Posted by HrdwrkrVA on 5/27/09 1:13pm
Msg #290083
Genesis Title: back-peddled on fee
Called & accepted my fee of $150.
Called the next day w/ docs saying they could only pay $100 & that was their fee to "stay competitive".
TC's are willing to pay SS's $275, but balk at paying the notary $150?
I think it's a case of 'how low can you go'...
No thank you!!!
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Reply by MW/VA on 5/27/09 3:47pm
Msg #290103
That was pretty sneaky that they first agreed to the higher fee. Yes, I know for a fact that $100 is the maximum they will pay & the packages are fairly large. I take work at $100. My area is very competitive and I wouldn't be in business at all if I weren't willing to bend a bit on fees. I can also tell you that it's getting harder to pull a $150 fee, even for some of the better tc's. At the same time, I won't work for the lowballers are $50/$75. IMHO, whether we like it or not, the "Recession" is having an impact on everyone.
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Reply by CJ/Alaska on 5/27/09 8:20pm
Msg #290125
I'm confused - why should the title company care ? THEY aren't really paying You -
They collect those fees from the borrower and/or Buyer/Seller..
Are the title companies also telling Appraisers - I'm sorry but You aren't allowed to
get $xxx for your appraisal ??
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Reply by Dorothy_MI on 5/27/09 8:35pm
Msg #290127
Yes, they care
Because unless it's a rare instance when I'm listed on the HUD by name, my fee comes out of their settlement fee. Let's see, they charge $350.00, if they can get me for $100 or $125 instead of the $150 - $175 we used to get they make more money. Just basic arithmetic!
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Reply by MW/VA on 5/28/09 11:53am
Msg #290181
The fees for appraisals comes off the top and our comes from the bottom.
Yes, appraisers have some of the same issues we have with collections.
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Reply by MikeC/NY on 5/27/09 11:34pm
Msg #290142
This is why we get confirmations that include the fee that was agreed to.
IF they want to renegotiate for a lower fee at the last minute when the docs are ready, the only response should be "Sorry, find another notary". At that point in the game, they need you more than you need them...
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