Posted by k Greene on November 02, 2000 at 13:46:51:
Once you gave them the room to pay you by the 15th , you can mark your calender and hope to get paid by the following week. If you like you can also contact them to refresh their memory.
Help With Late Paying Buyer!!! - Posted by Jason T
Posted by Jason T on November 01, 2000 at 23:03:05:
Hello,
I recently bought a mobile home back in Sept. I sold it 2 days later to a buyer on a 2 year note. In the note I stated that the payments would not be due Until November 1st. I still have not received payment. My question is How long do you usually wait before you contact the buyer about the payment? In the note I also stated that they would have until the 15th before the payment would be considered late.
Thanks
Jason
Re: Help With Late Paying Buyer!!! - Posted by Blane (MI)
Posted by Blane (MI) on November 02, 2000 at 11:10:45:
Jason,
I wouldn’t let my undies get all bunched up yet just because it’s the 2nd. They may have mailed it the 1st, or maybe this Friday if that’s when they get paid. However, because you said the payment’s not late 'til the 15th, it’s a good bet at some point you won’t get payments 'til then. That’s way too much time to give.
I give 5 days before charging late fees, but make it clear the payment is due the first. By day 6 I know there’s a problem, and that’s when I call. I charge late fees from that point, $25 plus $3/day. One of my buyers didn’t pay the late fees last time, so sent him a letter showing how payment was allocated. Will now take him longer to pay off the home (if he does at all).
Shorten that time frame and good luck.
Blane
Re: Help With Late Paying Buyer!!! - Posted by Robert (MI)
Posted by Robert (MI) on November 02, 2000 at 01:03:57:
give them until the 2nd if no payment give them a call and a nice little reminder. I also think that the extra 15 days is alittle more than i would have given them maybe 5 days.