My New Blog

BRRRRRRR it is cold in southwest Florida 34 low tonight. Well that is not nearly as cold as the new RESPA laws are. They will leave you feeling frost bitten if your not educated about  the changes.  All fees have to be disclosed to buyer up front, in theory a good idea~ in real world application this can be confusing. For instance the buyer need to be disclosed what all closing costs are even if they are not paying them. Example: if your seller agrees to pay 6% it still needs to be reflected as a buyers cost . The buyer will show a charge for doc stamps on the Warranty Deed and title insurance, a seller fee.  They say to "reflect back to the Real Estate Contract" for who is paying what.  These are some instances where a client will have a BIG STICKER shock, if the process is not explained to them. Also if anything changes through the course of the transaction "sales price,interest rates" whatever this will delay closing by minium 3 days to disclose to buyer. There are a mariad of other changes, that will slow , delay or not close a property. "Don' get left out in the cold" hire a professional. 

As always thank you for your business

Stephanie Belknap

loansbystephanie@gmail.com