How long after invoice to be paid?

[MASSAPP]

I am considering replacing part of my income with residential fee work and I am wondering what is the typical payment terms and what is achieved. I am wanting to know this for planning purposes. How long from invoicing is the typical fee collected? Does the timing change from AMC to engaging directly with bank? Any help/info would be appreciated.

 

[GWISC]

I deal directly with lenders. No AMC's. I indicate on the invoice that payment is to be made within 45 days. I have had quick pays (check within 14 days) and some slower pays (60 days). Most pay between 3-5 weeks. It all depends on when the banks schedule the closings.

 

[Terrel L. Shields]

Hard to say and varies bank by bank (and I assume AMC by AMC) and some AMCs are notorious for not paying. My bank clients generally pay within days, or they pay at closing, or they pay at the end of the month.

 

[EddieB]

North Carolina Appraisal Board regulates AMCs. They require the AMC pay within 30 days of delivery (not acceptance but delivery). I have very few AMCs that I work with but my clients pay from 3-30 days

 

[Deleted member 126639]

Most states require federally regulated lenders to pay within 30 days. If you called your state appraisal board to file a complaint, you'll get paid but never get work from them again.

 

[DWiley]

Most state appraiser boards have absolutely no jurisdiction over lenders.

State appraisal boards do regulate AMCs, and some states have "pay within" laws, but most do not. Some who live in "pay within" states think all states have such laws, but that is not the case.

 

[Deleted member 126639]

Most state appraiser boards have absolutely no jurisdiction over lenders.

State appraisal boards do regulate AMCs, and some states have "pay within" laws, but most do not. Some who live in "pay within" states think all states have such laws, but that is not the case.

I am not a lawyer, and don't do residential appraisals. But whether you file a complaint or sue, you won't get any work from that client again.

 

[DWiley]

I am not a lawyer, and don't do residential appraisals. But whether you file a complaint or sue, you won't get any work from that client again.

I agree. I mainly posted to correct this statement - "Most states require federally regulated lenders to pay within 30 days"

I never really worried about losing potential future business from clients who did not pay for past work. YMMV

 

[Terrel L. Shields]

Often the delay I see is when a sale doesn't close due to title issues or the appraisal being short...they then scramble around trying to get financing and/or quiet title

 

[Fernando]

I'm signing up with direct deposit for the appraisal fees. So many checks coming in and it's hard to keep track.
I do mobile deposit and I accidentally deposit two checks two times and I got penalty fees from the bank.
Recently, I got a letter from bank stating my mobile deposit didn't go through back in 1/2021. Why did the bank tell me now?