It’s early November: The time of year for glorious amounts of Football, hot chili, and warm fires. (If the thermometer would drop below 70, we’d be in good shape!) It also means that we’ve been under the “new rule” of TRID for about a month. TRID, if you’ve not been following real estate law, is a new process that the Federal government mandated to help consumers with the home buying process. While it makes some interesting changes for the consumer, it rattled the cages of many steady loan officers, title attorneys, and real estate agents. For loan officers, there are all kinds of new requirements to disclose important facts to the borrower and to do so according to a set schedule. If certain disclosures happen in the wrong order or a day late, then it could mean the closing is delayed. For title attorneys, new forms and closing procedures mean memorizing and interpreting different documentation to buyers and sellers, and requesting the proper documentation from the lender at the right time. For real estate agents, it means a new time table has been outlined for our Purchase & Sale Agreement (a.k.a., the main home contract). The timetable is tighter, stricter, and requires more detailed attention to the “contract-to-close” portion of the process. For consumers, it means that buyers and sellers will experience a more streamlined process, but with greater risk for delayed closings. Delayed closings can mean rescheduled moving trucks, additional time off work, or even temporary housing.
To avoid the stress and headaches that come from an uncertain closing, it’s ever more important for buyers and sellers to chose their team wisely! The three major players for every transaction (lender, attorney, Realtor) have to be industrious personalities who want to see the sale close on time. The new structure is great, as long as it’s implemented by the right people. As an agent, I have a preferred team standing by. They’re efficient, adaptable, and genuine people who truly enjoy their work and have experiential knowledge of implementing the new TRID processes. Go Team!!!