Posted by Ireneky on 4/28/11 10:30am
Msg #381600

National real Estate

I know we have discuss this before slow pay or sometimes no pay. But now they are offering ridiculous low pay. wanted me to drive over 50 miles for a cash closing @ $50.oo.
My question is - Is $50.00 the norm for cash closings I know that there are fewer docs and in a normal situation they don't take long, but on the other hand you have faxbacks and are trusted to get the docs and money back to tc and most of the time you have a realtor hanging over your shoulder acting like you don't know anything.
I had one of these a few months back when I asked for the cert. check the guy pulls out this wad of money out of his pocket ($65,000.) money was black with mold says he doesn't trust banks so he has the money buried on his land. (Hope they didn't get flooded out this week)
realtor had to take him to his bank while I sat there waiting for an hour.
Sorry I got off the subject just wondering about the fees

Reply by A S Johnson on 4/28/11 10:43am
Msg #381601

Do you have a business plan so you know what your cost are.
My fees are based on $30 per hour of my time which includes general equipment/supplies needed to get the job done.
I don't leave my office for less than $75 which includes and hour of my time, printing (max 30 pgs), signing and returning, on thier account, the signed docs or fax up to 10 pages). Travel over 20 miles (I'm in a rural area)
Any extra time need charge added.

Reply by Roger_OH on 4/28/11 10:44am
Msg #381602

$50 for a purchase closing is ridiculous; there's no margin for error, no RTC, and buyers/sellers/brokers to deal with. Even with the smaller package, I seem to encounter more issues with water/sewer funds, taxes, seller costs, etc on cash purchases than I do with lender deals.

Reply by Ireneky on 4/28/11 12:19pm
Msg #381606

Thanks that was my thought n/m

Reply by Les_CO on 4/28/11 3:23pm
Msg #381641

I keep the address and phone number handy of a good real estate attorney (also a broker) in my area. I tell them my fee, if that isn’t acceptable, or they stutter a bit, I say you can always call a local RE attorney that will close this in their office. And I have the name of a good one if you want a referral? $50 to close a purchase, in a Table State…not me.

Reply by JanetK_CA on 4/28/11 8:39pm
Msg #381680

I agree with the others. You're nearly always going to have someone reading the documents or at least pouring over them in detail.

As for your experience with the guy who brought cash, things very well may be done differently there, but I doubt I would have waited around for them to bring me the check. If the bank was open, there's a good chance someone at the tc could have been contacted for wire transfer information or he could have have sent the check overnight. I doubt you're being paid to sit around waiting for someone for an hour... Terribly disrespectful of your time!