Posted by SDSJCC on 4/11/07 4:24pm
Msg #184695

How long should we wait to get paid???

How long should we wait to get paid??? I myself feel we should be paid as soon as the loan closes... 30-90 days not my style.. We do a business so pay us as if we are professionals.

Reply by Larry/Ca on 4/11/07 4:58pm
Msg #184701

I think everyone would agree that we should be paid within a couple of weeks. It is also true that long standing pay polices, that are 60-90 days for some, will not likely change. In reality the only way you can impact this is to not accept assignments from those whose pay polices are not acceptable to you. I accept this as the nature of this business and prefer to think of my accounts payable as money in a pipe that must be kept full. I will not chase money less than 100 days old.

Reply by PL on 4/11/07 5:22pm
Msg #184705

100 days?

Are you a bank? It seems to me that you offer very favorable terms and in that 100 days have you ever found yourself with a company that shut the doors? I "chase" what is owed me @ 45 days, for I think that is ample time for one to complete their books.

Reply by Lisa/IL on 4/11/07 5:35pm
Msg #184711

Re: 100 days?

Loan funds = pay the notary.

Reply by Larry/Ca on 4/11/07 7:10pm
Msg #184729

Re: 100 days?

This works for me. I don't like chasing money and if I wait 100 days 99% of the time the check does come. I have one I'm still waiting for from 2006 and still have hopes of being paid. This works for me because I always have accounts receivable and it doesn't eat at me if some of those are unreasonably (60-90 days) late.

Reply by LisaWI on 4/11/07 5:31pm
Msg #184710

I think some us can afford to wait for payments from some companies because they do a bigger volume of closings or they have another job and this is done part time.
After doing this for awhile I discovered I cannot wait 60 to 90 days for payment. I dont have the volume like someone from a bigger city might have so I have to keep the money flowing in to keep operating efficiently.
This is one of the parts of this biz that I love though, is that I can make the choice to accept or decline based on my terms. If I dont like their payment terms, I dont work for them.

Reply by DebbieT on 4/11/07 5:58pm
Msg #184713

Everyone has a different way of of running their business. I have a company that will pay 90 days but they do pay. I also have a company that will only pay half if the loan does not fund. At first I did not want to deal with that. But then I started to calculate it. I get about ten calls a month from this company. I make XXX each signing. Do I take the ten signings and gamble that one might not close or do I turn them down and not have anything. You have to decide what works best for you.

Reply by TRG_wy on 4/12/07 8:58am
Msg #184788

Mine is also posted/advertised at 45 days net. Close to 60 days I start making calls to accounting and resubmitting invoices. After 90 days I add a late fee. Over three months to get paid is insane. Not to mention I have to keep my accounting books open too.

They will put off paying as long as they can to support their business, I need to get paid to support my business.