Sarasota Real Estate News

3,343 people read my blog in the past 30 days.  THANK YOU!   Did you watch the debate this week and hear Hillary discuss Dodd-Frank and the Consumer Financial Protection Bureau?  Here's what she was talking about:  Due to predatory lending practices a few years ago, the Dodd-Frank Act was enacted to provide better oversight of financial institutions.  As of October 3, 2015, lenders must disclose the terms of the loan to Buyers within 3 days after loan application. The estimated loan costs can not be exceeded by ten percent.  This morning, I created the ABC's of what Buyers and Sellers need to know about the new rules from information in training sessions I have attended as well as government websites.  

Always use an experienced mortgage lender;  if you don't know a good lender in Sarasota, call me.  Loan officers with Michael Saunders & Company Mortgage are knowledgeable and you get answers right away.
Back-to-Back closings are tricky and problems in the sale of one home can delay closing on the home Seller is buying.  
Communication early in the loan process is key.
Disclosures:    Know terms of your mortgage and  "cash to close" the deal. 
Email is the fastest way to receive documents from your lender .  
Florida real estate contracts changed this month.
Get your closing agent all information at least 10-12 days prior to closing.
Holidays (Federal) and Sundays are exempt from the #days to meet deadlines.
Intent is to insure that mortgage lenders' estimates balance with the final numbers.
Just do it...get your paperwork in on time.
"Know Before you Owe."
Linda Holley, Sarasota Realtor, uses the Law Office of Icard Merrill for closings.
Most comprehensive financial regulatory reform since the Great Depression.
New information reported by lenders identifies discriminatory practices.
Other federal agencies were created..Consumer Financial Protection Bureau (CFPB).
Penalties and fines apply to lenders who violate the new practices.
Qualitative and quantitative methods used to develop the new required disclosures.
Required Disclosures protect consumers.
Submit complaints against lenders online:  https://help.consumerfinance.gov/app/mortgage/ask.
Timeliness is critical to prevent delayed closings.
Understanding financial transactions for mortgages, credit cards, student loans.
Vision includes protection of older Americans against financial exploitation and all Americans against discrimination.
Whistleblowers  contact  whistleblower@consumerfinance.gov

   And LAST BUT NOT LEAST...
XYZ    Your Realtors--FOR BOTH Buyers and Sellers--need to monitor deadlines if there is a mortgage involved in the transaction.

Thank you for reading my blogs!  According to the statistics on my website, 3,343 people have read my blog in the past 30 days.  Most popular features of my website are my Blog, About Linda, Code of Ethics, New Construction, Home Page, For Buyers, and Vendors and Friends.

The past few weeks, I found properties listed and overpriced in 2014, and these properties are still on the market today.  Realtors will take a listing--just to get the listing--even if the Seller wants a price that is unrealistic.  I'm sad for the Sellers who had high expectations when they listed their home, and sad for the Realtors who probably presented the Sellers with a market analysis of what the home will sell for, but the Seller chose to work with a Realtor who said they could get them a price $150,000 or higher than the market allows.  Sellers, don't expect to sell your home for $599,000 when the market says your home is worth $450,000 or less.  Michael Saunders tells her agents that we are not in a bubble--we are in a market that is correcting itself, and it will level off in 2016.  It's our job to educate Sellers!  Don't expect to sell your home at prices we saw ten years ago.  If you are still kicking yourself because you did not sell and make a profit in 2006 during the bubble, you are not alone; many of us Realtors did the same thing!  Maybe you waited years to sell your home thinking prices would come back to 2006, and they will eventually, but not anytime soon.  

See my website: www.PalmerRanchLindaHolley.com to find homes on the market in Sarasota...and have a great weekend!

Most sincerely yours,

Linda Holley, Realtor, GRI
941-914-4914