How TRID Will Affect Buyers and Sellers

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

Today, Harris Haley with Access National Mortgage joins me to discuss the new TRID regulations that went into effect on October 3rd. TRID stands for TILA-RESPA Integrated Disclosures. What that basically means is the government has designed something to slow the buying process down for the consumer. 

The biggest change a buyer can expect to see are the time requirements and communication changes. As far as time requirements, the government built in a minimum of three business days so that the buyer has time to see the closing statement before closing on the property. This is a mandatory three-day period so that the buyer has time to review everything.

As for communication, they now require an E-consent to be acknowledged by the borrower so that the borrower and the lender are able to communicate and send documents electronically to each other. Although it's not required, it is a good idea to set this up when you begin your loan application just so you don't have to worry about it later on in the process.

If you choose not to set up an E-consent, the parties involved will have to resort to what we call the mailbox rule. Essentially, this extends the process. There's a built-in time frame that the mailbox rule automatically allots for there to be an additional three days that need to be added on to any timing requirements.

Basically what this means is when you decide to purchase a home, consult with your Realtor. We will be able to set you up with a lender so you can get started with your loan application as soon as possible. 

Harris can still close a loan in 30 days. Access National Mortgage offers a free loan approval process prior to going under contract that allows them to close in 30 days despite the new timing regulations.

As a seller, once your home goes under contract, you need to be in constant communication with your agent. Complete all of the information with the closing attorney in order to keep the process moving. The timing regulations affect both buyers and sellers, and it's important to have a great team to work with. 

We can certainly guide you through the new TRID regulations. If you have any questions for Harris, you can contact him at 770-989-7397 or HHaley@AccessNational.com. If you have any questions for me, please don't hesitate to give me a call or send me an email! We would be happy to help you!

The Biggest Misconception About the Buying Process Here in Atlanta

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

Today, we discuss the common misconception that you need to be able to put 20% down in order to purchase a home.

There are many loan programs out there that will allow you to put less than 20% down. Conventional loans offer programs for as little as 3% down, which is the lowest possible. Conventional also allows for you to put 5%, 10%, 15%, or even the whole 20% down, which is nice because you can choose whatever amount you can comfortably afford to put down.

The FHA program allows you to put only 3.5% down. This is a great loan option because there is a grant program that will get you the whole 3.5% for you and could even cover as much as 5% of the loan. With this grant, you don't have to pay the money back, and the options range from 3% to 5%. You can use the money for your down payment, closing costs, or anything else needed to get into the home. The program is called NHF Platinum, and we highly recommend looking into it!

If you would like to speak with our preferred lender, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!

What Does New Construction in the Atlanta Area Mean for You?

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

Today's topic is new construction and the effects it has on the real estate market!

We've had a very strong sellers market here in metro Atlanta lately. Inventory has been extremely low because there wasn't much new construction from 2009 to 2013. In recent years, however, we've seen a lot of new construction and the Atlanta area market is coming back pretty strong. Here are some of the numbers for Cobb County:

• 62 homes have been sold in 2015 that were built this year
• There are currently 266 homes built in 2015 active on the market
• This uptick in new construction is balancing out the Atlanta area

There is a huge difference between the average price point for new construction homes and resale properties. For example, the average sales price for a newly constructed home in Cobb County is $397,000, whereas the average price range for resale properties is significantly lower. We're thinking this influx of quality inventory will effectively balance out the market here in the Atlanta area. These new construction projects will free up the inventory for people in all price ranges, which is always good news for our market.

If you have any questions about current market conditions, or if you need real estate assistance of any kind, give us a call or shoot us an email. We would love to hear from you!

What is the Difference Between an Inspection and an Appraisal?

Want to sell your home? Get a FREE home value report
Want to buy a home? Search all homes for sale

Today we'll be speaking about the difference between a home inspection and a home appraisal. Both have different functions in the buying and selling process, so it's important to know the difference. 

A home inspection is done by a professional home inspector, and this person will go through a property to check on the roof, plumbing, air conditioning, water heater, and other vital systems in the home. This protects buyers from purchasing homes with major problems. If the inspector finds something, the buyer will be notified and the agents will have to come to an agreement on how to fix the problem. 

An appraisal is done by someone that's employed by a bank. This person ensures that the bank is not overpaying for a property by visually inspecting the property. They just want to make sure the price is right for the property, and they do not actually examine the furnace, roof, or any other pieces of the infrastructure.

If you have any questions about this, please don't hesitate to contact us! Also, don't forget to reach out to us with questions because we'll answer them in future videos!