Posted by SLOjoan on 7/28/04 8:36pm
Msg #5141

Purchase Transactions

I have never done a purchase signing. I have always done refinancings, HEOLCs etc. Is a purchase signing a lot different?

Reply by lorraine2 on 7/28/04 8:58pm
Msg #5145

joan...if you hit the orange "search" button on this site and type in the keyword: purchase, there are a number of previously listed threads that discuss the purchase issue. Some were very comprehensive answers...just an option.

Reply by Maria on 7/28/04 9:15pm
Msg #5148

In California the p/w is basically the same, just more jurats,acknowlegements and loan docs. Each lender has different requirements. I did one that had no jurats, but 20 acknowledgements- go figure!
A helpful tip- take the lender, escrow and r.e. agent numbers. Let the professionals answer any questions regarding their transaction. Your are only there to verify identity of signers and assure p/w is signed properly.
As a realtor, I understand these contracts to the letter; and I am always happy to give a general explanationation what is being signed. Unless I am one of the agent's involved in the transaction, I NEVER review the contract terms with the clients; protecting yourself from any liability is important.

Good luck

Reply by SLOjoan on 7/28/04 9:26pm
Msg #5150

Thanks for the replys. I can take a class at my local community college called "Real Estate Finance" Would that be a helpful class to take to familiarize myself with the documents?

Reply by Joan-OH on 7/29/04 4:50am
Msg #5164

Real Estate Finance Class

I took that class and we went straight from the book. It was on Monday & Wednesday Evenings and I turned down a ton of work so I could make it to class. We basically went straight from the textbook "Essentials of Real Estate Finance" by David Sirota PHd. The ISBN number is 0-7931-6084-7 and you can probably find it used at half.com for about $25.00.

They DO NOT go over the documents in this class with the exception of the HUD and how the numbers are derived. I did, however, learn a lot about the process, qualifying, regulation z, VA/FHA, Truth in lending, etc, and am glad I took the class.

So, unless you need the class for RE licensure, I would recommend finding out which book they use and get that first. If after looking at the book you want to take the class, do so. Be advised, the class will be 2/3 filled with future RE agents who all took a seminar on how to get rich buying Real Estate with no money down.

Joan-OH