Posted by JulieD/KS on 4/8/11 5:17pm
Msg #379206

Docs on the Fly (?)

Never heard of Docs on the Fly. They are a California company and called me just now (5pm local time) wanting me to do a purchase signing tonight.
She offered $100. I haven't done a purchase signing for $100 for at least 4 years. I countered with $150 and she said she would find someone cheaper. With no history that I can find, I was glad she decided to call around.

Reply by John Tennant on 4/8/11 5:36pm
Msg #379208

Their website indicates they are out of Tustin, CA. Haven't been around that long. Provide more than Notary work and have trucks painted with their logos for local work. (per their website).

Reply by Matham on 4/8/11 7:37pm
Msg #379222

As a new agent, such as I am, I would've done it.

Reply by JulieD/KS on 4/8/11 7:56pm
Msg #379223

When I was new, 8 years ago, I still wouldn't have taken it. I don't do last-minute signings for the same fee as one that gives me ample notice. (remember, I have a Pantyhose Rule).
Purchases often take twice as long since there is no NORTC, so they are more likely to read the docs. Plus, the faxback factor. Purchases fund immediately and even if they say there are no faxbacks, there usually are.
I stopped doing $100 purchases years ago. ($100 was what I charged WITHOUT edocs). I thought $150 was infinitely fair but this is the age of "who cares about experience; the lowest price gets the prize."

Reply by Linda_H/FL on 4/8/11 8:00pm
Msg #379226

Consider everything involved in a purchase signing before you go jumping at the fee they offer.

With no 3-day resicission period it's immediate funding - so faxbacks are mandatory - sometimes just the criticals, sometimes the whole package; most times you have to tend to the collection of funds or making sure they wire the funds;

Also, fee can be dependent on what all is involved - buyer side only meeting WITH buyer only? How far to travel? I charge my standard refi rate for buyer-side only purchase loans - also depending on what kind of loan it is - I had a FHA purchase loan, buyer only, package was 256 pages....X2!

Meeting at realtors office with all parties? Can turn into a 2-3 hour ordeal - does $100 adequately compensate you for 3 hours at the table plus faxing, travel, time, etc etc? Sometimes listening to sellers and buyers, realtors and attorneys bickering and nitpicking? I, thankfully, have never had that happen, but many have.

Again, fee dependent on many circumstances.

Reply by BrendaTx on 4/8/11 9:48pm
Msg #379248

Matham, wait until you get a little bit of experience before jumping in on a purchase. They can be overwhelming and there is not a 3-day rescission notice. It's got to be perfect.

Reply by GOLDGIRL/CA on 4/9/11 2:15am
Msg #379274

No problemo

I do purchases sunup to sundown (and beyond) - I'd take them any day over a refi. Sp much simpler. Yes, often there is the bonehead Realtor to slow things down, yakking about carpets, curtains and countertops. Still, mostly we're done in 30-45 minutes - an hour at the most. And as I've posted here several times, I don't do faxbacks. Fortunately, I am rarely asked to do so. The few times I've been told faxbacks are required, I say so sorry, no can do. They always back down.

I'm getting the impression that purchases are a much bigger deal in other states - maybe because of table funding, which is not done in CA - that could be where the faxbacks come in. For instant funding in CA, the docs may be split - lender keeps their part, the rest go back to escrow. This means the buyer may get the key a day earlier than normal......

Reply by GOLDGIRL/CA on 4/9/11 2:38am
Msg #379275

To clarify ....

What I meant by "table funding," is that the buyer doesn't get the key at the signing. Often, funds due have to be wired to escrow, unless the buyers brought a check to the signing. Then, that goes back to escrow, which seems to make sure it clears (lots of fraud here with "cashier's checks") before disbursing funds - then there's this back and forth between escrow and the lender before the Deed records - this can go on for several days while the borrower waits .... it's never over until title says it's over....

Reply by BrendaTx on 4/10/11 10:25am
Msg #379372

Re: No problemo

* Yes, often there is the bonehead Realtor to slow things down, yakking about carpets, curtains and countertops. *

A perfect reason to build one's confidence before getting involved in a purchase. Plus the seller may be there to sign as well.

I've had as many as two realtors and two loan officers at a table, plus kids and anyone else looking for a check.

For me, that can be quite distracting and it takes a confident signing agent to bring order to the table.

Also, when a realtor's client shows any resistance to signing a document the realtor tries to intervene.

A notary is expected to understand everything front to back and back to front, then from both sides, during a purchase here.

Not a good situation for a novice.

Reply by Moneyman/TX on 4/9/11 9:39pm
Msg #379350

Agree with Brenda. Considering what is involved

you should be confident in your experience prior to jumping in to signings you might be unfamiliar with. One wrong thing and the entire deal (someone's home purchase) could be lost or end up costing them (if not you) a lot of additional money.

The amount of responsibility involved is also another reason not to accept low ball offers. The SS companies find several ways to either totally insulate themselves or put enough hoops in the way that you as the NSA are more exposed (in the legal sense) than they are any day should something go wrong.