A FEW THINGS YOU MUST KNOW BEFORE BUYING OR SELLING A HOME!
In an effort to empower and protect consumers when purchasing a home with a mortgage, the Dodd-Frank Wall Street Reform and Consumer Protection Act directed the Consumer Financial Protection Bureau (CFPB) to integrate mortgage loan disclosures. What you must know is that on October 3, 2015 “TRID” was implemented. TRID is an acronym for TILA/RESPA Integrated Disclosure. (TILA – Truth in Lending Act, RESPA – Real Estate Settlement Procedures Act) Confused yet? Let me explain briefly what this is, and what it means to you if you or someone you care about will be buying or selling a home in the near future.
TRID is being affectionately called “Know Before You Owe”. The intent is have processes in place whereby lenders must disclose all fees and terms of loan within a certain time frame, and to give buyers an opportunity to shop the terms of the loan. I recently attended a 3 hour CE class on this topic and the take away is that these new government regulations will significantly impact the way we have done business in the past. Most notably, the typical timelines in a real estate contract, especially the closing and possession dates, will most certainly be impacted. It would appear that the days of a 30 day closing are a thing of the past. I have spoken with several top lenders and closing attorneys around town, and while most seem to have processes already in place to deal with these new regulations, no one really knows for certain what the impact will be.
One thing IS certain, is it absolutely imperative that if you are buying or selling a home that you partner with a real estate professional who is knowledgeable on this topic and who can refer you to the lenders, closing attorneys, and other partners in the real estate transaction who can guide you best. The CFPB means business, and you do not want to engage in real estate contract until you have the facts on how you may be impacted, whether you are on the buying or selling side of the transaction.
For more information on TRID: http://www.consumerfinance.gov/know-before-you-owe
Consumer Financial Protection Bureau
Posted in Living in Atlanta
Tagged atlanta fine homes, atlanta fine homes sotheby's international realty, atlanta real estate, banks, CFBP, closing, dodd-frank, good faith estimate, know before you owe, RESPA, settlement statement, TILA, TRID, wallstreet reform
For just a few minutes last night, I was really cool in the eyes of my 10 year old. For those of you with boys this age, you know what a huge accomplishment this can be!
I was excited to have the opportunity to feature one of our beautiful listings on 11Alive News.
Click here to see the video of 2985 N. Manor Bridge Road on 11 Alive News’ Open House Series:
Click here to see the video that was aired on 11 Alive of my listing at 2985 N. Manor Bridge Drive in Milton.
It was alot of fun filming and provided a unique opportunity for marketing for our client.
Thank you Melissa Long and 11Alive for a great piece!
Click here to learn more about this Milton estate home for sale, on my website including more images and information.
The results of surrounding yourself with individuals who face each day with a positive outlook on life can be truly remarkable. Anthony Robbins once said, “The quality of your life is largely determined by those you spend your time with. Choose your friends well.” I was reminded of this yesterday. I had the pleasure of spending the morning with my colleagues being inspired by Matthew Ferrara, the real estate industry’s go to expert on using the latest technologies to strategically grow your business.
As I looked around the room and listened to the interactions during Matt’s presentation, it occurred to me how fortunate I am to not only do what I love every day, but to also have the privilege of working with people who continually inspire me.
Let’s face it…the economy has made the last few years extremely challenging for everyone. However, as I sat I in that room yesterday, it struck me how the “vibe” was very different from what you get tuning into the mainstream media each day. Here sat people who decided some time ago that despite the challenges, they would forge ahead and not give up. And the results of that attitude are paying off. Our company opened 2 new offices last year and grew our production by over 40%! Our #1 agent in our Buckhead office and his team sold over $38m in real estate last year. The #1 agent in our North Atlanta office, realtor extraordinaire and mom of two young children, sold over $15m. Another friend and colleague, who entered the real estate business just before the crash, came in as #2 in our office in 2011.
These are just a few examples of individuals who forge ahead every day with a positive attitude, working hard to serve each client with the highest level of expertise and professionalism. In this new era of short sales, foreclosures, and bad appraisals, every transaction takes hard work and lots and lots of tenacity. It’s never easy, but in the end always rewarding. I am so proud to be a part of a team that embraces that level of commitment.
The theme of our recent Sotheby’s International Realty conference was “Singing in the Rain”. I guess when the sun starts shining again, we’ll have the “Moves Like Jagger”!
Posted in Living in Atlanta
Tagged anthony robbins, appraisal, Atlanta, atlanta fine homes, buckhead, cherokee towne club, economy, foreclosures, matthew ferrara, moves like jagger, real estate, real estate market, rhonda haran, short sales, singing in the rain, Sotheby's International Realty, sothebys, tony robbins
David Boehmig, President and Founder, Atlanta Fine Homes Sotheby's International Realty
A message regarding the 2011 real estate forecast for Atlanta from the president of Atlanta Fine Homes Sotheby’s International Realty.
Welcome 2011! Every housing professional I meet – from builders and developers to Realtors and brokers is enthusiastic about this year and the return of a stable and growing housing market across the country.
Prices are favorable; interest rates are at an all time low; and at Atlanta Fine Homes Sotheby’s International Realty we see the year ahead emerging as a period of transition for the Atlanta housing market. Buyers and sellers alike will realize new opportunities during this time.
What makes this year different and our outlook more positive? Available inventory and interest rates. Our local home inventory levels have fallen from last year’s outrageous peaks to a more reasonable and manageable 11 months supply of homes for sale. While this level is still higher than what we prefer, it helps stabilize market values, prices and perceptions.
We still have a ways to go before we enjoy our customary trend of modest appreciation rates in Atlanta, but things are moving in the right direction.
With every market transition, we find new opportunities to capitalize on shifts in buyer behavior. As the general economy shows signs of growth, we’ll see a number of potential homebuyers prepare to move forward with new home purchases.
The market volatility of the past few years, coupled with high unemployment, has served to create some pent up demand for homeowners looking to relocate, right size or expand. This is good news for sellers, who may have been waiting to put their homes on the market.
Additionally, market analysts and experts tell us that interest rates will begin to climb again this year, a further incentive to get buyers off the fence and ready to purchase. Long-term interest rates will begin to rise as our economy moves toward recovery. Buyers will benefit from the combination of soft prices and the most favorable interest rate market that we have seen in decades.
Posted in Living in Atlanta, State of the Real Estate Market
Tagged 2011 real estate forecast, 2011 real estate outlook atlanta, Atlanta, atlanta fine homes, atlanta fine homes sotheby's international realty, atlanta luxury real estate, atlanta real estate, buckhead real estate, david boehmig, Market values, north fulton homes for sale, north fulton real estate, real estate market, rhonda haran, Sotheby's International Realty, State of the Real Estate market