Posted by Anonymous on 4/5/06 12:04pm
Msg #111231

Purchase closing questions

What is the difference between a Refi and a purchase closing? When the borrower and seller are present who goes first? Can someone please advise as to the procedure? Thank you!!

Reply by MistarellaFL on 4/5/06 12:07pm
Msg #111233

Where aare you in FL, anon? n/m

Reply by Anonymous on 4/5/06 12:10pm
Msg #111234

Re: Where aare you in FL, anon?

Yes, in FL

Reply by PA_Notary_II on 4/5/06 12:20pm
Msg #111237

Re: Where aare you in FL, anon?

I think she was asking where in Florida are you located. In answer to your question, at a purchase closing there are other things to be considered than just the loan docs. There is the matter of down payment monies, deed execution, check delivery to the seller and other items noted by the title co that need attended to. Usually, if you service the sellers first, then you can have them step outside so you can have the bwrs sign the loan docs in privacy. If in doubt, ask the title co exactly what's required at closing.

Reply by Anonymous on 4/5/06 1:05pm
Msg #111257

Re: Where aare you in FL, anon?

I am in S. Florida. Thank you for the response.... I appreciate it!

Reply by MistarellaFL on 4/5/06 5:26pm
Msg #111340

Anon, you're getting ripped off by the SS that hired you....

They tried to get me to do this purchase closing, brw's and sellers present, complete with the rest of the sharks, minumum 3 sets of "brw's copies", maybe more. Brw's would also be signing a first and second........the offer? $75 WITH E-DOCS and brw copies. They told me it was a simple first refi, and title called to "clue me in" with their requirements on how they would like the purchase closing conducted. I have heard of this happening to others, it was a first for me. I declined the signing. I hope you are getting more than that, anon, after I told them what it was worth to me to do.
If you took the $75, you are not doing yourself or ANY of us a favor.

Reply by MistarellaFL on 4/5/06 5:30pm
Msg #111343

Clarification:

The SS presented this to me as a simple refi, $75 o/n docs or $100 for e-docs.
I didn't find out it was a purchase and a first and second until title called.
I read my post and it didn't make sense to me, and I wrote it, LOL.

Reply by Anonymous on 4/6/06 11:46am
Msg #111550

Re: Anon, you're getting ripped off by the SS that hired you....

No Mistarella.... it is not the same closing. I am in South Florida ( no where near you) and my fee is much higher than that!

Reply by JO_PA on 4/5/06 2:11pm
Msg #111276

A refi closing is the borrower just refinancing the property he already has a mortgage for. It does not require another person (seller) to be present.
A purchase requires both borrower and seller (usually both are present, sometimes with their respecdtive RE agents).
Not a whole lot of difference, except that both sign the HUD-1, there is a deed or title transferring the property to the buyer and several other docs that the seller and/or the seller and borrower must sign (ie. owner's affidavits, etc).
I usually try to have the seller sign all necessary docs first, in order to get them out of the closing as soon as possible. The seller does not have to be present when the borrower signs the docs pertaining to the mortgage. IMHO, it's not really any of the seller's business what arrangements the borrower made for financing, so long as the seller gets their money.
Also, there are usually checks that have to change hands between the borrower, seller and both TE agents.

Reply by sue_pa on 4/5/06 3:06pm
Msg #111291

JO, I absolutely disagree with having the sellers leave prior to the ENTIRE closing being completed. In our area of the country, buyers aren't squeamish about having the sellers present because that's the way it's always been done and most of them expect a room full of people to be present. They seldom pay attention to the buyer anyway - if they do it's to chit chat about the begonias, the kitchen door sticking, etc. Most times, the realtors keep the sellers occupied to the point you must force your buyers to pay attention to you and not what else is going on in the room. If you allow the sellers to leave and the buyers fail to complete the purchase, you're in a very awkward position trying to track them down and get that check back. Also, every so often there is a form in the loan package requiring the seller's signature - flood cert and doc correction agreement come to mind.