How the New TRID Laws Impact Real Estate Buying and Selling
There are new TRID rules going into effect nationwide starting tomorrow, Sat Oct 3rd. These regulations are put into place to protect consumers and make sure that all of the costs of the transactions are fully disclosed ahead of closing.
While these new rules are good to protect buyers they are really shaking up our industry and going to require longer closing times. No longer will a financed loan be able to close in 3-4 weeks, it will take 45-60 days. Cash buyers can still close quickly.
If you are a buyer that wants to close quickly then you should do a formal loan application TODAY before this timeframe. And if you are a seller who is negotiating an offer and you want to close quickly then I would encourage you to try to wrap up the negotiations and get ratified so that you can close quickly.
For some TRID Do’s and Dont’s, see this article:
If you are looking to buy or sell in the Northern Virginia area, this is a great time! Please give our team a call! We would love to help you find your dream home!
Jennifer Young Homes
Keller Williams Realty