Aug. 1 Changes to HUD-1, Closing Process

Hi Real Estate Professionals,

The URL below takes you to a brief (5 minute) overview of the impact of the Pending Changes to TILA/RESPA  (HUD-1) from the perspective of the National Association of Realtors.
It is a good "heads up" for everyone.
There will be change in many facets of not just the forms we use, but the burdens for proof and the process of closing loans.
The really good news here, is that NAR is on record as advising the Realtors to stay on top of their clients and have everything "put to bed" 7 days prior to a scheduled closing.
Five minutes well worth your time at this point.
Understand the Aug. 1 Changes to HUD-1, Closing Process
http://speakingofrealestate.blogs.realtor.org/…/understand…/

Lending Restrictions That Could Affect Your Bottom Line

If your target market is first-time homebuyers, tight lending requirements can complicate the process and affect the buyer's ability to finalize the sale. It is important to consider the restrictions and benefits of a first time homebuyer loan to ensure it will accommodate the needs of your client. 


The first set of restrictions refers to income. There are income and asset restrictions which may disqualify your potential buyer. The Second is home value. The programs are not designed for higher sticker priced homes. In addition, there home must be a principle residence. Be sure the property qualifies (what if the buyer wants to live in one unit in a 3 or 4 unit property; what the property still qualify?

While these restrictions don't apply to first time homebuyers across the board, it's important to be aware of the common pitfalls especially if you plan to sell to this target market. Qualifying both the property and the buyer could add time to the selling process

We Are A Real Estate Investing Company

Our company buys, sells, and rents homes. We will not be acting as your real estate agent or broker if we buy your house, sell you a house, or rent you a home. We are excited to potentially work with you directly OR if you are represented by an agent or broker. We are focused on improving neighborhoods and redeveloping areas that we work in. If you have additional questions on agencies please contact your local real estate commission.



Disclaimer:

Please do your own due diligence. House is being sold as-is, and buyer is to pay all closing costs. Price based on a cash or hard money offer. All properties offered are either owned by us, under contract and selling equitable interest, or offered in conjunction with a business associate. All offers on properties require a $2500 non-refundable earnest deposit and 10 day close of escrow. No waiting for a response.We respond immediately to an offer.Equal Opportunity Housing.

GET YOUR E-BOOK NOW

GET MY FREE CASH OFFER


Contact Info

Thurmon Cohen

3817 Crosswicks-Hamilton Sq. Rd. #165
Hamilton NJ 08691


EMAIL US: [email protected]
CALL US:
FAX: