Real Estate Closings | TRID Changes | Venice FL

There are big changes coming to real estate that will be affecting both home buyers and home sellers that center around mortgage loans and closings.

Known in our industry as TRID (which stands for TILA RESPA Integrated Disclosure), buyers who are financing their real estate purchase will have new financial disclosures and mandatory review periods that will affect how long it takes to close, once a property goes under contract.

New TRID changes for Venice FL real estate
The HUD-1 settlement statement will disappear on 10/3.

Home buyers will receive two new forms when financing: an initial loan estimate disclosure, which replaces the current GFE (Good Faith Estimate) and the inital TIL (Truth in Lending disclosure); then, three days before closing, the home buyer and home seller each will receive a Closing Disclosure, which is meant to more clearly outline loan terms, fees, and other charges than the current HUD-1 settlement statement.

The changes this brings to the residenial real estate industry are very detailed, but to summarize:

  • The recommended number of days needed to close a sale for financed transactions is 45 to 60 days, instead of 30 days;
  • The new 3 day review period for the Closing Disclosure cannot be waived by the buyer to facilitate an earlier closing, nor can it be used to rescind an offer to purchase;
  • Changes to the loan, failure to timely receive documents such as HOA/condo association applications, negotiated repairs, or changes to the closing date, all of which can affect loan approval or interest rates, must be submitted to the lender for approval, and another three day review period starts for the buyer;
  • Realtors need to be more proactive earlier in the escrow period in order to obtain information from sellers, such as HOA/condo association contacts, and begin the membership approval process as early as possible.
  • The current HUD-1 settlement statement will no longer exist.  

If you are buying or selling Venice, FL real estate, a Realtor who knows how these changes will affect the sale of your property will help you have a smoother transaction in as short a time as possible under the new rules.

Please contact me for further information.
Location: Venice, FL, USA

Comments

Post a Comment

Popular posts from this blog

Real Estate Advertising Online

The Facebook IPO got me thinking about their future, and how it will affect Google and online advertising as a whole. I don't get Facebook mania.  In my opinion, there's a lot better things to do in life.  GM recently cancelled plans to spend $10 million to advertise on Facebook because they got disappointing results.  I can't see Facebook users clicking on ads when they are chatting with friends or playing games. Does anyone feel like social marketing is being shoved down our throats?  Advertising on Facebook and Twitter has yet to produce impressive results for most companies.  However, social media does play a meaningful role, in my opinion, in driving traffic to a website. Here is a fascinating graphic comparison of advertising on Facebook versus Google, which you can read here:  http://bit.ly/JHJ5LR So why am I blogging about this? As much as many in the real estate industry in Sarasota want to deny it, the days of Open Houses, magazine ads, and newspaper cl
Read more

New Sarasota County Flood Maps

Image
Sarasota County has come out with new flood zone maps that have everyone talking. Take a look at how the new preliminary flood zones affect the South Venice area: South Venice FL flood map The darker green shows the existing FEMA AE zone, and the lighter green shade shows the preliminary changes to the 2016 AE flood zone. If your home was re-zoned into a high risk area, there are steps you can take to mitigate flood insurance costs. Take a look at Sarasota County's new flood zone mapping tool:   http://ags2.scgov.net/sarcoflood Please visit my website  to learn more about flood insurance in Venice.
Read more

Distance to the Beach | Palmer Ranch | Sarasota FL

Image
Are there homes in Palmer Ranch the same distance to a beach, as a home located east of I-75?  Yes, they do exist.  You'll be surprised to know that both Toscana Isles and Willow Chase are almost the exact same distance to Nokomis Beach . Palmer Ranch to Siesta Key beach: 7.3 miles Toscana Isles to Nokomis Beach: 7.1 miles Take the estimated travel times by Google with a grain of salt.  If you've ever tried to get to Siesta Key beach in season, the travel time from Tamimi Trail over Stickney Point Bridge can take up to 30 minutes. Contact me for expert local market knowledge to help you select a home with the features and lifestyle that matter to you.
Read more