Originally Posted By: jmyers This post was automatically imported from our archived forum.
Well Bill, of course your mileage will vary…but no I don’t think you covered all your bases. For one, here in PA you have two verbal agreements based on hear say from your client. Worse, you have agreed to make the seller responsible without their knowledge of whether or not they did agree to pay for the inspection.
You will not only end up fighting for your money should the house not close, you will end up fighting two battles since you will have to first figure out who you will need to sue.
Your saving grace will be having the signed contract which states the client is responsible to pay for the inspection, right BILL?
Originally Posted By: jmyers This post was automatically imported from our archived forum.
BTW…I forgot to mention you would most likely spend more pursuing legal action than the monies that are owed from the inspection…one more good reason to get paid when your services are performed.
Originally Posted By: bemelander This post was automatically imported from our archived forum.
Joe,
Thanks.
Let me explain a little better.
I have the buyer sign the contract and the escrow payment agreement. I also explained that she is actually responsible and the agreement for the seller to pay is between them.
We'll see what happens.
My father always said you learn from your mistakes.
Originally Posted By: jpope This post was automatically imported from our archived forum.
jmyers wrote:
By having them sign that, you are admitting that you will wait until the seller pays the buyer.
Not necessarily Mr. Myers.
Disbursement of escrow funds occurs regardless of whether the home sells or not. To whom the monies are disbursed is the catch.
Provided that the client (whomever that may be) has deposited sufficient funds and/or is entitled to said funds, any payment authorization made by the client will be paid out by escrow.
Will you still wait? Yes.
Do escrow companies make mistakes? Yes.
Are there occasions when not enough funds are available in escrow for all payments? Yes.
Is there a possibility that you won't get paid through escrow? Yes.
Should you add additional fees for escrow billing? YES.
-- Jeff Pope
JPI Home Inspection Service
"At JPI, we'll help you look better"
(661) 212-0738
Originally Posted By: jmyers This post was automatically imported from our archived forum.
Jeff,
I am not sure about the way you work real estate over there is CA, but here in PA if the house does not sell, the holder of the escrow funds (usually held by the listing real estate office) is required to give the funds back to the buyer (unless they are in default).
There really is no such thing as an "escrow company" here in PA.
