Posted by kathy/ca on 8/14/05 9:44pm
Msg #59056

SS says its a 1st and 2nd. E-docs arrive and its a purchase

Do you have any recourse to adjust your fee? I undercharged.

Reply by SarahBeth_CA on 8/14/05 9:51pm
Msg #59058

Re: SS says its a 1st and 2nd. E-docs arrive and its a purch

Ok I haven't done a purchase yet so what is so much more work when doing them than doing a 1st and 2nd? How do you structure your fee for a purchase as opposed to a 1st and 2nd.

Reply by Joan-OH on 8/14/05 10:03pm
Msg #59059

Re: SS says its a 1st and 2nd. E-docs arrive and its a purch

Purchases aren't so much different as far as the paperwork goes unless you are also signing the seller too - then they will have a handful of docs to sign. They are just more work only because of the extra people there - buyers, seller, real estate agents, lawyers, loan officers, etc. You have to be able to keep your cool and know who to call & what to do when one of the parties disagrees with the settlement charges. You need to take charge as soon as you walk into the room or it could turn into a circus. If it's just the buyers, you should be alright.

Because of the circus possibility, I will not take these from a signing service because it's just one more level I have to go through to get to the title company officer for corrections/clarifications.

I have one of these tomorrow for a signing company I really like that allows me full contact with the title officer. I like them so much, that when they couldn't meet my fee, I reduced it. When I got the confirmation I see there are 4 buyers and I've been kicking myself all weekend for reducing my fee. I'll be there, take charge and get it signed like I said I would, but I'm definitely not going to take a purchase from a signing company again.

Joan-OH

Reply by AnneSoCa on 8/14/05 10:33pm
Msg #59064

Re: SS says its a 1st and 2nd. E-docs arrive and its a purch

I've done a few purchases and to tell you the truth, I prefer them to refis! At least in California, they're not much different than a 1st refi. I don't charge any more for a purchase than I do for a 1st refi. I did one on Friday that took me 20 minutes total.

Reply by CaliNotary on 8/15/05 12:20am
Msg #59089

Re: SS says its a 1st and 2nd. E-docs arrive and its a purch

I agree with Anne. I can barely tell the difference between a purchase and a refi package and it's never taken any additional time or effort to complete one.

Kathy, I'd love to hear the reason why you think you undercharged.

Reply by TitleGalCA on 8/14/05 11:06pm
Msg #59072

For the purchases I've done they much simpler and faster signings than refi's. Your fee's are probably fine.

Reply by Brian/CA on 8/14/05 11:30pm
Msg #59082

I have had many refi's on 1st and 2nd loans that are more pages than a purchase that has a 1st and 2nd loan. I wouldn't contart the signing company. They generally don't know that it is a purchase instead of a refi. I would just contact the TC about the amount of funds due and find out when they have to provide the funds. Many of the purchases I have had the borrowers sends fund later or wires it.