August 1 2015 Getting from Contract to Close in home buying is changing.
*************** NEW DATE is 1 OCTOBER 2015**********
Have you been hearing the buzz about Real Estate process changes regarding financing coming to market on August 1 2015? No? Yes?
Best guess is if you have not heard about the changes- you may have some curiosity or questions. If you have heard about the changes – you may have some questions.
Let’s face it- much of what is changing has to do with what goes on behind the curtain and ‘doesn’t seem’ to affect you, but I can assure you it will have an affect upon your home purchase and home selling plans. So let’s look at bits and pieces of the changes over the next 60 days…….(remember that phrase- …the next 60 days… as we move along- it will come to hold deep meaning in the end- I promise!)
This is Part 2 in a series.
Today we will deal with the time frame banks will need to deliver the documents we discussed in the prior segment.
Remember the bank MUST deliver to the buyer client the final numbers via the Closing Disclosure Form 3 days prior to closing. In order to meet this time frame the banks are given a 3 day delivery period. In order to be prepared for the delivery- or the sending out of the ‘final’ numbers banks are given a 4 day period during which they can work all of the numbers and verify all information to insure accuracy- because remember, these numbers cannot change once delivered- or the clock is reset. This gives us a 10 day prior to closing window during which time nothing can change. Everything must be completed- inspections, negotiations, repairs, ALL must be done prior to the assembling of the final numbers, in order to meet the delivery mandates of this new rule.
No more 11th hour hustle.
If after hearing about the changes you are still in the market for a home – or needing to list and sell your home- then let’s talk today. Call me, Dawn, today at Heritage Properties spc and let’s start the journey toward making ‘YOUR home ownership dreams a reality!”
860-739-4455 ext 33 office