New integrated disclosure forms will throw a wrench in the homebuying works
There’s a shift coming that’s about to wreak havoc at the closing table for agents and clients alike.
On Aug. 1, 2015, the new TRID (TILA-RESPA Integrated Disclosure) forms replace the HUD-1 Settlement and Good Faith Estimate. The Consumer Financial Protection Bureau’s mission is to rebuild the mortgage banking landscape so that the industry will avoid the type of conditions that led to the Great Recession. The CFPB replaces the Department of Housing and Urban Development for oversight because HUD did not provide specific consumer protection.
Everyone agrees that increasing consumer protection is a desirable goal. Nevertheless, the unforeseen ripple effects from these changes could seriously disrupt how the closing process is conducted.
A recent Inman article outlined one of the most serious issues that will result from the new changes handed down by the CFPB: The new rules will require a new three-day waiting period when there are any changes in the TRID forms. The recommendation is to allow an extra 15 days to close your transactions. In other words, 30-day contracts will now require 45 days, and 60-day contracts will require 75 days.
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Parsing the reasons why fewer houses are on the market
There has been a great deal of discussion regarding the consistently low housing inventory levels throughout the nation. Very little, however, has been written about the reasons why inventory levels are so low, especially following the economic disruption of 2008-2011.
Understanding the why can be helpful in predicting how these factors might influence longer-term supply levels and future appreciation potential. This knowledge might also shed light on why inventory might remain constrained over the long run.
In the second half of 2011 we began to see an acceleration in the decline of inventory levels nationally, and since that time the available housing inventory has continued to remain historically low. The graph (figure 1) below highlights the continuous low-inventory environment.
Why is this so? There are numerous conditions that have contributed to this phenomenon and bundled together have created an inventory control dynamic that, as prices rise, only serves to limit the number of homes available for sale.
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Can you feel the love in these homes? TopTenRealEstateDeals.com recently highlighted the most romantic homes for-sale in the world, from the mansions of celebrities to the homes where kings and presidents once lived. Here’s a rundown of the homes that made its list:
1. King Edward’s Love Nest
Location: Just north of Chicago
Price: $12 Million
Chicago’s Schweppe Estate once hosted a former King of England, Edward VIII, who left the British throne in 1936 to be spend time with American Wallis Simpson here. It sits on 5.3 acres and features a 24,500-square-foot English Renaissance mansion with 10 bedrooms, 16 bathrooms, and 11 fireplaces, as well as a library, family-game room, elevator, sauna, leaded glass windows, hand-carved limestone stairs, and fountains.
Location: Suisun Valley, Calif. (near Napa)
Price: $22 million
At the Villa de Madre estate, the owner reconstructed one of the buildings to resemble a 1950s soda shop, where he and his wife had their first date. Also along the estate, he replicated several downtown storefronts – from the grocery store, Rexall Drugs, Harley Davidson, and tackle shop – of where the couple would stroll past when they first started dating. The 80-acre estate also includes 63 acres of vineyards, which produces 150,000 bottles of Cabernet wine annually. The main house includes 22,882 square feet.
Location: Costa Rica
Price: $29.75 million
This 50-acre oceanfront jungle retreat in Costa Rica belongs to actor Mel Gibson. The Happy Planet Index ranks Costa Rica as the happiest country in the world for its safe streets, gorgeous weather, good medical care, and thriving economy. This estate includes three homes, with the main hacienda-style home overlooking a beach and featuring seven bedrooms, eight bathrooms, a courtyard, and pool.
Location: Big Sky, Mont.
Price: $26.5 million
This 160-acre, Montana estate featuring mountain views belongs to Entertainment Tonight host Mary Hart and husband TV and film producer, Burg Sugarman. It’s located inside the exclusive Yellowstone Club in Big Sky, Mont., a resort that provides a private skiing and lift system as well as an 18-hole golf course. This ranch consists of three building, including a 7,000-square-foot, six bedroom, seven bath main residence, as well as guest quarters and a four-stall horse barn.
Location: Off the banks of the James River in Prince George County, Va.
Price: $20 million
This plantation has been designated a National Historical Landmark and has been in agricultural operation since 1607. With a rich history, the plantation once belonged to Nathaniel Harrison, a family that produced multiple governors and two U.S. Presidents, and the plantation also has family ties to William Shakespeare. Thomas Jefferson is credited with designing the central section of the main house as a gift to his friends, the Harrisons. This plantation has more than 4,500 acres – 1,600 of which grow soybeans, wheat, barley, and corn. The farm has 14 structures, including a horse stable, and two-story brick mule barns, a dairy barn, and more. The Palladian styled main house – reminiscent of a Roman country house — is 7,700-square feet with seven bedrooms and seven baths.
Location: Palm Springs
Price: $14.5 million
Actress Suzanne Somers home and husband TV host Alan Hamel have been married for 36 years, and have called this romantic Palm Springs home for years. The home is modeled after L’oustau De Baumaniere in Provence, France. It’s located on 73 acres on a mountainside above the valley in Mesa Canyon. The estate features an outdoor amphitheater carved into the mountain that can seat 50, a dance floor, and a pool, spa, hiking trails, and natural waterfall that inches down the hillside.
Location: St. Barth Island
Price: $11.59 million
Actor Steve Martin’s Villa Au Soleil is located high in the hills of Lurin, St. Barthelemy, and includes a 28,191-square-foot, tropical colonial-style home that sits above the Atlantic Ocan. The home features views of the ocean, multi-level terraces, and a two-tiered infinity pool.
Location: Beverly Hills
Price: $115 million for-sale, or leased at $600,000 per month
After they were married in 1953, John and Jackie Kennedy honeymooned in this 1920s era Beverly House, which features more than 50,000 square feet in a blend of Spanish and Italian style. The home features gardens, which were used as the backdrop for scenes in “The Godfather,” “The Bodyguard,” “Topaz,” “Into the Night,” among other movies. The estate boasts 29 bedrooms, 40 bathrooms, two guesthouses, and a separate apartment. It is located three blocks from Sunset Boulevard.
Price: $14.5 million
Actors Ryan O’Neal and Jacqueline Bisset, stars of the 1973 movie “The Thief Who Came to Dinner,” filmed most of the movie at this Houston mansion. The home belongs to the Van Dyke family, and is located on 2.8 private acres, which inclues an 11,737-square-foot home. It features plenty of water throughout its grounds – from pools, waterfalls, pool island with trees to pools in shade; pools in the sun; and a small lake. It also has one of the largest private pools in the U.S. The grounds also feature an orchestra stage with an outdoor kitchen, spa, and guest house.
Location: Near the Florida Keys
Price: $5.995 million
Located on the Atlantic side of the Overseas Highway, Melody Key is situated a half mile off Summerland Key. The island can be reached by boat only. The home is powered by solar and features a desalination system for fresh water. The main house has 2,800-square-feet with three bedrooms and two bathrooms and an observation deck to watch sun rises over the Atlantic or sun sets over the Gulf of Mexico. The grounds include a swimming pool and spa surrounded by tropical trees. This estate also comes with a waterfront lot with dock on Summerland Key.
Read more about these romantic retreats for-sale at TopTenRealEstateDeals.com.