Brad Inman says we need to improve the real estate transaction. He’s right. The only question I have is who the “we” is. Here’s what I mean. Inman argues in “Why homesellers demand better than a shaky real estate labyrinth” that the growth of well-funded “we will buy your home for cash in three days” companies such as Opendoor point to a screaming need in the industry to simplify the real estate transaction.
In October 2015, TRID — the TILA-RESPA Integrated Disclosure rule, or “Know Before You Owe” — was implemented to make the lending and mortgage process more transparent and easier to understand for consumers.
As winter approaches, many agents watch their book of business dwindle as more and more homeowners prefer to wait for spring. For brokers and agents who know how to work with builders, however, the fourth quarter can be a great time for sales, especially this year.
To be at the top of your craft, you have to have dedication. The successful brokers and agents of today understand this, which is why they control a majority of the business in the areas they service.
One of the most commonly neglected cost considerations is at the closing table. Mortgage closing costs can vary greatly state-to-state, accoridng to data from Bankrate.com, which can have a big impact on the reality of affordable homes for some buyers.
One of the most persistent myths still making its rounds is that you need 20 percent down to get a mortgage. In fact, you have not needed 20 percent down since FHA went into business in 1934. In recent years, as lender scramble for millennial borrowers, low down payment programs have proliferated like rabbits, from thousands of state and local assistance program to conventional offerings from Wells Fargo, Bank of America and Fannie Mae, among others.
Many real estate agents often do not know where to send potential homebuyers who have negative credit histories or have defaulted on their previous mortgages. Although they can offer several options, these options might not adequately meet their clients’ needs. Let me explain.
Buying a house is probably the biggest single purchase you will ever make in your lifetime, so it’s no wonder most people also find it to be a stressful experience. Making the final decision on a house shouldn’t be taken lightly, as it is something that will affect you for the rest of your life. It’s important that you understand every step.
Whether it’s for a phone call about a job offer, the doctor’s update on a medical condition or the news deciding the fate of your dream house, waiting is the most despised stage of any major life event. Bank of America’s latest approach to combine “high-touch” and “high-tech” for a better consumer experience at least allays the waiting pains associated with the home loan application process.
First-time homebuyers look to agents to fill in knowledge gaps. Although you’ll likely be sending buyers to a lender, it’s good to understand and be able to explain the terms. Especially if they tell you a number or hand you a credit report and think they’re set. Chances are, most don’t know that consumer credit scores are not a measure of true homebuying power.
Thanks to the success of several hit TV shows and the rebound of the nation’s housing market, interest in real estate investing — primarily flipping houses — is the highest it’s been in nearly a decade. For real estate professionals, this provides a unique opportunity to build profitable long-term relationships by becoming an indispensable member of the investor’s team.
When the new disclosure rules were rolled out in October of last year, the biggest concern in the real estate industry was that the TRID (TILA-RESPA Integrated Disclosures) rule would delay closings, causing snafus in buyer and seller timelines. However, a more significant problem for real estate agents has since emerged: Getting access to the Closing Disclosure (CD).