How TRID Will Affect Buyers and Sellers

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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!

5 Tips for Preparing Your Home for the Market

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Today, we will discuss the five most important things you can do to get your house sold. 

First, the most important thing you can do is paint your house, inside and out. Fresh paint is worth every penny. Neutral grays and neutral blues are very popular right now. I recommend Sherwin Williams' Intellectual Gray or Network Gray.

The second most important thing is flooring. If you've been in a home for 20 years and still have the original carpet, then you need to upgrade. 

Next, update your light fixtures. This is an inexpensive update, but just make sure that you're consistent throughout. Don't use compact fluorescents; the lighting will not display your home well. 

The fourth thing to do is clean! Get the baseboards, windows, and behind the blinds. Do a deep cleaning of the whole house. 

Finally, hire the right agent. We're not all alike. About 90% of the real estate out there is sold by the top 10% of agents, and we were ranked in the top 10% last year. Make sure you have an agent who will market your home correctly. 

If you have any questions about preparing your home for the market, give us a call or send us an email. We'd be happy to offer any suggestions to sell your home quickly and for top dollar.

Why Can't You Trust Zillow When Searching for Your Home's Value

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More often than not, people check online home evaluation sites like Zillow before they meet with an agent. Today, we answer the questions we hear all the time: "How accurate are Zillow's Zestimates?" and, "Can they be trusted?" 

The short answer is they are not very accurate at all. In fact, in Atlanta, they're off by more than 35% on average. Also, 65% of their estimates are more than 5% off, which can be thousands of dollars in a transaction. 

Zestimate's are made using information from tax assessments, homes that are currently for sale, and homes that have sold recently. Things like square footage, land value, and home value are the major items that are compared to come up with a Zestimate. They don't take specific details about your home's location and upgrades into account. This means Zestimates are often thousands of dollars over or under the actual value of your home. 

At the end of the day, buyers and sellers are the ones who make the market value of a property. In order to get the accurate value, you need to have a real estate professional come and take a look at the home in person. 

If you want to find the true value of your home, or if you have real estate questions of any kind, give us a call or shoot us a quick email. I would love to hear from you! 

How to Take Advantage of a Multiple Offer Situation

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Now is a great time to be a home seller in Atlanta. Inventory is low and this is creating multiple offers on homes that are priced well and also in good condition. Almost 22% of our listings have had multiple offers in the past 2 years.

We always suggest for you to be patient when you're getting offers on your home in Cobb County. Don't jump on the first offer, because there could be more willing buyers that would make a better offer. 

Taking a good look at the buyer's financing is also important, especially if you're trying to sell your home for top dollar. However, selling your home for the most amount of money isn't always the top priority of our sellers, so choosing the highest offer isn't always the best way to go.

Perhaps you need to sell quickly and want a cash buyer, but your cash buyer is offering a little less for the home? In that particular situation, the lower offer may be the better offer. 

Sometimes the best offer is also your most convenient offer.

If you have any questions or concerns about this issue, please don't hesitate to contact us. We would love to help you with your buying or selling needs!