Posted by Paul Macdonald on November 17, 1998 at 06:35:08:
Bob,
Since you have the right by law to pick the settlement company go shopping. Tell them what you want and ask them how much. Pretty easy. Any competent office will have a standard mortgage template and be able to give you what you need.
And if your seller is letting you have the mortgage written up, I’d suggest you go back about a week or so on this board. There is/was a post that was short and sweet about clauses to put into the mortgage that would sweeten the deal considerably.
I’m about to put an ofer in on a condo (OK, ugh.) Anyway the deal works with the HOA fees. The beauty of this deal is the seller owns free and clear and is taking back a 95% first - just wants enough cash to cover the close and the agents (don’t ask me why).
Anyway, since this would appear to be a simple close, what are some of the things I need to do to get my ducks lined up. I’d like to offer as quick a close as possible, but I don;'t want to make it so fast I’m not ready.
Any thoughts? what are some of the questions I should ask the title company - anything? Who draws up the mortgage?
I like the deal, but I’m pretty shaky on the mechanics.