Real Estate 101 Real Estate is Constantly Changing
The world of real estate is constantly changing. It's our job to stay on top of it all, but below are some things to keep in mind throughout your transaction:
Financing — There are so many different types of programs available now and each has different requirements. Be prepared for sudden or last minute changes involving requirements for lenders due to underwriting.
Appraisals — Although appraisals run hand-in-hand with financing, please note that at certain times, especially during our busy season, appraisals may take longer than usual.
Safe Water Testing — Different loan programs require different results. Even though your numbers may be in "safe levels", some programs require a certain number that may be lower than the "safe" level.
New Guidelines — Closing documents must now be final for 72 hours prior to closing. This means that if any last minute changes need to be made to the closing documents, it will be another 72 hours before closing may occur.
Additional Requirements — It's possible that the closing date may move due to new financing laws, or to meet bank/appraisal requirements. Our job is prepare you for any bumps that could occur in your road to a smooth transaction.
Region Specific Issues — In our unique market, banks often do not understand wells, septic systems, easement roads, shared driveways and other region-specific issues. Government loan programs have different standards than local zoning requirements so oftentimes a variance is needed which can take over six weeks to obtain.
None of this is meant to alarm you. It is simply meant to educate and prepare you for some of the obstacles we may or may not cross when purchasing your home. Our team will do everything we can to have a smooth and successful closing!