Buyers Beware: Change to happen August 1st

Come August, buying a home will require a longer turnaround time than it has previously  in the Bay Area. On August 1st, day 1 of Q4, the Dodd Frank Laws in Lending will be implemented. These laws will only apply to individuals who are taking out a loan to purchase their new home.

For both buyers and sellers, this means that the era of common 14-20 day closings will come to an end. The banks will now need anywhere from 15-30 days added to the closing date of the transaction.

Why such a long time addition to the transaction? Once in contract, there is typically material changes that need be made. Every time something is changed, there will be a 3 day freeze on the transaction. AKA your closing date will be pushed back 3 days from what you initially had estimated it to be.

I hope this information was useful to you. If you have any questions about buying a home, or are thinking you want to buy now before August 1st so you can close quicker, please contact me!

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About Suzanne O'Brien

The role of a real estate agent is to guide you through the buying and/or selling process and take the time to make sure you understand every step of the transaction. I am absolutely committed to fulfilling your needs with the highest level of professionalism, expertise and service. My commitment to listening and satisfying your needs are the foundation from which a solid business relationship is built. I realize that people do business with people they trust. I am interested in what is best for you, the client, and am committed to establishing a long-term relationship based on trust. In addition, real estate is often times very personal, about family and home and pride myself in developing relationships that now call clients my friends. I pride myself on being knowledgeable and staying current with the fast pace changes in the industry. I approach each clients’ needs individually and am constantly aware of current and upcoming inventory. My creative approach to the business has earned me wonderful associations with both clients and other real estate professionals. I am always working for you…I feel the responsibility to make your dreams a reality…one move at a time.
This entry was posted in Bay Area, Home Buying/Selling, Home Loans, Real Estate and tagged , , , , , , . Bookmark the permalink.

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