Posted by Jersey_Boy on 11/16/06 8:36am
Msg #160499

Fee Question... Just Curious

I did a sale/purchase signing last night. There was no mortgage involved, buyers were paying cash.

There were 4 copies of the HUD, and three documents for notarization (one being a new deed). Oh, and it was 22 miles one-way.

I was paid rather handsomly for this one, but I am just curious to see what others would charge.

TIA!!

Reply by MistarellaFL on 11/16/06 8:43am
Msg #160502

My quote for a purchase is $225.
The way I see it, they are paying for my experience, not the size of the package.

Reply by John_NorCal on 11/16/06 8:49am
Msg #160503

**The way I see it, they are paying for my experience, not the size of the package.**

I agree with this thought, the value of your service as well as your expertise are the motivating factors in whatever fee is charged whether it is a purchase or a refinance. That is what has to be remembered by the people who accept $50.00 signings, etc.

Reply by sue_pa on 11/16/06 9:07am
Msg #160511

I also charge $225 for a purchase although in a cash deal I would waive a charge for printing the docs. Although it should be in and out like yours apparently was, you take on a great deal of responsibility in a purchase (not talking about escrow states here like CA). Collecting the $$$, writing checks, dealing with any issues at the table because there is no 'later', etc. There is no room for error. I had a cash purchase last 1-3/4 hours not too long ago so size means nothing if there are issues.

I've seen posts where people say 'jump right in', 'it's the same as a refi', etc. I have a client I do purchases for and about a year ago they decided to give part of my work to a signing service. The service they decided to use is notoriously cheap and the poor man they sent was asked to leave abuot 10 minutes into the closing because he was a "$50 signing agent" and he had no idea what to do. I've got all my work back. I can recall 2 instances in recent months on this very board where people can't even read a settlement sheet (including one where she purchased a property and couldn't understand her own AFTER the closing) - what would they do at a purchase where they've got 2 columns to contend with?

Reply by MistarellaFL on 11/16/06 9:23am
Msg #160519

You're absolutely right Sue.

There is more responsibility, with no RTC.
It is important to have someone at the table who knows what time it is.
All it takes is one bad SS experience to remind the hiring party that education
and communication is of the essence in these remote transactions.

Reply by cassiewi on 11/16/06 9:31am
Msg #160520

One of those people may have been me, as I did my first purchase a little while ago. I only had to deal with the buyers as the property was in Arizona. We went through everything carefully, but in that instance it wasn't all that different from a refi. Except I collected a large check, which I admit, made me a little nervous. I am doing my first purchase with buyers and sellers tomorrow, no printing. I'm sure that will take longer. They're sending me docs by 10:30 tomorrow, so I'll have a chance to go through them and ask any questions I might have.

Reply by Dorothy_MI on 11/16/06 10:56am
Msg #160537

My experience has been

that if the Settlement Statement is agreeable, the rest is a piece of cake (Remember the devil is in the details and this can be a sticking point). I do that first, then anything else the seller has to sign (Warranty Deed, etc) and then he can leave and the rest is pretty much like a refi. Maybe some of the others that do this on a regular basis can add to this.

Reply by Dennis D Broadbooks on 11/16/06 12:02pm
Msg #160552

Sue...

...you've turned into a "regular" on the NotRot board. You've posted more in the past month than in the past several years combined. Still have your Armada?

Reply by Regal/NC on 11/16/06 9:04am
Msg #160508

$225 Flat Fee! n/m