Posted by Cynthia Barnhart on 8/8/07 2:00pm
Msg #204538

Reclosing fee

Can anyone provide guidance on how much to charge for a "reclosing"?

Reply by Elizabeth King on 8/8/07 2:10pm
Msg #204540

I charge the same fee as a regular closing. If it entails the same time, travel, doc printing, etc., I consider it another closing.

Reply by Barb/MO on 8/8/07 2:12pm
Msg #204541

Same here; same reasoning n/m

Reply by Cynthia Barnhart on 8/8/07 2:14pm
Msg #204543

In other words, take a loss for the first time I did the closing (it didn't go through, and I haven't gotten paid) and charge the same fee again? I appreciate your help!

Reply by Elizabeth King on 8/8/07 2:19pm
Msg #204545

Yes, also, most reputable (sp?) will pay you a trip fee for the cancelled closing.

Reply by Cynthia Barnhart on 8/8/07 2:23pm
Msg #204547

Thank you!!!!!

Reply by Barb/MO on 8/8/07 2:26pm
Msg #204548

Hold on. I think we have a misunderstanding--

At least on my point. I have had a couple of closings where the borrowers rescinded. I was then called to go a second time for a re-closing. I charged for and was paid for both times I went, my full fee each time.

Hope that makes sense.

Reply by jba/fl on 8/8/07 3:36pm
Msg #204576

Re: Hold on. I think we have a misunderstanding--

Makes sense to me BarbMo

Reply by Barb/MO on 8/8/07 5:50pm
Msg #204606

Whew! Thanks! n/m

Reply by BetsyMI on 8/8/07 3:47pm
Msg #204580

If you actually traveled and completed the first closing and then the borrower rescinded, and now they're asking you to go back out and do the closing again, that would be two full fees.

If it was a "no sign" half way through the first closing, you can try to get the full fee for the first, but many hiring entities will only pay you a smaller no sign fee, plus the print fee.

If they canceled the first one before you left the house, you'd charge them a print fee at least. Possibly more if you did any other prep work.