Are Baton Rouge REALTORS writing purchase agreements with unrealistic closing dates (too soon)?
First, let me say if you can close in 30 days, I’m all for it! I’m not here to poopoo on your parade! My purpose is to remind you that NAR itself is telling REALTORS because of TRID, to relax your closing time expectations! And, if the home requires repairs and Agents know this upfront, then it makes no sense to write purchase agreements with unrealistic closing dates.
Sourced through Scoop.it from: activerain.com
Are Baton Rouge REALTORS writing purchase agreements with unrealistic closing dates (too soon)?
First, let me say if you can close in 30 days, I’m all for it! I’m not here to poopoo on your parade! My purpose is to remind you that NAR itself is telling REALTORS because of TRID, to relax your closing time expectations! And, if the home requires repairs and Agents know this upfront, then it makes no sense to write purchase agreements with unrealistic closing dates.
Second, Appraisers can’t answer the question our schedulers here all so often is, “Why did the Lender take so long to order the appraisal? Don’t they understand we have a closing date of….” What REALTORS need to understand is there’s a system of checks and balances via TRID and your closing date could be both irrelevant and unrealistic.
Are you writing purchase agreements with unrealistic closing dates?
BATON ROUGE REALTORS, PLEASE listen to NAR’s own podcast on this topic, from a normal 30 day closing to a 45 day closing period. CFPB’s new TRID mean REALTORS need to adjust from a normal 30 day closing period to a more realistic 45 day closing. This comes directly from NAR.