Pay from escrow

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#1

Originally Posted By: bemelander
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All


I’m looking for a contract or agreement anyone uses and is willing to share. This would be used for clients I’m letting pay at closing. I’m looking to hopefully cover all concerned areas, additional cost, what if there is no closing, time allowed to pay, etc.


If you have one I can use or change please let me know or e-mail me.


Thanks


Bill

–
Anchor Home Inspections


bill@anchorinspections.com
#2

Originally Posted By: rpierson
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Very interesting.


I am not that familiar with the system, but people I know who do charge $50 extra. Must mean extra paper work!

Why would you collect through escrow instead of at the inspection?

Anyone else with knowledge on this?

#3

Originally Posted By: jedwards
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Several folks here have made the very good point that agreeing to payment at closing might give the impression of a conflict of interest, i.e., that the HI has a vested interest in insuring that there is a closing, which might be construed as influencing the outcome of the report. If an unreported problem surfaced later on, this might be a supporting argument against the quality of the inspection. And if the deal falls through for any reason, inspection-related or not, there might be problems collecting the payment due.


That said, many HI's do accept payment at closing, and some do charge extra for it. It's just a bit outside of my comfort zone-- your mileage may vary.

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

#4

Originally Posted By: jpeck
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Payment at closing?


My clients never close! I'd never get paid! ![icon_biggrin.gif](upload://iKNGSw3qcRIEmXySa8gItY6Gczg.gif)

--
Jerry Peck
South Florida

#5

Originally Posted By: jdavidson
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I think when we have done that we send a bill, we didn’t have a form. We don’t do that many like that. It’s hard to collect if the deal falls through.

–
John Davidson


Heads Up Home Inspections


Morton, IL

#6

Originally Posted By: Blaine Wiley
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I have a simple clause at the end of my agreement that states something to the effect of:


"Client agrees to pay the inspection fee of $XXX plus a settlement billing and administrative fee of $75 from settlement funds by xx-xx-xxxx. Client agrees to pay the full amount of inspection and administrative fee by xx-xx-xxxx should the contract become void or if settlement is delayed for any reason."

I have a separate signature for this paragraph. I also only take settlement payment from out of town buyers, and I don't do the inspection until I have the agreement signed and back in my hands.

#7

Originally Posted By: rsummers
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On my Pre-Inspection agreement I state that if Escrow fails to close in 60 Days buyer is reasonable for payment all finance charges and fees incurred to collect payment.

#8

Originally Posted By: dvalley
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Jerry,


You are hilarious.![](upload://ow3y6OAlrG0HiqAFgo4GDRfr27f.gif)

I get paid my fee at the completion of every Inspection. No follow-ups required.![](upload://3mlczL8nLtRlwHiwEp4fX0rHRWa.gif)

--
David Valley
MAB Member

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

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

#9

Originally Posted By: rpierson
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Me Too!


That is the best way!!!! ![icon_biggrin.gif](upload://iKNGSw3qcRIEmXySa8gItY6Gczg.gif)

#10

Originally Posted By: wcampbell
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Here the agents tell “their” client, “Oh, the inspection is ALWAYS collected at closing.” icon_rolleyes.gif

–
This Ole House-Home Inspections


William A. Campbell TREC # 6372


Serving the Texas Coastal Bend


(361) 727-0602 (home)


(361) 727-0055 (office)


(361) 229-4103 (cell)

#11

Originally Posted By: rpasquier
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dvalley wrote:
Jerry,

You are hilarious.![](upload://ow3y6OAlrG0HiqAFgo4GDRfr27f.gif)

I get paid my fee at the completion of every Inspection. No follow-ups required.


Got that right, I never even start an inspection until I get check or cash in hand.

I am not going to spend 3 hours of my day doing an inspection and report, just to have them not pay me.

You ever tried to get a collector to collect $300-$500? there won't be any money left for you.

Getting the money up front is the only safe way to do business as far as I am concerned. And the only real profitable way as well.

And I love your emoticons, those are great....
#12

Originally Posted By: jpeck
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wcampbell wrote:
Here the agents tell "their" client, "Oh, the inspection is ALWAYS collected at closing." ![icon_rolleyes.gif](upload://iqxt7ABYC2TEBomNkCmZARIrQr6.gif)


William,

That is where you tell "your" client "I don't know where those agents get their information. They ALWAYS say that, yet they know that we ALWAYS get paid at the time of the inspection. What ELSE did they tell you?"

Now, you have raised yourself above the agent just ever so slightly. You did not disparage the agent, but did create some doubt in your client's mind about what their agents says. Now, when you say something is wrong and the agent says 'It's always that way', your client knows who to believe.

--
Jerry Peck
South Florida
#13

Originally Posted By: jmyers
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Bill,


Like everyone else here, I like to get paid at the time of the inspection.

There are inspectors in our area which allow the inspection fees to be paid at the closing, so if I want that agents business, I have to match that arrangement.

Of course you do risk the chance of getting screwed, since not all deals go to closing, for what ever reason.

If this is a good agent and they send plenty of business your way, you should consider allowing them to do it their way, since you will certainly gain more than you will lose.

There are many agents in our area which prefer to work in this manner and extend credit to them, so to speak.

As for what you should do, that is entirely a personal choice whether you want to do it, or not.

There are certain agents in our area that use certain inspection companies because they extend them this simple courteousy.

Joe Myers

#14

Originally Posted By: Blaine Wiley
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Quote:
There are inspectors in our area which allow the inspection fees to be paid at the closing, so if I want that agents business, I have to match that arrangement.


That is exactly the case in my area. When I first opened here, everything was paid at closing. Now, I have only the out of town buyers pay at closing. Never a FSBO, they don't get the report until I get the check.

Sooner or later, I'll get the remainder of the clients to pay on site. So far, haven't been screwed out of payment. Only had to push one.

BTW, if you're a FREA member, they have a collection service that costs you $20 flat rate.

I've never had the problem in VA or here with Realtors telling a client that something I said was wrong was "always done that way", so I have never felt the need to elevate myself ever so slightly above the Realtor. They sell houses, we check em.
#15

Originally Posted By: wcampbell
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One other thing: The title companies here pay out bills as a “courtesy”. If the house doesn’t close, you may not get paid out of escrow.

–
This Ole House-Home Inspections


William A. Campbell TREC # 6372


Serving the Texas Coastal Bend


(361) 727-0602 (home)


(361) 727-0055 (office)


(361) 229-4103 (cell)