A new “Pay for Your Inspections at Closing” logo is now available for members who offer their clients the convenience of paying for their services at closing.
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@jlanger Thank you kindly Ma’am.
Do you know if anyone is offering Pay at close outside of Guardian?
I built a system to do it. But I have a few concerns before launching.
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That’s understandable. Care to share them?
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I think any inspector who uses it (gives up $50 to have $500 fronted for 30-45 days) is an idiot. Do I really want to suffer the adverse selection of catering to our financially-challenged members?
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I guess I had a different idea of why an inspector would participate in a PAC program. It wouldn’t be because the inspector can’t wait, it would be because the risk of not getting paid at all is too great and the lack of administrative help to track down things when they go awry. Therefore the inspector pays a fee, which is ultimately passed to the client, for the PAC operator to take that risk and administer the program.
That said, I can see why this might be a loser proposition for all involved and I’m not sure I would even participate. But I wanted to see what ideas you might come up with that would build on the other programs out there and make it better.
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Not exactly a ringing edorsement, but I have to say that I admire your honesty.
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How about the financially challenged customer? The customer who wishes to delay payment has already demonstrated some unwillingness or inability to pay. Most buyers during the inspection phase have not formally applied for a loan or are only “pre-qualified”. Who knows if they can even close?
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Yep. It’s a heck of a lot easier to walk away from a $50 Fee, than it is a $500 Inspection payment! Most any person unable or unwilling to close will have no concern with walking away and leaving someone else holding the bag!
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Do you ever not get paid?
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If your client really wants or really needs to pay at closing, can’t you just let them instead of paying loanshark-level usury to me? You’re really willing to give me about 10% to float you for a month or so? That’s insane. How about I be your private lender for all things. LOL
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Thanks for the updating and your honesty on the subject. There well always be one or two clients that try to avoid paying for the inspection due to condition. The world is built like that.
Do a survey on the forum. See how many inspectors did not collect their fee.
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I don’t offer PAC. But if I did, I would want to collect a fee for it and would also want the client’s credit card info up front.
I suppose. But you asked in a different thread who would be interested in a program if you developed one. So this was your idea!
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Truthfully, I would be more likely to offer a pay later service vs a pay at closing service. Something like:
You’re credit card will be charged $xxxx on agreed date if payment has not been received.
This way, I do not care if they close or who cuts me a check.
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Maybe a bad idea. Just because one can do something doesn’t mean one should.
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You’re correct.
If it does not exist, maybe our legal team could draw up a “pay later” agreement. Someone may find it useful.
I was hoping you hade come up with a good way to do it. The offerings out there right now are not too attractive in my opinion. Oh well, as others have said, maybe it’s a good thing to stay away from. I really like having the money in the bank before leaving the driveway anyways.