Posted by TN Notary on 6/1/05 8:46pm
Msg #41669
What a way to start my month
I had 3 closings schedule today the first one cancelled during my call to confirm the 2nd two I showed up to the homes and started signing and changed their mind for unrelated reasons.
3 out of 3 did not close.
| Reply by BrendaTX on 6/1/05 9:16pm
Msg #41677
I had a good day today...I did an inspection for MortgageRamp.com and got two more assigned to me today, plus another little job of researching records at the courthouse for a PI out of Houston for a day's total of $150.00. These took me about five hours.
I have $300-$350 in signings and regular notary work for tomorrow on the calendar. The signing part will take three hours, the notary work will take exactly two hours to go to the site, do the work, come back and bill it out.
That's $500 for ten hours. But, then you have to take off about $100 for car and expenses...so that's around $400 for ten hours. I can live with that.
| Reply by Mike/NJ on 6/1/05 9:21pm
Msg #41681
Crazy month so far bookings and cancelations running wild. So far this week I had 10 booked and only closed 3.
| Reply by Nd_WA on 6/1/05 10:21pm
Msg #41690
EOM Residual
So far I'm booked with 1-2 signing each day up to Saturday, did 2 yesterday and 2 today. Will see what it's like next couple weeks.
| Reply by Melody on 6/1/05 11:24pm
Msg #41701
You go, Girl!
Signing agent work is slowing down due to increasing mortgage rates and increasing saturation of NSAs due to NNA seminars.
I think inspections are the new opportunity for NSAs.
Congrat's Brenda! Good luck!
| Reply by Markita-MI on 6/2/05 7:12am
Msg #41736
That is awesome. It sounds like you have successfully found a way to supplement your SA income. Did you sign up directly with Mortgageramp.com or did you go through another company to get in their database for assignments? Thanks for the info.
Markita
| Reply by BrendaTX on 6/2/05 7:21am
Msg #41738
Inspections revisited...
Sign up directly at MortgageRamp.com
I posted this info earlier but cannot find it to refer you to. Here is about all I know about inspections from personal experience. You need to do google searches for terms you find in this post to find companies that you can apply to.
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-Inspections which pay $40-$75 may require the following of an inspector:
-Travel of 50 miles (Travel is not as easy to get extra paid for! Realize they set a price, you take it if you want it.)
-Short narrative to be written on location, viability, competition, economic outlook
-Comps on commercial and multi-family properties (Generate a set of Market rates for your own use, or you'll have to redo them every time you do an inspection: market stability, occupancy rates other information to be assessed)
-19 pages of forms to be completed online & upload pictures of property, label them
-10-20 pictures (but take 3 times that many--seriously)
-Walking the perimeter of 13 acres (new high-try 19 acres) of apartments
-Sketching to explain what you are reporting
-Walking the site of a industrial plant, retail center, nursing home, hotel, assisted living.
-Looking at 20% of the rooms, units, apartments up to as many as 30
-Figuring sq ft, collecting rent rolls, comparing their figures to yours
-Knowing how to use a compass and being able to report N,S,E,W sides of structures
-Note def'd maintenance and report it.
-Owning a hard hat, boots, safety goggles, gloves, measuring tape, compass, pocket pc, good quality digital camera.
And you may only be paid $40 - $65 for this type of work for which you will put in multiple phone calls, two hours of site work, and two hours of post-job work, before it's over. (Or more time if you are getting started. You will have a full page of instructions to decipher and you are responsible for getting all the information needed to the site manager beforehand, verify it, and if you do not, you will be sent back.)
However, the fact remains that it's better to be making something than nothing when you are self-employed. At least when things are slow I am making a little bit of income and getting exercise with this kind of assignment.
to be self-employed.)
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Here is a list of Types and Descriptions of Inspections/Typical Fees:
• Commercial Property Physical Inspection (report on the physical condition of a commercial property, usually requires an appointment and photos) Fee: $55
• Fannie Mae Inspection (multifamily property inspection; appointment required) Fee: $65
• Freddie Mac Inspection (multifamily property inspection requiring a lease verification and a cost to cure for deferred maintenance) Fee: $65
• HUD PASS Inspection (requires HUD certification) Fee: $180-$250 [for more information on HUD PASS go to http://www.hud.gov .]
