Posted by Elizabeth Soliday on 8/11/06 9:26pm
Msg #138307

Buying a House

Hi, I am buying my own house and asked the loan officer about arranging my own signing (with a mobile notary acquaintence of mine), but he stated that the sellers are set up with a title company to do this. I have mainly done refinancing and equity lines, etc., however, I would think a purchase would work the same way. Any advice on this, I am in Oregon?

Reply by John_NorCal on 8/11/06 9:33pm
Msg #138311

If you are paying the fees then you are the one to determine where it is spent. If you have a friend who is a signing agent then you should be able to use her assuming you are the one paying for the service. As an aside, if you aree useing an agent/Realtor then they should be the one to explain the purpose of each document, then the only thing you need is to notarize the deed of trust, etc. You shouldn't have to pay a big signing fee on your own purchase. That's my 2cents worth.

Reply by Elizabeth Soliday on 8/11/06 9:36pm
Msg #138313

Thank you John n/m

Reply by Ndwa on 8/11/06 9:45pm
Msg #138315

Why would you want to pay for extra services when it's done free at the title?

Reply by Elizabeth Soliday on 8/11/06 9:49pm
Msg #138317

Nothing is free

Reply by TitleGalCA on 8/11/06 9:54pm
Msg #138318

Wanna n/m

Reply by TitleGalCA on 8/11/06 9:56pm
Msg #138321

Wanna bet, Elizabeth? Andy was right on, and correct

your escrow officer and title company will do the sign up free of charge. No cost to you.

What is your suspicion? Escrow is neutral. If you think otherwise I suggest you've watched too much TV.

Reply by Becca_FL on 8/11/06 10:01pm
Msg #138324

The closing is included in the Title fees. If the seller is paying for the title insurance they get to choose where to close.

Reply by Sherri Schramm on 8/12/06 8:47am
Msg #138359

I have to disagree with you on that one. Title Insurance and settlement are two different things, so who is paying for title insurance has nothing to do with the settlement agent as they could be two different entities.

Reply by Becca_FL on 8/11/06 10:00pm
Msg #138323

Re: Buying a House.....John

>>>if you aree useing an agent/Realtor then they should be the one to explain the purpose of each document<<<

I have never met a Realtor that could do this and have never met an EO that would allow it. I can speak for FL and CA and I have never seen a Realtor conduct a closing.

I had both Realtors present in a purchase I did last week and I listened while the buyers Realtor tried to explain the HUD. What a joke! The sellers Realtor couldn't take a hint (three times) when I said "we'd like to continue in here, could you please wait outside while we finish?" To that her reply was "where's my check?"

Reply by John_NorCal on 8/11/06 10:06pm
Msg #138328

Re: Buying a House.....John

Well Becca then you haven't come across the right Realtors. When I first became a Realtor in 1974 I sat in on many a closing to learn how it was done, and it is a standard practice in the office where I work now to conduct in house closings. It all goes to the laziness and unwillingness of people to learn about their profession and to see beyond the paycheck.

Reply by TitleGalCA on 8/11/06 10:10pm
Msg #138330

Not to jump in to an argument with pro's but....

I've seen both sides. When I bought my house - my Agent conducted the signing and was extremely professional and I felt satisfied by the information.

On the flip side I've also witnessed extreme stupidity with agents and they shouldn't be allowed within a foot of the closing table when I am the notary.

As in most things - extremes.

Reply by Gary_CA on 8/11/06 10:15pm
Msg #138331

Re: Buying a House.....John

Yep... I'm always always present at closings... and I wouldn't think it nice to be asked to wait outside. But I try not to be that big a pain. Sometimes I think my biggest role is to as the escrow officer a couple questions my clients have asked me so they get the idea it's okay to talk to her.

By the way, it's usually what appears to be just $10/ sig but I've always had a notary fee on my escrow statements...and usually an overnight doc fee too... to the TC, not to the lender. Not free here.

