TRID Tips For Agents

TRID TIPS FOR AGENTS 

Information sellers should be aware of:

1. Seller costs will not delay the closing –get them up front and to closing attorney as soon as possible.

2. Delays could occur if the buyer CD is affected –double check Lender quality with your WRM lo or refer WRM to preapprove buyers for seller’s needs.

3. It makes sense to eliminate risk wherever possible. Therefore, the following suggestions may be worthwhile sharing with sellers:

a. May want to consider conveying the home with a full oil tank, rather a late measure.

b. Hold backs and “side agreements” are no longer allowed. All agreements must be reflected on the CD (Closing Disclosure) and communicated with the lender well in advance.

c. If a seller does work, it should complete work in ample time (3 weeks prior to closing), by a licensed Pro and lender will need paid in full receipt.

d. Seller should be prepared to allow for more than one walk through / inspection if needed.

4. Sellers should start there move as quick as they can and not wait until the last minute.

5. William Raveis mortgage can review any preapproval at anytime for your sellers and we can also be available to pre-approve buyers if the seller wishes.

General information for both sellers and buyers (and you):
1. Closing will not likely take place at the registry. This is due to managing any last minute changes made the CD. Prepare for attorney office closing and our WR office.

2. Try to avoid closings on the last day of the month, early in week is preferred as well or mid- month.

3. Make sure your license number is on purchase and sale. This could delay the CD

4. Going forward, the Admin will complete the commission statement at the time of the P & S and forward it to you. They will also include your license number on this document. Please review for accuracy it and forward to the closing attorney early in the process.

5. Saturday is considered a business day, but closings cannot take place on a Saturday or after hours.

6. Advise the other agent of these changes and be diligent.

Questions to buyers who are not using William Raveis Mortgage, you need to ask:

1. How will the CD be dispersed? (Snail mail , email , etc)?

2. How will you be notified once the CD is sent to the buyer?

3. When will the Title be ordered?

4. Can your “go to” attorney do the closing or does the bank have a closed list?

5. Can the lender make same day changes to the CD?

 

I’m Going to be on WBZ AM 1030!

Recording at WBZ Radio AM 1030 to promote my upcoming charity event with Dr. Ryan Corcoran with The Damon Runyon Cancer Research Foundation from MGH Boston, for my upcoming cancer charity event!!!! LISTEN to me Saturday 8/15/15 from 8:00-9:00am. If you’d like to support me please feel free to visit my donation page: http://raveisrideandwalkma.crowdsterapp.com/evanwalsh #boston #Dover #medfield #needham #natick #sherborn #newton #wellesley #weston #westwood #wayland #Hingham #cancer #cancerresearch #damonrunyon #raveis #raveisridewalk   
   

Major Federal Changes to Residential Mortgage Forms

What are the major federal changes to the residential mortgage forms and loan rules will take place starting October 3rd this year?For over two years the real estate, mortgage, and title industries have been preparing for the implementation of the rules imposed by the Dodd Frank Act. The Consumer Financial Protection Bureau (CFPB) is tasked with implementing the New Rule. The CFPB’s goal is to aid consumer understanding of the often technical real estate disclosures while maintaining compliance with existing requirements like the Real Estate Settlement and Procedures Act (RESPA) and the Truth in Lending Act (TILA). 

 

Simply put: THE CFPB is changing the process by which consumers receive their disclosure forms when purchasing a home, and they are making the forms easier to read by changing the language and the graphical layout of the forms themselves. 

 

Mortgage companies are now mandated to send the consumer a “Loan Estimate” within three days of the consumer providing very basic information to them. Six pieces of information to be exact: their name, social security number, income, desired loan amount, property value, property address. The Loan Estimate will combine today’s Truth in Lending form and the initial Good Faith Estimate into one easy to read form that will help consumers understand all of the costs of the transaction. 

 

Another new form that is introduced with the new Rule is the Closing Disclosure. 

 

Built from the same principals as the Loan Estimate, the Closing Disclosure replaces the final GFE and HUD form, again making the cost of the transaction easier for the consumer to understand, and is to be received by the consumer no less than three days prior to the consummation of the loan. The goal is to give the consumer time to compare the figures on the closing disclosure with those on the Loan Estimate that was provided upfront. With the implementation of this law there are also certain fees that cannot change, or can only change a certain amount. The lenders origination charge for example cannot change, and the attorney’s closing fee cannot vary by more than 10% than the figure that was provided on the upfront Loan Estimate.  

 

It’s important to note, that the three days referenced above is a mandatory waiting period, so if there are any changes to the transaction fees that exceed the tolerances set by the new Rule that a new 3 day waiting period may be declared (as mandated by the Dodd Frank Rule) and closing dates could potentially be pushed back. With so many parties coming together to meet mandatory deadlines, it is important for consumers to choose a real estate team that works closely together (i.e. an attorney, a realtor, and a mortgage banker) in order to assure that there is good processes and communication to assure that the deadlines that they set for the issuance of these new forms is met and their closing dates remain firm.

