Posted by Anonymous on 9/15/05 7:01pm
Msg #65507

Purchase Closing

I have worked with a law firm for over six years. Now, I am working on my own as a signing agent. I just received my first call to handle a purchase closing. I was wondering what is the average rate for conducting these services. Thanks

Reply by Margaret_FL on 9/15/05 7:51pm
Msg #65522

A lot of purchases can be 1st/2nd mortgage. I had one today that was what they call a 80/20. They were not paying any closing cost. The down payment and closing costs come from the 2nd Mortgage.
Are you printing the docs or will they be there when you get there. I am doing a Condo project right now where I am doing all the purchase closings, sometimes 3-4 a day. I am only charging $100 because, I don't have to print docs and drive anywhere. The Realtors are even buying my lunch.

Reply by Anonymous on 9/15/05 8:01pm
Msg #65524

That is a nice setup that you have there.
In regards to closing, the representative informed me she would call me back with further details once she receive the order confirmation from the lender - she wanted to first confirm with me that I could cover it and discuss with me my knowledge and expertise handling purchase closings. From our initial conversation, I would be printing the documents, driving to the location and afterwards perform post closing which includes sending out the disbursement checks.

Reply by MelissaM_FL on 9/15/05 8:28pm
Msg #65536

Ummmm, may I make a suggestion? Don't handle disbursement of funds for the Lender unless you are very comfortable with the purchase end of this. In some states (which you haven't listed), there are specific requirements for handling the funds involved in a transaction, even if they are delivered to you in the form of a check. I believe that Virginia requires that anyone handling a check at the time of closing must be CRESPA certified and I'm not sure what other states require.

Reply by Anonymous on 9/15/05 8:36pm
Msg #65546

Thanks for your feedback. I am in New Jersey. I have assisted on numerous purchase closings working for the law firm. The funds would not flow directly through me especially since you have hold a title producers license or be an attorney in the State of New Jersey.

Reply by MelissaM_FL on 9/15/05 8:37pm
Msg #65547

It sounds like you know what you're doing then. With the Anonymous tag, I wasn't sure if the person I was posting to had any experience with purchase closings or was in a state that prohibited handling funds. Good luck with it.

Reply by Anonymous on 9/15/05 8:43pm
Msg #65552

By the way, my name is Marie. I need to go under my profile and change that feature from Anonymous. Thanks very much for your feedback.

Reply by Margaret_FL on 9/15/05 8:28pm
Msg #65537

Wow that sounds like you should charge a lot more than a normal purchase closing. Is this only one closing. I would charge $250. I am doing mine for less than I would do for one closing because I will be doing about 100 units. This will take several months to do. They also have talked to me about another
project they are doing that should be completed around the 1st of next year. I love these closings, they are in the Realtors office at the condominum. Its very professional, very different from the in home signings. I made the mistake of doing a signing last Friday, at 4:30pm. It was the closing from Hell. Edocs were late and I did not finish the closing until 11:00pm and did not get home 1:30am. The the borrower called me the next morning at 8:00am to tell me she did not feel right about the loan and she was cancelling. Probably wont get paid for all my time. I made myself available from 1:30pm waiting for edocs that did not arrive on time. So I had 12 hours invested in this one loan closing!! Never again. Right now I am only doing the purchase closings in the day and when I am done for the day I am done!!!

Reply by Anonymous on 9/15/05 8:41pm
Msg #65551

Yes, I thought the fee should be what you indicated. I just was not sure since this will be the first time marketing myself for this type of service. The refinances I have conducted lately have been rough - the time and effort can be more than the fee received when docs are not ready or the documents are wrong - about two weeks ago, I waited for documents for a 9PM signing - they finally were uploaded at 9:45PM and they were for a property in VA - I call the company everyone must have ran home so I had to call the borrower to adjourn until I we received the correct documents.