Friday, October 2, 2015

What's This TRID Stuff All About?

You've likely seen a few things pass your line of sight, if you're in the market to buy or sell a home, that talk about TRID.

The start date for it is tomorrow. No clues as to why it's starting on a Saturday, but it is. I'm sure the answer can be Googled, but it's not important in the grand scheme of things.

What do you as a buyer or seller really need to know about TRID (TILA-RESPA Integrated Disclosure)? To pay attention to time-lines, listen to your Realtor, listen to your lender.....don't try and make any changes that are financial, late in escrow. It'll foul things up for closing.

And, for the beginning stages....don't even try a 30 day escrow!

It's all about transparency. Making sure the buyers REALLY, and truly understand what they are doing. We've made so many changes over the last almost decade since the recent housing crash, this is just another one.

Changes in APR, changes in credits, changes in anything related to money will require a re-disclosing of documents to the buyer.

If you're trying to do Home of Choice with Concurrent closing, phew, that's a possible challenge for sure. Arrange a minimum of 3 days after closing with a possible need for more to meet any time line changes in either escrow.

For the standard buyer or seller....I what your lender tells you to an extremely timely manner. For us Realtors out there.....don't waste your time screaming at the buyers lender if you got a credit towards closing costs late in the game to the lender and it delays your closing of escrow. 

There will be several things completely out of our control...which is challenging to say the least to an OCD-er like me. But, if I do what I'm supposed to do and the other agent does, and the buyer does, and the seller does....whoa....and the lender does too.....we'll all be sitting pretty. I know, lot to ask!!

It's going to take some time to get used to it. Take your B12, you're gonna need some patience for a while peeps!

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