Posted by Notary/ME on 8/5/10 7:03pm
Msg #347850
NREIS-are they paying or still deadbeats?
It's been a while and i wanted to check, has anyone been paid for their over due invoices? I messed up and accepted a modification today from them, not thinking of their status. I've been busy for months working for one client so I had forgotten about them . Any luck with payments, I hope?
Thanks for any updates.
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Reply by Starr/LV on 8/5/10 7:10pm
Msg #347852
I finally got paid in full for Feb, March & April. 
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Reply by Notary/ME on 8/5/10 7:17pm
Msg #347856
That's promising! thanks for the response.
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Reply by Philip Johnson on 8/5/10 7:33pm
Msg #347860
Promising?
It's August 4, 2010 and the person got paid for Feb, March & April. That's not promising at all.
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Reply by John/CT on 8/5/10 7:17pm
Msg #347855
Re: NREIS- they are paying ...
if you have the patience to wait as much as three or more months away. I will take only one assignment at a time ... until my single open invoice is paid. Really a sad story ... given they used to promply pay $150 orders. My take: Their cash flow got hit really hard when the Massachusetts District Court ruling was overturn on appeal by the Massachusetts REBA.
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Reply by Notary/ME on 8/5/10 7:19pm
Msg #347857
Re: NREIS- they are paying ...
Yes, I used to do a lot of work for them and while their fees were not the highest I had a lot of work and I never had to call for a check, not once. Too bad, I hope they change their ways.
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Reply by MT/IL on 8/6/10 9:19am
Msg #347906
Re: NREIS- they are paying ...
NREIS has always paid me without having to call too. NREIS has always kept me busy and is a good company to do work for. Not an excuse, but I think they were transitioning to a new company name or opened a new company. I received a call for LenderVend Settlement Services with same address as NREIS, but different phone number. Keep faith they'll pay.
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Reply by Ali/IL on 8/6/10 9:24am
Msg #347907
Re: NREIS- they are paying ...
I was paid through June for closings I did from March through June. At least they are trying.
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Reply by Claudine Osborne on 8/6/10 10:52am
Msg #347918
Re: NREIS- they are paying ...
I received a check last week for a closing back in March. The check was dated 6/1/10.
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Reply by Ali/IL on 8/6/10 2:04pm
Msg #347946
Re: NREIS- they are paying ...
I wonder why they do that. Is it to make it look like they paid on time? Or,they send them out as they have the funds? I know that I had to write and call a couple of times.
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Reply by Philip Johnson on 8/6/10 2:59pm
Msg #347957
My guess is that the ship is taking water
and as contractors, we are the last people on their list to pay.
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Reply by ReneeK_MI on 8/6/10 3:05pm
Msg #347960
Abstractors too, not just us n/m
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Reply by Tess on 8/6/10 4:47pm
Msg #347973
Re: NREIS- they are paying ...
No, it usually means that the A/P cut the checks and are doing their job, and who ever signs them (Owner/CFO) has decided that the funds are not there for them all(he may know of a upcoming expense that can’t be covered if they are all sent out in time), so they are held till the funds are available. When I see that, I know that they are having financial difficulties!
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Reply by MikeC/NY on 8/6/10 7:20pm
Msg #347985
Re: NREIS- they are paying ...
They do this because it gets your invoice off their books - the date they cut the check is when it's considered paid, so it reduces their Accounts Payable and their liabilities. The fact that they're sitting on the check doesn't matter on their side, other than that they still have that cash available.
A lot of companies play this game at the end of their fiscal year (which may or not be the end of the calendar year). They're on an accrual basis, so they don't want to carry the debt forward into the next year. Most of us are on a cash basis, so we don't book the income until it's actually received. What usually happens is that we wind up with inflated 1099s, because they're claiming payments that have only been made on paper.
Unfortunately for us, it's all perfectly legal...
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Reply by Jessica Ward on 8/7/10 12:52am
Msg #348012
I recently got paid for closings back to Feb. they owed me about $900, and I haven't worked for them since maybe April. Will evaluate if I do again (I've worked in companies before that had really slow payables but were still just fine after a while) But I'm not sure yet if I want to risk it, and have no idea how they're paying for closings more recently. My biggest worry was not much communication between the AP department and me.
If they were to tell me "Check are good, but 4 months late, you will get them at this date" I would be much more comfortable, but I got a lot of run around.
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