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Expect settlement delays and more difficulty with back to back settlements until everybody is comfortable with the new procedures.
closing will take longer. end of story. they were getting longer anyway. cash deals may get more attractive
Make sure your buyers and sellers have a plan B if the anticipated closing date is missed.
Live with it, and no more 30 day closing for some times.
Going to a class at NVAR this morning. It should be ok.
It does not apply in Canada.
It will all turn out OK. None of us like change, but it happens.
Adam - I think this will be a mess for a while, mostly for the actual home buyers because they will be confused with the new forms and new deadlines.
After a while it will just become business as usual.
I don't think it's going to be a big deal. The only thing that will have a less that ideal impact on consumers is that they'll have consequences if they try to switch lenders at the last minute - something I've had a few do.
Just another thing to get used to.
I think we all need to know exactly what the timframes are. The buyers I took out this weekend HOPEFULLY will write before 10/3!
Just another hurdle, and this too shall pass. A
A solution in search of a problem, for the most part. It'll add time as things get started and I predict 6-12 months until it is fully ironed out and it becomes business as usual. Some lenders are touting the ability to do everything electronically and save the 30 day escrow. We'll see. Just get your inspections and credits figured out early!
We shall soon see.
No thoughts on this.
I seldom think about it.
What Roy Kelley said