection from the sale as well. Nice and clean...and you get paid right away too. No extra book-keeping either ![icon_biggrin.gif](upload://iKNGSw3qcRIEmXySa8gItY6Gczg.gif) ![icon_biggrin.gif](upload://iKNGSw3qcRIEmXySa8gItY6Gczg.gif)


--
Darrell Hadler
Five Star Home Inspections
Medicine Hat, Alberta CANADA

Originally Posted By: mtimpani
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no



Thank you, MarkTimpani


www.pridepropertyinspections.com

Originally Posted By: dbush
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As long as there is an earnest money check being held by the Title Company, I have no problem being paid at closing. I don’t have to hunt the money down at all; I find out the closing date, and within 2 days I have the check from the Title Company.


On the occasion when the house does not close (happens), I get either a check from the Title Company or from the Real Estate Office depending on which one is holding the money.

Not real difficult; I would prefer to get paid up front, but sometimes you do what you have to do to keep business.

Dave


--
Dave Bush
MAB Member

"LIFE'S TOUGH, WEAR A HELMET"

Originally Posted By: dspencer
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Funny…that is what I am doing today, tracking down my money from AceMortgage and yes it sucks! They owe me two inspections- months old…will I do another? Yes but add $50 per month late fees.


Originally Posted By: gbell
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I charge a fee of $125 if someone wants to pay through escrow. This allows me to create a separate fund where I can be compensated if I need to spend time chasing money. It also covers the cost of any inspections I fail to get paid on. It also adds a great reason for someone to pay at the time of the inspection.



Greg Bell


Bell Inspection Service

Originally Posted By: dbroad
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No. No. I did this once and guess what, Escrow feel through and we never recieved payment. Two People asked me last week if I would bill Escrow. I told them no for Escrow can fall out for any number of reasons of which none are our fault and we need to be paid for we still did the work. After explaining why we dont bill this way I booked both the jobs and the one agent booked two more with me next week.