Posted by mwm143 on 4/8/10 3:14pm
Msg #330800

Negotiating

I received a call today from a reputable company that I've worked with here and there over the years. I was offered a closing that was a little further than my normal travel range so I told him I couldn't do it for the normal fee. He asked how much more I would need. I said "I tell you what. You offer me as much as you can and if I can do it for that amount then I'll accept". He offered $25 more than I would have accepted.

Reply by cadmonkey/CA on 4/8/10 3:24pm
Msg #330801

ahh, the fine art of negotiating, that's a great tip. When companies offer a little less than what I normally charge, I ask them " What would be the highest you could go?", or "Is that the best fee you can offer?" the first person who names the fee loses....

Reply by Cari on 4/8/10 3:36pm
Msg #330802

there should be a show called ...Name My Fee...

and when they get your fee wrong (or refuse to go higher than $40 bucks) you press a button on your phone which will send a huge a$$ fist right through the phone to the caller and POW BAM...or shock or.....ummmm.....sorry, my imagination is taking over again.....

Reply by mwm143 on 4/8/10 4:50pm
Msg #330807

I sometimes wish there were a standard fee structure

that everyone had to abide by.

Example:

$.30 per page.
$5.00 per notarization (or whatever your state allows)
$.55 per mile
Expertise fee: (Reverse, Purchase, etc+$25.00)
After hour fee: +$25.00


So on a 100 page refinance package (plus copy for brw) 20 miles one way with 10 pages requiring notarizations at 10:00 am = $132.00

A VA loan with 150 pages 20 miles away with 10 pages requiring notarizations at 10:00 pm = $187.00

A Heloc with 50 pages 10 miles with 5 notarizations at 1:00 pm = $66.00

Thoughts?

Reply by Cari on 4/8/10 5:15pm
Msg #330809

if there was a UNION, then we could have 'standards' but

other than that, I don't see how this is possible w/out it being construed as price fixing...

Reply by Sylvia_FL on 4/8/10 5:22pm
Msg #330812

Re: I sometimes wish there were a standard fee structure

Signing agents are independent contractors. It is up to each one to set his or her own fee.

Reply by mwm143 on 4/8/10 7:27pm
Msg #330825

Re: I sometimes wish there were a standard fee structure

Of course we are. I was merely thinking out loud. The $50 companies are wearing me down. (Not to their fee...just in general with all their nonsense).

Appraisers have standard fees. Title insurance is a standard fee. I think with all the regulation all the fees on the HUD are regulated and somewhat standarized. All expect the one service that provides the borrower with a personal touch. A face to face! The one person who makes the the final impression on what has become a grueling process for many. And how many times have you been told: "Wow! That was painless!!". (Have you got the visual? I'm now standing on my chair, fist waving in the air...). Our services have decreased but our pay sure has! So what's next? Walmart Closing Services? Lower prices everyday!

Okay...time for a glass of Vino and some light hearted comedy.

Reply by dickb/wi on 4/8/10 8:44pm
Msg #330859

sorry but....appraisers do not have standard fees....title.

insurance is not a standard fee.......real estate commission's are not a standard fee......my rates are not standard.......a lot depends on the distance i travel....the amt of fax backs they want...how much work the co gives me.....how prompt they pay....standard fees or even talking about them could put us in to an anti trust violation, where fines are high and jail time is long.....it is about time that we quit talking about our fees......jmo..........

Reply by mwm143 on 4/9/10 1:47pm
Msg #331002

Appraiser fees are somewhat standardized

in as much as their fee schedules don't typically vary between $30 to $175 dollars like signing fees can. And title insurance in NC can not exceed $2.00 per $1,000. And total fees can not exceed 5% of the loan amount. Most real estate fees are 6%. Discount points are .25 %. So I would argue that most fees are structured. We're independent contractors. We can talk all day about setting our fee and at the end of the day have little, if any, effect on the consumer.

Reply by dickb/wi on 4/10/10 2:53pm
Msg #331154

sorry but i have to take issue with u.......

your fees in nc may be somewhat alike.....in wi the title insurer has to file there rates with the dept of insurance.......they can file what ever they want.....most lenders title policies will range in the $100-$300 range......when i have an out of state insurer on a re fi i see rates [that should typically be around $200] at $1000 and more......the people are genuinly getting screwed.......now to the discussing fees.....that is an anti trust violation......ask the Realtors on the elpaso texas board.....because they discussed their fees amongst each oyher several spent 6 years in fed prison and several paid fines of $10,000..........the ftc is not leniant on that score......

Reply by dickb/wi on 4/10/10 2:56pm
Msg #331155

ps...why don't u link your name so we know who u r?...... n/m

Reply by Gary Boehm on 4/8/10 5:37pm
Msg #330814

Negotiating

I was at a seminar for investment property and one of the speakers told several stories involving seven words that made/saved him many thousands of dollars no matter if he was buying or selling. Those words ate "Is that the best you can do?". He would say them at least three times (with a kind of slow mid-western drawl) and claimed people would always adjust their price/offer. So of course I use them all the time and I usually get another $10 to $25.

Reply by Notarysigner on 4/8/10 6:31pm
Msg #330815

Re: Negotiating - BULK

Sometimes I am offered a fee which is 25 dollars below my norm. When that happens, I sometimes ask if that's my bulk rate and if it is when will I get the other twenty SIGNINGS ???

Reply by Victoria_NJ on 4/8/10 7:41pm
Msg #330833

Re: Negotiating - BULK

We charge a flat fee. Our clients know what they are going to pay and our closers know what they are going to get paid. Additional time/travel, etc over what is typical for our area is billed out at $25 per hour, but that rarely happens. A normal refi should be able to be completed in 40 minutes or less and we try to keep the drive time to within 30-40 miles of the closer's home base to closing location. Typically my closers make $135 -145 for a standard refiance and about 1.5 hrs time.

Reply by Claudine Osborne on 4/8/10 8:31pm
Msg #330857

Re: Negotiating - BULK

Gee Victoria..Where can we sign up??

Reply by SharonMN on 4/9/10 9:08am
Msg #330928

Re: Negotiating - BULK

Victoria said: A normal refi should be able to be completed in 40 minutes or less and we try to keep the drive time to within 30-40 miles of the closer's home base to closing location. Typically my closers make $135 -145 for a standard refiance and about 1.5 hrs time.

Victoria - how is this 1.5 hours of work? The drive time alone is an hour plus, the appointment is 40 minutes, plus waiting around for the docs, printing, dropping the package, and doing the business paperwork (whatever the SS/TC/lender requires PLUS the notary's invoicing and recordkeeping). I've rarely had a refinance take less than 3 hours out of my life.