New regulations are always being implemented. some we never really notice, but others may directly affect us in our day to day transactions. This particular new regulation goes into effect August 1 2015 however you can expect banks and lenders to start working the ‘new way’ in advance of the regulation deadline. So what is it? In a nutshell this is the new way a Real Estate transaction will begin taking place:
On August 1, 2015 a new federal regulation will require lenders and buyer’s attorneys to get final closing numbers to the buyer 3 days before the closing date. Many lenders will start this process well before August 1, and require buyer’s attorney to get final numbers to the lender 7 days before the closing – giving the lenders time to process the numbers. All those numbers cannot change, except within very small tolerances.
If a buyer puts off the home inspection to the last minute, it could “challenge” the deal. If the inspection discovers an expensive problem, the solution has to be done before the closing or on the HUD. If the HUD has to be changed with this new number, the closing will be put off for 7 days.
Selling/Buying/Investing- You owe it to yourself to call Dawn McNary, REALTOR® , with Heritage Properties spc Today! Let me help ‘Make YOUR real estate dreams a reality!’
Let’s get the conversation started- Call me at the office Mon-Fri 860-739-4455 ext 33 or afterhours reach me via cell/text 860-575-5001