Posted by NYNOT on 5/15/05 8:53am
Msg #37898

Purchase Question

I have a job scheduled for tomorrow and it is a purchase. I have done only one other purchase. My question has to do with logistics...the location is TBD and the signing agency asked me to pick a place that works for me and the borrower...what about the seller?? I don't have their info? Any ideas..

Reply by sue on 5/15/05 9:07am
Msg #37902

I don't have a good answer but this is a good reason to never take a purchase through a signing service - sort of like whisper down the lane. They can be a logistical nightmare if someone hasn't set it up properly - not just your sellers but what about the realtors, what about the seller's attorney? All that said, I'm guessing it is going to be a private sale w/o the lawyers and realtors. Your buyers probably know the seller's contact info. Set the tone of the call w/ you giving time and location and then go from there.

Reply by greenberg~CA on 5/15/05 10:50am
Msg #37916

the sellers docs do not matter in your case because you took the assignment for only the BUYER-(puchase) docs.

When you say you have only done one other "purchase".... puchase and refi are almost the same. In essence it it a loan doc package(s) and some escrow docs.

Buyers will probabaly want to look over the estimated settlement statement due to all the fees associated with buying a house and make sure they are correct. If they are coming in with $ to close their escrow~ in the state of California It CANNOT be a personal check.

If In the event when you sign with buyers and sellers, the buyers will have purchase (escrow) docs and almost always have loan docs (unless they are buying with all cash). On a purchase like a refi, they could be signing 2 loans to finance the property.

The sellers will have sellers docs which in all situations only inlcudes escrow docs. There will not be a loan package because they are sellling. ( normally sellers paks are very small ).
This may help..... sellers are "selling" so the Package will never have "loan" docs. A sellers package in CA ( and many other states) includes 1099, 593 C or L, estimated settlement statement, grant deed.

Title companies make the decision if they are going to sign the sellers/buyers in tandem. Usually if time is of the essence~ which it almost always is... they will have the sellers sign and the buyers sign seperately so the docs come back to the title company around the same time.

Hope this is helpful!

Reply by Lee/AR on 5/15/05 11:07am
Msg #37917

As there is no RTC, set aside a lot of 'reading time'.

Reply by sue on 5/15/05 1:03pm
Msg #37941

what you describe happens in an 'escrow' state. I believe there are under 10 escrow states. In the other states, closings happen w/sellers and buyers at the same time - money and keys pass at the table, not at a later date.

Reply by PAW_Fl on 5/15/05 4:54pm
Msg #37969

I think (don't know for sure), but based on three states that I do know of which are table funding states, you can still do escrow closings. However, escrow states normally do not allow for table funding.

I've personally done many escrow closings, one in NH, one in DE and a whole bunch here in FL. And all three states are table funding states. There just needed to be an agreement with an escrow or settlement company, the seller and buyer.