Reply by Becca_FL on 8/11/06 10:26pm
Msg #138337

Re: Buying a House.....John...Gary

The sellers Realtor and the seller have no business being at the closing table while the buyer is signing their loan docs. The loan is the buyers busines and no one elses. I threw the sellers Realtor out the room when I closed on my home. She had no business being there PERIOD. She can wait for her friggin check in the waiting area!

Reply by NCLisa on 8/11/06 10:35pm
Msg #138339

Re: Buying a House.....John...Gary

It depends on what state you are in. I prefer the CA way, they aren't in the room together. But in NC we are in a "closing table" state, buyers and sellers almost always sign at the same time. We also close with a hud, not a estimated settlement statement, so everything is supposed to be perfect at the table, not fee changes.

Another question to whoever mentioned the overnight fee.....why would that go to the lender? The lender normally calls the TC and gets their Fed Ex number to send the docs to them if overnighted, then the TC has to send the package back to the lender, overnight the payoff checks out, overnight the proceeds checks out if someone can't pick them up. There is a lot of overnight packages being sent out. And if the lender is local, there are alot of courier charges that TC's have to pay.

Reply by Gary_CA on 8/12/06 10:38am
Msg #138374

OOPS My bad

I thought you threw out the Realtor who's OWN CLIENT was signing. (And I can understand why sometimes you'd want to, but gee...)

They were there while the OTHER PARTY was signing??? Three times... you're nice I'd call security or just polish my boot after the second time.

Hate to say it but some of our colleagues put the buf in buffoon.

Reply by CaliNotary on 8/12/06 2:29am
Msg #138345

"As an aside, if you aree useing an agent/Realtor then they should be the one to explain the purpose of each document"

Assuming she's a signing agent like the rest of us, why on earth would she need the purpose of each document explained to her?

Reply by bfd110_IN on 8/11/06 10:36pm
Msg #138340

Regarding what rights you have as a borrower, you might look at the RESPA regulations. I know the loan officers and Realtors kinda forget about this when giving directions for the closings. Also remember that according to RESPA you have the right to revieve the settlement statements 24 hours before your closings. I know that doesnt occur here. The borrowers are finding out how much they have to bring to closing 2 and 3 hours before hand. Review RESPA.

Reply by Julie/MI on 8/12/06 7:39am
Msg #138354

When in Rome........

What is the "norm" for your state?

Purchases are primarily done by a title company employee either in the real estate office, the title company or the mortgage company. New purchases need to fund on the spot and the seller is not going to sign the Warranty Deed without certified funds in hand. (Sometimes this can be a different situation if the seller is the builder). From time to time this deviates, as I have done some purchase closings, but these are usually land contract fulfillments or outstate property.

There are more docs with a sale, more of a business type with the buyers and sellers than a refi or second mortgage. Handshakes, exchanging of the keys and the Real Estate agents waiting for their commission checks. If there is a problem with an unpaid water bills, the ability to change the HUD or lender docs has to happen on the spot. This is more "than just a notary" and the title company will PROBABLY want to use their own stafff as they are representative of the lender (in my area).

Reply by Life Saving Services - Doug on 8/12/06 10:53am
Msg #138378

Re: When in Rome........

Amazing, You are right there are many Real Estate Agents that do not belong in this business. In California the loan is between the buyer and his or her lender. If they allow me ( The Realtor ) to be involved then it is my fiduciary duty to advize my client. Often the buyer has not wanted me involved in the loan process, I do not understand as many loans ( done by supposed friends of theres ) I have seen they just plain got screwed.

I do not wait for checks, I am paid when the transaction is complete and working for Century 21 I am very happy because they make sure that all agents complete all of the paperwork properly or they do not get paid.

Yes I have seen way to many agents that have no clue what is in the contracts there clients sign for them. I am extremly happy the market has changed back to normal as many of these agents are leaving the business. They are leaving because now that they can not make a quick easy buck they will not survive.

My 2 cents.