• Capital Improvement RUSH Inspection (verification of repairs performed by the property owner, usually requires an appointment and photos, 24-48 hour turn around time) Fee: $35
• Commercial Insurance Loss Draft (verification that insurance repairs have been made at a commercial/multifamily property, normally requires an appointment and photos) Fee: $35
• Commercial Drive-By Inspection (physical condition report on a commercial property which does not require an appointment) Fee: $20-25
• Commercial Construction Inspection (verification of construction progress, usually requires an appointment and photos) Fee: $20-25
• Non-Capital Improvement RUSH Inspection (commercial property inspection that needs to be completed ASAP, case-by-case deadlines) Fee: $10 extra
• Fast Track Drive-By Inspection (requires photographs) Fee: $28-35
• Fast Track Commercial Property Inspection (report on the physical condition of a property, usually requires an appointment and photos) Fee: $50-65
• Fast Track Drive-By With Comparables (for Real Estate agents, or Brokers and Appraisers in some states) Fee: $65
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TYPICAL PORTION OF INSTRUCTIONS ON JOB PAYING $55
• Notify INSPECTION COMPANY of the appointment date within 48 hours.
• If the inspection is ordered as a Rush, but is not done by the due date, the Rush fee will not be paid.
• If the inspection is being scheduled on or after the due date, please notify us so we can inform INSPECTION COMPANY CLIENT that the inspection will be late.
• Multifamily~ Inspect 5% occupied and 20% vacant units.
(Minimum of 5 and maximum of 15 of each)
Mobile Homes: If the homes are owned by the community 5% occupied and 20% vacant units need to be inspected. If the homes are owned by the tenants do not inspect any units.
• Commercial~ Inspect major anchor and mix of occupied and vacant as follows:
Less than 10 units...inspect at least 4
Between 11 and 25 units...inspect at least 6
Between 26 and 50 units...inspect at least 8
More than 51 units...inspect 20%
Self Storage: Inspect 20% vacant units and no occupied units, with a maximum of 15 units (ie. If 200 total units and 100 are vacant, inspect 15 vacant units
• Hospitality~ Inspect 5% rentable and 20% unrentable rooms (do not inspect occupied rooms)
Unrentable is defined as damaged, under renovation or being used by management/maintenance
(Minimum of 5 and maximum of 15 each)
• Healthcare~ Inspect 5% of all rooms, making sure to inspect both occupied and vacant units.
(Minimum of 5 and maximum of 15)
• If more than 12 units are inspected, list the additional units in the deferred maintenance comments.
• If this property is a storage facility please calculate the percent occupied by units and NOT square footage as you would do on any other commercial property.
• Please note that if a unit is physically vacant, but leased, it should be listed as vacant and explained in comments.
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Links to See
Get Daily Notice of Inspection Companies Seeking Field Reps
http://finance.groups.yahoo.com/group/fieldrepsneeded
Society of Field Inspectors
http://www.sofi-usa.com/
MortgageRamp.com
April Newsletter - MortgageRamp.com
http://www.mortgageramp.com/training/Documents/PDF/April05.pdf
Training Link
http://www.mortgageramp.com/training
| Reply by maryinsocal on 6/2/05 8:05am
Msg #41747
Re: Inspections revisited...
Sounds like a full Appraisal to me ! I just finished th Real Estate Appraisal class here in CA...How are they getting away with that ? Actually not good news for appraisors.
| Reply by stamper_WI on 6/2/05 8:20am
Msg #41751
Re: Inspections revisited...
An Appraisal you can literally "Take to the Bank" for pending financing. Inspections generally are for mortgage holders to get a sense of how their "asset" is doing..could be for anything for general condition to cash flow statements ( whether there are actual tenents and how they are treating the property). Bottom line, if they hold the mortgage, their financial interest is first, the owner owns any equity(value that isn't mortgaged). The owner theoretically could owe $1000 on a half mil...he still owes that and if the bank wants what is due as agreed in their mortgage,, they will have precedence if it isn't paid in a timely manner.
My feelings... Notaries and Realtors are good for this. Notaries because of their impartiality and Realtors because of their sense of the local market and comparable property value
| Reply by BrendaTX on 6/2/05 8:22am
Msg #41752
Re: Inspections revisited...
No, this has nothing to do with appraisal.
Why would you say that? These inspections are post-finance. They are not pre-lending requirements.
It's only giving the lender an annual look at the value of their asset based on facts provided.
MortgageRamp/inspection companies are not portraying the inspector as if they have a license for appraising. However, many do have a BPO sign up for realtors...but I have found realtors find this to be too much work for too little pay. If I had a RE license, I'd be doing it while I was getting started in my RE business.
I have helped realtors get this kind of info for their marketing efforts, but realtors have not helped me. In fact, a friend of mine stated that she called realtors to get this kind of information and they did not provide any assistance.
I use a lot of marketing information gathered from TAMU real estate center, which gives vacancy info, building permits issued, etc. I can cite my sources and I am not pulling the info out of thin air or purporting to have an appraisal license.
