Posted by Mel FL on June 23, 2000 at 14:19:42:
Yes Wendy’s Rest. But not without a title co.
My closing agent can close anywhere. She was refered to me by a guy here in St. Pete FL. She always comes to
his office to close his deals. I had never heard of it before either, but I like it!
The reason we chose Wendys was it was central to all parties. Me, the closing agent, my buyers and my sellers. That way nobody had to drive an hour to the closing and back. Thats not the way we would usually do it.
I didn’t mean that as practical advise, only as encouragement. I too was very nervous and not sure how to act at my first closing. This has been my VERY LIMITED experience.
Good luck! Let us all know how it turns out for you.
Closings…what are they like? - Posted by Lesley
Posted by Lesley on June 22, 2000 at 18:26:46:
Do you have to present yourself in a certain way or is it a casual-like setting? Who will be present? What if they sense that I’m not experienced or does it even matter? I guess I’m really hung up on credentials and labels! How am I supposed to dress or does that matter? Should I just chill out or what? Anybody… please explain this procedure best that you can to me…appreciate it!
Re: Closings…what are they like? - Posted by Rob FL
Posted by Rob FL on June 23, 2000 at 09:15:45:
They are all different. I would HIGHLY reccommend that since you have never sat through one that you have someone with experience sit in on your first one (like a REALTOR, attorney, anyone with some real estate experience), otherwise you might feel overwhelmed.
Some of that paperwork, like title commitments, HUD-1’s, and all sorts of crazy documents can be a little intimidating. If possible try and get the title commitment and HUD-1 faxed to you before closing so you have some time to actually review them. (It never fails that they leave something off or charge something to you instead of the other party.) The less surprises the better. Otherwise, you might feel coerced to rush through the paperwork at closing.
They’re like a box of chocolates… - Posted by BR2
Posted by BR2 on June 22, 2000 at 23:59:51:
You never know what you’re going to get! Some closing go like clockwork, you just sit and perfect your signature for about 30 minutes. Then there’s the one where the buyer starts to get a little shakey and you begin to shake right along with him.
The first is a little frightening because you don’t know what to expect, usually they’re no big deal. Just listen carefully to the closing agent and make certain the figures are accurate.
Re: Closings…what are they like? - Posted by dew
Posted by dew on June 22, 2000 at 23:27:11:
Why don’t you get with a title closer and they can also explain to you, although the other 2 posts here are quite accurate. Better yet, find a friend whose going to a closing and tag along. Or do you know a real estate agent who would let you tag along?
As long as there are no surprises and therefore everyone is happy, they are usually pretty casual and boring, except for the part at the very end where you get THE CHECK if you are the seller.
One can also close through over night mail, with no one actually being present for “the closing”. With the electronic signature thingamajig coming down the pike, no telling what closings will be like, although I can’t fathom how they’ll keep electronic signatures secure and able to work!!! Good luck, be creative and ask those in the biz if you can shadow them or watch one.
Re: Closings…what are they like? - Posted by eric-fl
Posted by eric-fl on June 22, 2000 at 22:13:36:
Well, after you make your normal run through the “Sticks of Fire”, you must pass the Sacred Nine Tests of Pain in front of the Triumvirate. Once you have mastered the Trials, you may then enter into the Inner Sanctum… just kidding.
It’s like most business appointments. Wait in the waiting room with the fake leather chairs, reading 2 year old “Woman’s Day” magazines, while examining the artwork the company has up to be consistent with their image (lot’s of pink seashell prints here in Florida). Then go into a conference room with a table, more fake leather, plus fake wood too, and each side sits across from each other, adversary style. Most closing agents take the head of the table. Lots of papers, lots of you sign, they sign, we sign, etc. Everyone does that fake polite small talk where they act like they could give a da** about anything other than there own interests (it’s crunch time, and everyone knows it.) It’s an odd affair, but mostly just paperwork and necessary evils. I’ve had some occasions where the seller’s agent (title co. is usually seller’s choice) likes to put on big show, like their in charge and stuff. Referring to the title agent by first name, grabbing coffee like it’s THEIR office, etc. Pure amateur stuff. As far as dress, dress like you normally do for business. If that means a suit for you, then so be it. If that means shorts and a t-shirt, that’s fine too, if you’re comfortable like that. If you’re worried about your lack of experience showing through, and your getting taken advantage of, good. It shows you are prudent. People sometimes do get surprises at the closing table, and since they’re at closing, it’s pretty much accept it or lose the deal. If you are worried about this, have an attorney present to represent you - lot’s of people don’t, so if you do, it’s doubtful people will try to mess with you as much.
Re: Closings… I only have been to a couple but… - Posted by Mel FL (rookie)
Posted by Mel FL (rookie) on June 22, 2000 at 20:17:26:
They were alot less of a big deal than I thought they would be. In fact I just closed one on Wed in a Wendys, really. It was a simultanious closing and I walked with an easy $2400. It took about 15min total. I hardly spoke. My closing agent explained everything. She’s a real pro that was refered to me by another investor. Find one that works alot with investors!
Bottom line was for me, It just wasn’t as big a deal as I thought. I would dress the way you do when your doing business, whatever that is. And relax.
I don’t always get it… - Posted by SusanL–FL
Posted by SusanL–FL on June 23, 2000 at 15:25:54:
but I ALWAYS ask for a copy of the closing papers a day or so before the closing. Like Rob said, you don’t want any surprises. This way you can review your paperwork at your leisure.
If this is your first closing, it might be good to have a lawyer represent you.
I had a lawyer friend go with me on my first closing. It was very intimidating because I didn’t understand the jargon.
Come to think of it my (lawyer) friend looked like a flea bag Carpetbagger…but what did I know! ALWAYS looked like he slept in his suit. No kidding!!
Re: Closings…what are they like? - Posted by Lesley
Posted by Lesley on June 23, 2000 at 10:47:51:
Thank you Rob!Very informative!
Godiva! (nt) - Posted by SusanL.–FL
Posted by SusanL.–FL on June 23, 2000 at 15:12:30:
Re: Closings… I only have been to a couple but… - Posted by Lesley
Posted by Lesley on June 22, 2000 at 21:25:33:
No Way!! In a Wendy’s rest.? Not at a title company? How or why was that? Please explain-Thanks!