Tony Lewis, Summit Real Estate Santa Clarita & Aliso Viejo (Summit Real Estate Group)

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Rainmaker
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Robert Smith
Preview Properties, PC - http://www.RealEstateMich.com - Brighton, MI
SRES, Search for Homes Brighton-Howell-SE Michigan

Been getting updates all year.  Not much choice but to adapt to new ways of doing things.

Sep 25, 2015 02:35 AM
Rainer
45,807
Andy Madrid
Hawaii Coast Realty, LLC - Kailua-Kona, HI
Expertise, Professionalism, and Service

Not really - it really is on the lender. I want to make sure that Buyers are aware of the ramifications of making last minute changes to their plan (ie: changing loan amount, down payment, etc) and that it will affect and delay their closing and (generally) cost them.

Sep 25, 2015 02:34 AM
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Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Not concerned.  Preparation is always a good thing.  

Sep 25, 2015 05:33 AM
Rainmaker
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Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Yes, I'm a bit concerned, though other than keeping on top of the lender and closing agent there's very little I can do.

Sep 25, 2015 05:11 AM
Rainmaker
640,913
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

Thankfully, the short sale market is drying up.  A 3-day delay could have ended nearly everyone of my short sales as they all seemed to be down to the wire.  In California we have the NTP, notice to perform.  This gives the buyer 1 or 2 days to perform or quit.  This would virtully end the transaction if the lender needed the additional 3 days.  Adding a missed credit at the end of the transaction will also trigger the new 3 day delay.  Yes, I'm worried.

Sep 25, 2015 03:29 AM
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Everybody should be concerned and all need to do their best to be well prepared. Regardless of the best intentions, it will be be good to anticipate settlement delays during the initial period.

Back to back settlements may be much more difficult to accomplish.

Sep 25, 2015 03:23 AM
Rainmaker
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The Woodland Team of Texas
The Woodland Companies - Austin, TX
Land Specialists

We adapt.

Mar 05, 2019 09:56 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

No.

Sep 13, 2018 08:22 PM
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I am concerned that there is a lot of bad intel out there about it and a lot of confused realtors AND lenders!

Personally, I've been to two talks on it by lenders over the last two months and I'm going to a webinar on it again next week that a mortgage broker is putting on.  In addition, I have a lawyer and long time escrow officer that is a good friend of mine who speaks routinely about this topic all over the country.  So, needless to say, I'm not worried about it!

Will this change the industry?  Yes!  Will it be confusing for the first couple of months while the lenders work out the kinks?  You bet!  Will the 30 day escrow go away?  For the near future, yes.  Is just about every lender implementing different ways of meeting and interpreting the regulations?  OH YES!!  Have we survived other changes over the decades?  OF COURSE!

I was in corporate IT when Sarbanes-Oxley and the Payment Card Industry laws and standards came out.  I even was hired on once to help start up an Information Security program at a giant retail company... talk about changing people's lives!  Dynamic changes in how business was done.  Companies and the industry adapted and survived.  So will we.

 

On a related note, I have some crazy "war stories" to tell if we ever meet in person!

Sep 26, 2015 11:59 AM
Rainmaker
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Richard Weeks
Dallas, TX
REALTOR®, Broker

Not concerned.  I will be encouraging buyers to work with good lenders and no more 30 day closings for now.

Sep 25, 2015 11:20 PM
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Jeanne Feenick
NextHome Premier - Basking Ridge, NJ
The Agent you choose REALLY does make a difference

Just attended a training session on this - the message was that the days of 30 days closings if financing is involved are over.   It certainly sounded ominous to me...

Sep 25, 2015 10:40 PM
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Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

No, between taking classes for it, and knowing loan offiers understand it, it should be ok.Things are always changing in this business.

Sep 25, 2015 10:25 PM
Rainmaker
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FN LN
Toronto, ON

No.  It does not apply in Canada.

Sep 25, 2015 07:03 PM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

In 26 years of real estate it is all about being adaptable to change. 

Sep 25, 2015 12:26 PM
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I am not concerned and am prepared for the delays. I think  I will all work out and the lenders and title companies in my area are ready or at least seem to be.

Sep 25, 2015 11:48 AM
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I am a bit concerned about it, but I think most of the area lenders are prepared and this will help me. I just won't plan on 30 day closings anymore. We will all adjust to this new change and it will become old news before too long. 

Sep 25, 2015 11:39 AM
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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

We'll adjust and muddle through it.

Sep 25, 2015 11:01 AM
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Stefan Winter
Real Estate in IL & NV | Owner of Real Estate Web Tech | Daily Vlogger - Las Vegas, NV
Owner - Winter Group & Real Estate Web Tech

As long as my clients are using one of my prefered lenders that I know are ready I am not. When in escrow and the loan if being done by someone I don't know yes I am concerned and planning on it not closing on time.

Sep 25, 2015 06:15 AM
Rainmaker
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Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Tony - I am sure there will be some hiccups along the way as we all learn how to deal with the new forms and the new process. I plan to schedule every closing for at least 45 days.

My biggest concern is that buyers will not understand the new forms, and not realize how important the new process is, so that might delay things.

Sep 25, 2015 05:40 AM