Posted by Dmartz on 8/19/05 10:29pm
Msg #60503

Wet signing

Had a signing tonight that ended in a no sign because of suppose to pick-up an$1,140 check that the borrowers knew nothing about nor did i until i was on my way up the walk to their door. Spent almost two hrs with the LO hung in my ear tring to close this. The borrowers did not even what to look at the Pkg.

Reply by ANONYMOUS on 8/19/05 10:34pm
Msg #60504

WILL SS CO. PAY YOU FOR THE NO SIGN?? IF SO, WHAT DO THEY PAY

Reply by Dmartz_IN on 8/19/05 10:36pm
Msg #60506

Trip fee & Edoc

Reply by ANONYMOUS on 8/19/05 10:37pm
Msg #60507

WELL AT LEAST THE SS IS PAYING YOU THAT...

Reply by Dmartz_IN on 8/19/05 10:39pm
Msg #60509

also i get the signing if it is back on.

Reply by Blueink_CA on 8/19/05 11:36pm
Msg #60517

I'm filling out an app for a SS. It asks if I have performed a "Wet Purchase" and/or a "Dry Purchase". Is it a wet purchase when you have to collect funds? I'm not a newbie but I'm not familiar with purchases.

Reply by Confused on 8/21/05 6:58am
Msg #60528

I thought a wet/dry sing was in reference to when there is a seller involved? in your case, you did not specify a seller. Did they say it was a wet closing?

Reply by AnneSoCa on 8/21/05 9:25am
Msg #60540

I believe a "Wet" signing is when there is money exchanged at the signing. A "Dry" of course is the opposite, no money, just signings.

At least that's what I was told! : )

Reply by patti-ca on 8/21/05 2:21pm
Msg #60590

so if you are not familiar with purhases are you going to lie once you get the answer? The described closing sounded more as a refi with funds due. Purchases are different...and should not be handled by the inexperienced

Reply by Dmartz_IN on 8/21/05 2:59pm
Msg #60603

This closing was a purchase, with buyer and seller and funds were due .

Reply by Blueink_CA on 8/21/05 5:54pm
Msg #60625

Thank you Dmartz for the explanation. I learn alot from this board from more experienced people like you. And no, I'm not going to lie and say I've done purchases when I haven't. Why would I? I have enough re-fi's and HELOC's to keep me busy! I just want to learn as much as I can about my job.