Posted by in_Indiana on 12/21/05 11:57pm
Msg #84021

QUICK! purchase closing, Indiana info needed....

Hello!! I have been doing closings for a short time. This will only be my 2nd purchase. I have searched and have found info on purchase closings in other states, but not in Indiana.

Does anyone have any info on purchases in Indiana? I want to do this right, but Im nervous about all the people involved. Any thing specific I should know? I know that there isn't a RTC on a purchase.

I know I can complete it (I did okay before), I think I just need to be walked thru the process again....

Like I tell my elementary school kids about some things in Math, "This is easy. Don't think about it, just do it." Should I be taking my own advice?

Docs are edocs. How many copies should I make?

Please forgive my nervousness, and my rambling, but I could not think of a better bunch of people to calm my newbie nerves!

GOD BLESS YOU ALL!

Reply by Sherri_IN on 12/22/05 6:39am
Msg #84049

There are various Purchase closing and each is different. If you are doing a foreclosure purchase the seller won't be at the closing just the Realtors and the buyer so it would be just like a Refi. If it is a normal purchase, procedures also vary based on which part of the state you are in. In most of the Indianapolis area both the buyer and seller are in the room together in other parts of the state you close the seller and buyer seperatly.

There will be a Realtor for both the buyer and seller, the mtg broker may also be there. You will go through both sides of the closing statement either the buyer side first or the seller. Keep the seller and Buyer documents seperate. It doesn't mater who you do first but do all the documents for one party and then the other. The seller won't have many documents, usually just Deed, Affidavit, payoff agreement, compliance, 1099. Buyers documents will be just about the same as a Refi but no RTC.

The most important thing is to control the room. The Realtors will get to talking and slow things down so it is very important to control what is happening in the closing room.

Good Luck