Timing Timing…Be Wise
Real estate agents, brokers and clients should be warned about the new lending disclosure laws that are happening.
The changes that are being implemented affect the lending industry and are significant. These changes were covered in an earlier blog on this site. The effect the changes have regard the close of escrow timing. Buyers and Sellers should all be warned that the Close of Escrow will now be harder than ever to keep as a firm date. Both parties should remain flexible in the event that the close of escrow needs to change.
These mandatory changes of close date would be due to Disclosure requirements that affect the Buyer’s signing of loan documents if the Buyer’s APR changes in the final days of escrow. Sound complicated? As San Diego Agents, Buyers and Sellers you need to take away from this that firm closing dates may be difficult from this point forward. This is not a bad thing if you are flexible and aware of this new wrinkle in the changing world of Real Estate.