 

The new Rule goes into effect for new loan applications as of October 3rd. 

WAYLAND, MA : MARKET DATA THROUGH APRIL

April Headlines

Wayland
  • 3-month unit sales are up 68.8% to 27.
  • Months of supply in April was 6.1. This is up 61.3% from 3.8 in April of 2014.
  • New listings are up by 62.5%.
Nearby Areas You May Be Interested In
  • Unit sales in Medfield in April were 19. This is up 90.0% from 10 in April of 2014.
  • Days on market in Westwood is up by 393.3%.
  • Months of supply in Bedford is up 92.4% to 4.5.
Changes Favoring Buyers
3 Months Ending April, 2015 % Chg From Apr, 2014
Inventory 50 13.6%
Months of Supply 4.3 42.9%
Market Time (Days) 123 9.8%
Price per Sq Ft for Sold $257 -5.2%
Sales to List Price Ratio 94.5% -4.3%
New Listings 80 19.4%
Changes Favoring Sellers
3 Months Ending April, 2015 % Chg From Apr, 2014
Unit Sales 27 68.8%
Median Sale Price $608,500 2.3%
Listings Under Contract 36 2.9%

Sales

There were 10 unit sales in April. This is up 25.0% from 8 in April of 2014. Sales/list price ratio in April moved down to 94.5% from 95.1% in March.

chart

Prices

Median price in April was $612,000. This is down 7.0% from $657,938 in April of 2014. 3-month median price of $608,500 in April was up marginally from $585,000 in March and very slightly up from $595,000 in April of 2014. Price per square foot in April was $255. This is down from $257 in March and down from $259 in April of 2014.

chart

Inventory

Inventory of 72 in April was up 71.4% from 42 in March and up 30.9% from 55 in April of 2014. New listings of 52 in April were up substantially from 21 in March and way up from 32 in April of 2014. Months of supply of 6.1 in April was up considerably from 3.6 in March and up substantially from 3.8 in April of 2014. This is the highest months of supply has been since July, 2012

chart.

Market Time

Days on market of 150 in April was way up from 46 in March and up a little from 130 in April of 2014.

chart

Change in Median Sale Price for Single Family Properties YTD From 2014 To 2015 for Towns in Middlesex County Ranked by Best Performance
Town % Change
Cambridge 38.46%
Newton 24.92%
Stoneham 21.81%
Lowell 14.80%
Malden 14.72%
Hopkinton 13.40%
Wilmington 13.33%
Woburn 13.00%
Melrose 12.05%
Billerica 10.71%

 

BOSTON, MA : MARKET DATA THROUGH APRIL

April Headlines
Boston
  • Unit sales are down 24.6% to 269.
  • Months of supply in April was 2.8. This is up 22.5% from 2.3 in April of 2014.
  • Days on market is up by 32.6%.
Nearby Areas You May Be Interested In
  • Unit sales in Boston (South Boston) are up 36.4% to 45.
  • Months of supply in Boston (Charlestown) in April was 2.4. This is up 84.8% from 1.3 in April of 2014.
  • Unit sales in Cambridge are down by 40.0%.
Changes Favoring Buyers
3 Months Ending April, 2015 % Chg From Apr, 2014
Unit Sales 684 -18.9%
Months of Supply 2.2 8.4%
Market Time (Days) 63 14.5%
Listings Under Contract 1,074 -11.2%
Changes Favoring Sellers
3 Months Ending April, 2015 % Chg From Apr, 2014
Median Sale Price $519,500 6.2%
Inventory 746 -4.5%
Price per Sq Ft for Sold $619 0.3%
Sales to List Price Ratio 99.1% 0.5%
New Listings 1,572 -4.3%

Sales

There were 269 unit sales in April. This is down 24.6% from 357 in April of 2014. Sales/list price ratio in April moved up to 100.4% from 98.1% in March.

chart

Prices

Median price in April was $519,000. This is up 11.0% from $467,400 in April of 2014. 3-month median price of $519,500 in April was up marginally from $510,000 in March and up a little from $489,000 in April of 2014. Price per square foot in April was $641. This is up from $611 in March and up from $605 in April of 2014.

chart

Inventory

Inventory of 951 in April was up 36.6% from 696 in March and up 6.3% from 895 in April of 2014. New listings of 747 in April were up substantially from 538 in March and up slightly from 706 in April of 2014. Months of supply of 2.8 in April was up considerably from 2 in March and up moderately from 2.3 in April of 2014. On a year-over-year basis, months of supply has been rising for 4 months. This is the highest months of supply has been since October, 2012.

chart

Market Time

Days on market of 57 in April was down slightly from 64 in March but up considerably from 43 in April of 2014.

chart

Change in Median Sale Price for Condominium Properties YTD From 2014 To 2015 for Towns in Suffolk County Ranked by Best Performance
Town % Change
Boston 5.86%

The Top 20 Google Ranked Luxury Real Estate Websites for Massachusetts.