The information is to give the lender an idea of whether or not their collateral asset is in trouble.
The pictures are invaluable to them, as well as the report on whether or not the proper security, management, etc. is in place.
| Reply by stamper_WI on 6/2/05 1:04pm
Msg #41830
Re: Inspections revisited...
Beacuse realtors work on straight commission and they will turn their attention to what produces for them..Its natural. Any productive Realtor is putting in long hours and expense to making a living. I was a Realtor for 9 yrs and am still licensed but not active. I can't tell you how many hours I spent, unpaid, just working my own business. Most days did not have enough hours in them as it was.
All real estate solds are a matter of public record once they are recorded...Some counties and cities even have that info online. Realtors pay hefty fees for the privlage of that information on MLS...and that only shows properties listed and sold by its members...it does not cover for sale by owners, estate transfers, land contracts, lease options, etc. Also there may be MLS retrictions with sharing MLS information with non members. MLS's accept non Realtor members in support business's... such as appraisers, Attorneys, Banks and Title companies. If you think it would be useful to you call the local Realtors board and check into what it would cost for you to get on MLS. Also you can develope a good relationship with a Realtor with expertise in commercial or rentals or foreclosures. I have had no problem getting ifo from realtors " holding the keys" on a property in foreclosure that I am doing a BPO on. Its to their benefit to get other opinions of value if they are listing it. The faster it sells the less money they have to spend on marketing it.
| Reply by BrendaTX on 6/2/05 8:13am
Msg #41748
Inspections are good for your health...
One reason I like inspections is because they allow for a good deal of exercise in walking and stairclimbing. Learning to think positively about work helps it not be so much like work.
I could never commit to a exercise program at a gym but I do put a little bit of thought into how to keep my weight down to a dull roar on a daily basis by incorporating a little extra exercise into my routine.
Since I sit on my rear a lot in front of the computer and in my car, I have made it a conscious effort since January to walk more in short spurts; and just to DO more in the way of exercise. I try to be self-sufficient and I figure out how to move loads in small increments and to consider it a way to keep fitter rather than trying to figure out how to get a man to move things for me. [i.e., Move a case of paper a few reams at a time rather than hoisting the whole load at once.]
My young neighbors always ask me if they can help me unload things from the car, but I thank them and refuse -- I note to them that this kind of chore is my exercise and what keeps me looking so "hot." (Not so "hot"...but it always make them laugh.)
I park further away from the site (signing/courthouse/doctor's office/site) than necessary to get a little bit more walking in. If it's raining, I use my poncho or yellow slicker to keep dry. Gardening clogs are great for walking in wet/muddy driveways and you can slip them off at the door when it's wet outside. Also, by not parking in driveways, I never have to move my car for teens leaving during signings.
I take the dogs walking more than the mandatory short walk in the morning and evening and do a lot of my phone friend/family calls from my cellphone while doing this.
Choosing a flight or two of stairs over elevators whenever they are accessible is helpful. In medical buildings, the stairs are faster anyhow. This has helped a lot for me not to be winded when I have to meet a bwr on the TAMU campus. Sometimes I have to walk a loooonnngg way from the parking garage to a building.
I feel a lot better this year than I did last year before I started making this kind of effort. In concert with an effort to do more exercise, I just started leaving off sugar. I eat whatever else I want to and have lost about three pounds per month. Now, I do have an occasional break in my resolution to leave sugar off, but between leaving off sugar and doing the extra walking, I have lost 40 lbs since last May. I have about another 20 to go, but that might require a "real" effort. Maybe the extra inspections I have been getting will get me there.
Inspections have kept me feeling better and I just think of it as getting paid to have more energy and to feel healthy.
| Reply by maryinsocal on 6/2/05 9:16am
Msg #41759
Re: Inspections are good for your health...
I said that it "sounded" like an Appraisal due to some of the criteria they are asking for....
| Reply by BrendaTX on 6/2/05 9:22am
Msg #41761
Re: Inspections are good for your health...
**Sounds like a full Appraisal to me ! I just finished th Real Estate Appraisal class here in CA...How are they getting away with that ? Actually not good news for appraisors.**
Okay. I was responding to lender inspection companies were **getting away** with something and that it was **bad news** for appraisers.
| Reply by BrendaTX on 6/2/05 9:25am
Msg #41763
Correction...
**Sounds like a full Appraisal to me ! I just finished th Real Estate Appraisal class here in CA...How are they getting away with that ? Actually not good news for appraisors.**
Okay. I was responding to lender inspection companies were **getting away** with something and that it was **Actually not good news** for appraisers.
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