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There's a New 4 Letter Word in Real Estate

TRID changed the loan process on October 1st. Today, we discuss some commonly asked questions about this new law.

What is TRID? TRID replaces the Good Faith Estimate and Settlement Statement. Now, we have a loan estimate earlier in the transaction and a closing disclosure towards the end.

How does the loan estimate compare to the Good Faith Estimate? A loan estimate now is significantly more accurate. Previously, it was more of an educated guess instead of an accurate statement. We’re required to verify information ahead of time now. There isn’t any tolerance for additional lender fees, credit report fees, or attorney fees. A loan estimate provides associated fees such as the interest rate, annual percentage rate, and attorney fee in addition to how much cash the buyer should bring to closing.

What are the new guidelines of TRID? The closing disclosure is better compared to the settlement statement. This document must be presented to the buyer three business days prior to closing. If a buyer doesn’t agree to sign this document, it could lengthen the process. However, every party should be proactive towards the transaction's conditions to avoid last-minute disagreements.

What will sellers no longer know? Now, sellers won’t know the buyer’s interest rate, how much they put down, what kind of loan they get, and similar information unless stated in a contract.

If you have any questions about TRID, please give us a call at (678) 428-5841 or shoot us an email at Lorie@HomeByLorie.com! We’re always here to help with your real estate needs.

Listen to what Alysia was impressed with while working with us!

Tell me about your experience working with Lorie Gould.
"My husband and I were very pleased with the service of Lorie and her entire team. The follow up was outstanding. We had a long initial meeting. She told us all of the pros and cons about the neighborhood, the market at the time. It was a very scientific approach, and we thought it was very well researched. What she recommended worked.
Our situation with our home is we were in a very nice North Fulton neighborhood in the most desirable school district, and our house had been on the market for quite some time. We had a sloped driveway and if anybody knows anything about North Fulton, you either have a steep front yard or a steep backyard. It's very hilly. Her marketing approach and how she communicated the positives about our house really made a difference. Plus we had it priced correctly.
I think for my husband and I the thing that really sets Lorie apart is that she was able to use very scientific information about the market trends and the competition in our particular price range. It was helpful to us because prior to dealing with Lorie, we felt like what we were getting was just a bunch of opinions. She had a very thorough professional opinion, but she also backed it up with facts. That was helpful for us."

The Importance of Pre-Inspection

Today, Cal Couch from Trademark Pest Control and Home Inspection joins us to discuss preparing your home to sell for top dollar. We’ll answer the following question: how can I compete against the competition to reach a buyer?
Sellers can maximize the potential of their listing by hiring an inspector ahead of time. Inspectors commonly find ceiling stains, active termites, or even defective roof shingles. All of these things could be found before putting the home on the market. If repairs and other issues are taken care of ahead of time, they reduce the negotiation period and help maximize your home's value. Having your property pre-inspected and adding a termite bond will make buyers feel more confident from the beginning!
A pre-inspection doesn't have to be expensive. At Trademark, we have two different types of inspections. We offer a full inspection and also a bird’s eye inspection. The bird’s eye inspection costs half the price of a full one!
Even if you don’t want to spend that money, you can do some simple things yourself. Make sure all major appliances and HVAC systems function properly. Look for stains in the ceiling and address them right away. Don’t make the mistake of painting a single spot on the ceiling, either; it’s important to paint the entire ceiling. These minor steps can save you a lot of trouble down the road.
If you’re looking to get an inspection, you can visit Trademark’s website at www.trademarkps.com or call 770-614-6534. We look forward to hearing from you soon!