(Video) August 1st, 2015 new government regulations will give home sellers fits as the old Truth in Lending disclosure, HUD-1 and 2010 Good Faith Estimate are going away for a new closing disclosure and and new closing estimate statement. While the new forms will probably be more straight forward and easier to understand, the devil is in the details. These forms require a 3 day period for the buyer/borrower to review. Any changes to the loan require a new 3 day period. This could jam up a closing if buyers at the closing table see changes or terms they do not agree with in their loan and closing papers. The seriousness of this new process has promoted the National Association of Realtor to release this short Video suggesting Sellers should plan to add 15 days to their escrows.
About Ted Mackel
Active real estate broker and entrepreneur in Simi Valley. Ted has a passion for business, has deep knowledge about residential and commercial real estate and is one of the few to be a long time blogger/writer on these subjects. In his free time you'll find Ted enjoying baseball with his family (Go Dodgers), reaching his goal of spanish fluency, and pursuing his hobbies with RC aircraft and Lionel Trains.