Posted by RockyMO on 9/13/12 10:52am
Msg #434199

Purchase closings

I just was offered all month end purchase closings for a title company, I havent really done purchase closings, but have done a ton of refinance closings, is there a big difference?

Reply by MW/VA on 9/13/12 10:59am
Msg #434201

There are a lot of variables. Some purchases are cash deals & others are lender deals with full loan pkgs. Cash deals are really simple & usually only about 15 pgs.
I've done quite a few purchase closings, usually foreclosures purchases for property in other states. These are, of course, only buyer or seller side only, not both in the same place & time.
Like always, just follow the docs in front of you.
Attorneys usually chose purchases where both the borrower & seller are there, because it's common for last minute issues with figures on the HUD, etc.
Good luck. You'll do fine.

Reply by Linda Juenger on 9/13/12 11:02am
Msg #434203

Be prepared though if you close in a Real Estate office or TC office, you may sit there till they get the HUD signed by the seller. I sat over 2 hrs waiting last week. Good part is the cash purchases you get your check immediately, at least I did. Nice

Reply by RockyMO on 9/13/12 11:15am
Msg #434204

They said that they do business with a lot of builders which i guess means they will be present as well so there will be buyer and seller present. Does that make any difference?

Reply by ME/NJ on 9/13/12 11:25am
Msg #434205

Time, you may spend 1-2 hours on one purchase if both parties are present. This is why purchase deals are double my normal rate. Tons of unknown wild cards at a purchase also tons of faxing maybe needed before title gives ok.

Reply by jba/fl on 9/13/12 11:31am
Msg #434208

Hey, Rocky - if you don't have anything else going on today

you may as well get a new perspective on the workings of this business. Be solid in what you do: fill out certificates, ID properly, and check and re-check your work. If there is to be a lot of faxing to be done, get it done in batches if you can. It will help speed up the process. Have fun, stay cool and smile....that should get you through anything.

Reply by NMSBTB/TN on 9/13/12 1:12pm
Msg #434230

They vary. Found the ones with the bank loans actually closed quicker. Think they had more interaction and understanding of the terms, etc. Without a 3 day recission many times they read each doc carefully on straight sales but you should get paid at funding. Charge refi prices until you're better able to judge. Never had a simple in an out by Seller or Buyer.

Reply by MistarellaFL on 9/13/12 2:15pm
Msg #434245

Holy moley, LOVE n/m

Reply by MistarellaFL on 9/13/12 2:23pm
Msg #434249

Re: Holy moley, LOVE EOM TC closings!

Ooops, hit the enter button....
I have a TC that I do these for....not all are new construction, though.
I sit in a closing room, staff prepares docs (prints and checks for accuracy), makes DL copies, hands them to me, and upon completion they make buyers copies...if it's a cash deal (most are), funding is same day, and I will get a check before I leave.
I charge a flat fee of $100 per closing (buyer side only), and often see anywhere between 3-10 per day for 1-5 days during the EOM week. There is no refi-ing going on in SWFL, and cash deals are normally smaller packages IME.
Good luck and ENJOY!

Reply by JanetK_CA on 9/13/12 3:00pm
Msg #434259

Based on what I've read on this site over the years, the process can vary greatly from state to state, so you might want to try to get more info from people from your state, especially if they fund at the table or are you going to be able to just get them signed and move on, etc.

With your pricing, you want to allow for not having to print the documents, but I would add extra for the fact that it's a purchase and there is no RTC, so the likelihood of signers wanting to read the docs is greatly increased. Also, you have lots of other issues that don't come up with a refi, like termite reports, inspection - and resulting repair requirements, pro-rating of misc. fees, like HOA dues, etc. If you're lucky, these things will have been discussed and agreed upon in advance, but if not... Well, like I said, it is likely to take lots of time.

Reply by Art_PA on 9/13/12 4:24pm
Msg #434279

Mice and elephants have four legs each. The differences between refis and purchases can be that far apart.

A cash REO can take 10 minutes, but the last one I did took about 2 hours because the title company could not get the marked up title done properly, and the buyer knew exactly what he was doing & refused to accept BS from the title company.

You need to spend some time speaking with someone with real experience to begin to understand some of what can happen.

As other have responded, you have no control over the transaction or the time it will take. Think carefully before you jump into the deep end.

Reply by Pro Mobile Notary on 9/13/12 9:39pm
Msg #434331

Please provide the name of the title company making you that offer.

I want to know their name so I know to never accept any assignments from them. Their standards are way too low for my liking.

Any title company that is offering all their month end closings for purchase transactions to someone that has never done a purchase closing is a company we do not want to do business with.

Reply by JanetK_CA on 9/13/12 10:52pm
Msg #434344

I wondered about that, too...

Reply by Marian_in_CA on 9/14/12 11:24am
Msg #434389

I wondered about that as well. Purchase closings, while similar, tend to be a completely different monster with different considerations. Goodness knows I always set my schedule for double the time for those... ESPECIALLY if it's a first-time buyer.