How Will TRID Affect the Real Estate Industry?

Selling in Northeast Ohio? Free home value report right here

 Buying in Northeast Ohio? Click here for full MLS access. 

Today we are joined by Denise Scolaro from Cleveland Home Title to discuss the upcoming changes with the Consumer Financial Protection Bureau, or CFPB.

The CFPB is implementing TRID, or the TILA-RESPA Integrated Disclosure, on October 3rd. TRID will extend the period of time the buyer has to read the closing documents during a real estate transaction.

Agents will be required to write out a contract for at least 45 days. In total, there is a six-day period for the transaction to be completed. The seller has two days to send the documents over to the buyer, the buyer has three days to review, and then the last day is reserved for closing.

Your closing disclosure will change. The HUD settlement statement will still be present, but it will look different than before. The breakdown is going to be more finite, so it may cause some confusion when these changes are first implemented. We recommend that agents call the title company if you have any questions, rather than trying to answer them yourself.

The biggest thing that the buyer needs to be aware of is that transactions will take longer to close. They will be given more information that they need to look at before they can close the transaction, so it will take a little longer. The good news is the extended time frame gives you more time to ask questions and understand exactly what is going on.

For sellers, this means that simultaneous closes will no longer happen due to the new 45-day contract. Sellers will have the same opportunity to review their documents. For Sale By Owner sellers may not understand the process of the real estate transaction, especially with these new guidelines, so we strongly recommend working with a real estate agent.

Another thing for buyers and sellers to be aware of is sellers will need possession of the home for a week or two in order to close.

If you have any questions about today's video, you can contact Denise by calling (440) 213-6710 or sending an email to DScolaro@ClevelandHomeTitle.com. As always, if you have any questions about real estate, or if you're considering buying or selling a home, please give me a call or send me an email. We'd be happy to help you!

How Can You Make the Most of Your Home Sale?

Selling in Northeast Ohio? Free home value report right here

 Buying in Northeast Ohio? Click here for full MLS access. 

Today, we discuss how to know when you're ready to sell your home.

If you're one of those unique sellers who are able to buy a new home without first selling your current home, you may be wondering whether it's easier to sell it furnished or empty. It really depends on the situation. Sometimes, selling a vacant home is better because it gives the buyer a good idea of the true size of the home. On the other hand, having your home professionally staged will go a long way toward giving buyers a good idea of how the home might look once they've moved in.

In order to help you make the right decision, we offer a free staging consultation to help you figure out what you need to do to get your home sold in 90 days or less. You may also want to consider getting a pre-listing inspection. However, if there are any visible or known defects that don't require an inspection, letting us know so we can address them is a good way to save you the cost of an inspection. If you do get an inspection, you need to disclose everything that is found to buyers, so there's no hiding the defects once they're found.

If you would like our help determining what options are best for you and your family, 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! 

How Should You Handle Multiple Offers in Northeast Ohio?

Selling in Northeast Ohio? Free home value report right here

 Buying in Northeast Ohio? Click here for full MLS access. 

Whether you're buying or selling, there's a good chance you'll be involved in a multiple offer situation in our busy market. Today, we want to share some advice on how to handle yourself in these situations, so that you can get the results you desire. 

The market is incredibly hot in Brunswick. Some homes have multiple offers before the doors even open for showings! If you're a buyer in this situation, you need to be aware of the multiple factors at play. Offering the highest dollar amount isn't always the best way to get your offer accepted. The type of financing you have and your flexibility on the closing time are both crucial factors for sellers. Additionally, the size of the down payment will play a huge role in whether the sellers accepts your offer. 

It's important to remember that cash isn't always king. Back in the day, many people assumed cash would speak louder to sellers than financing, but the only time it has a real advantage is when the seller needs to close within 15 days. If you have a full pre-approval, as opposed to a pre-qualification, the seller will know that there will be no surprises in the transaction. 

If the home of interest is hot and many other buyers are interested in it, writing a personal letter can set your offer apart from the competition. Appealing to the seller emotionally will really help the case of the buyer.

If you're selling, should you accept the first offer you receive, or should you wait and try to generate better offers? 

It really depends on your circumstances. If it's the right situation, with the right offer, there's no reason not to take it! It's important to be courteous to the buyers and communicate with them about the state of their offer. You don't want to take advantage of a buyer and end up missing out on an opportunity. 

There are some circumstances where the highest offer isn't necessarily the best! When working with a great listing specialist, they are going to lay all the pros and cons of each offer on the table for you. They will help you to get all the necessary things in line in order to make the right decision. The best buyers are the ones who have their proof of funds or pre-approval in order. You don't want to take the highest offer if the person who submits it can't prove they have the money to make the deal go through.

If you have any questions about handling multiple offer situations, 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!