The world of real estate is constantly changing due to technology, trends, and market conditions but one thing remains as the pinnacle of importance when it comes to selling your #luxury home…  EXPOSURE! When you are selling #LuxuryProperties you will NEED to make sure you are not only reaching the “right” buyer, you also want to make sure you’re reaching ALL of them! That said and after some incredibly long hours of web design, seo and marketing- my latest creation LuxuryRealEstateInMA.com has finally cracked (in less than 6 months mind you) the Top 20 Google Ranked Luxury Real Estate Websites for MA. Why is that important? For one, because I did on my own- tirelessly analyzing, studying and trying new techniques to crack Google’s search algorithm and I can finally say now that, I DID IT! Also, keep in mind, the fact that I am competing against the biggest and largest real estate companies in the world, with more money and marketing dollars than you can possibly imagine and I now have not only the #1 spot with Walshteam.com but also now #20 in LuxuryRealEstateInMA.com…Seriously??? What other realtors can boast that and provide you with that sort of exposure and opportunity? Really! So I ask you, isn’t it time you let me/us, The Walsh Team, do the hard work so you don’t have to? You are literally just a click, an email or a phone call away, from making the best decision real estate decision of your life, so what are you waiting for? For more information or to schedule an appointment call us at 508-934-4030 or email info@walshteam.com Sincerely, Evan Walsh

Monday March 2: New Listings in Wellesley and Weston

$2,100,000

576 Washington Street, Wellesley, MA 02482

2 Bed

2.5 Bath

1,932SqFt

Belclare. Exclusive condominiums in the heart of Wellesley Square offering a sophisticated, carefree lifestyle without leaving the community you love. Belclare homes are quietly elegant, generously proportioned and beautifully finished. The condom…Read More …..

Listed By Benoit Mizner Simon & Co. – Wellesley – Central St


$2,085,000

82 Sudbury Road, Weston, MA 02493

5 Bed

4.5 Bath

6,766SqFt

Sophisticated Architecture with a Modern Contemporary Style. This home brings together a layout of ultimate functionality in an individual and distinct design. A private driveway leads you to your perfectly sited home on over 2.5 private acres. Cu…Read More …..


$1,900,000

576 Washington Street, Wellesley, MA 02482

2 Bed

2.5 Bath

1,856SqFt

Belclare. Exclusive condominiums in the heart of Wellesley Square offering a sophisticated, carefree lifestyle without leaving the community you love. Belclare homes are quietly elegant, generously proportioned and beautifully finished. The condom…Read More …..

Listed By Benoit Mizner Simon & Co. – Wellesley – Central St


$1,499,000

29 Bristol Rd, Wellesley, MA 02481

5 Bed

3.5 Bath

3,138SqFt

Glistening white colonial shaded by beautiful trees and set on lovely Cliff Estates property boasts spacious rooms and generous proportions. Gracious foyer with turned stair opens to elegant living room with fireplace and dining room with built-i…Read More …..

Listed By Rutledge Properties


$1,299,000

3 Terrace Road, Weston, MA 02493

4 Bed

4.0 Bath

3,443SqFt

Bright and cheerful 4-5 bedroom country colonial located on a cul-de-sac street. This lovely home has had many improvements and has a fantastic floor plan. Kitchen has an adjoining family room with fireplace, charming living room with fireplace, l…Read More …..


$1,249,000

27 Priscilla Circle, Wellesley, MA 02481

5 Bed

3.0 Bath

2,834SqFt

Move right into this chic expanded Colonial on Cul-de-sac. Open floor plan boasts a renovated kitchen with granite & stainless steel appliances open to breakfast room and spacious family room. Formal living room with fireplace and dining room b…Read More …..

Listed By Coldwell Banker Residential Brokerage – Wellesley – Central St.

Luxury Homes For Sale in Massachusetts with Incredible Wine Cellars

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Whether you’re the most descerning sommelier, a wine connoisseur or you’re an aspiring collector, having your own wine cellar is a wise and sensible investment. For luxury home buyers who are in the market for a home with a wine room, an incredible wine cellar can often be the deciding factor.

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Ocean Front Homes For Sale in Massachusetts with Spectacular Ocean Views

View Ocean Front Homes For Sale in Massachuestts

Massachusetts is home to some of the most impressive ocean front homes and waterfront properties the country has to offer. Whether you’re looking for a vacation home getaway or you’re looking to relocate somewhere with spectacular ocean views, these homes are the cream of the crop!

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Luxury Homes For Sale in Massachusetts with Incredible Pools and Pool Houses

Pools and pool houses are an integral part of many luxury properties. Whether it’s for entertaining large groups or just catching some rays and relaxing with the family, having a pool and a pool house is a great way to keep the party outside while having everything available poolside.

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Luxury Homes For Sale In Massachusetts with Incredible Pools and Pool Houses