2 New Laws to Frustrate Home Buyers in 2015
Just when you thought it was safe to get back in the water, new laws will bring big changes for most real estate transactions in 2015.
Both changes were driven by the Dodd-Frank Act and have taken some time to implement. The first initiative is commonly called “Know Before You Owe,” and among other things will add three days to the end of the loan approval process. This delay comes at the worst time for most home buyers and sellers, just before closing. The change is effective on August 1, 2015.
The second change is the launch of Fannie Mae’s “Collateral Underwriter” system to lenders nationwide on February 26, 2015. This tool provides a quality score for each appraisal and will increase the opportunity for homes not to appraise for the sales price. The tool is not being shared with appraisers which will result in another disconnect between these integral parts of the lending process.
These changes could be disastrous, but if you have the right Real Estate Partners you probably will not notice them.
Here’s How We Help You Avoid Frustration
- Our network of lending professionals consistently gets loan approval well before the closing day. These elite lenders already have the three days or more built into their loan approval processes. Unlike most of the competition, our clients will not be inconvenienced and frustrated when they should be moving.
- Constant communication with our lending partners also helps us to stay on track and meet your important deadlines. Our clients will know exactly where they are in the approval process and what to expect next.
- In the last ten years, we have sold hundreds of homes and completed thousands of broker price opinions. This enables us to forecast when a home is likely to have trouble with an appraisal. Our built-in systems help you avoid last minute headaches with pricing, repairs and comparable homes.
Unfortunately, most Real Estate Professionals will not talk about these issues until they become a problem for you.
We believe that educated clients make the best decisions. We have your best interests at heart and we will take the necessary time to make sure you understand all of your options.
If you want a Realtor who knows the ropes and how to avoid the “sharks” of real estate then call/text me, Steve Jolly at 615-519-0983.
Otherwise, continue searching for your next home here with 99.9% accuracy: Search Nashville Real Estate Now!