Dianne Gregoire, Author at Property Blotter

January 7, 2016

Market Activity Dec 28-Jan 3, 2016

Happy New Year! Yep, I love the holidays. Yep, I’m glad that they are over. I like the community of sharing, being with family and friends, and cherishing the spirit of the season, but I also have buyers looking for houses. It is actually quite frustrating to have clients I am trying to help and there is just not a house on the market that suits their needs. So I am excited to have the holidays behind us and to be able to watch the inventory of available homes start to grow. I don’t think that I’m the only one. I think there are a lot of buyers ready to go and I predict the selling season will be in full swing by February. Exciting!

Last week in Lake Oswego we had 7 new listings, 13 go to pending status, and 16 closed/sold properties.

Following is the breakdown for you according to RMLS:

New on the Market (Dec 28-Jan 3, 2016)

Address	Type	Price	BR	Baths	Sq Ft
4000 Carman Dr #62	Condo	$163,350	2	2	999
47 Greenridge Ct	Attached	$249,900	2	1.5	1176
4725 Jean Rd	Detached	$385,700	4	2	1433
17015 Chapin Way	Detached	$544,000	3	2	2188
5218 Westfield Ct	Detached	$775,000	4	2.5	3107
17446 Bryant Rd	Detached	$925,000	4	4	3506
717 5th St	Detached	$1,089,000	4	2.5	2809

Pending Sales (Dec 28-Jan 3, 2016)

Address	Type	Price	BR	Baths	Sq Ft	CDOM
668 McVey Ave #41	Condo	$135,000	0	1	485	139
3804 Botticelli St	Condo	$150,300	2	1.5	1143	45
4000 Carman Dr #12	Condo	$158,500	2	2	866	23
3932 Carman Dr	Condo	$239,900	2	2.5	1128	10
1755 Kilkenny Rd	Detached	$280,000	3	1	1742	108
21 Oriole Ln	Detached	$345,000	2	2	1473	228
1475 Cherry Crest Dr	Detached	$419,000	3	2	1739	2
9 Falstaff St	Detached	$495,000	4	2.5	2436	105
5475 Bonita Rd	Detached	$519,000	3	2	1904	146
5554 Royal Oaks Dr	Detached	$525,000	2	2	1861	262
524 Country Club Rd	Detached	$549,900	2	2	2168	26
14113 Amberwood Circle	Detached	$739,000	4	2.5	3514	102
4810 Lakeview Blvd	Detached	$819,000	4	4.5	3511	134

Sold/Closed (Dec 28-Jan 3, 2016)

Address	Type	List Price	Sold Price	Sq Ft	CDOM
668 McVey Ave #40	Condo	$185,000	$167,500	626	26
228 Ridgeway Rd	Condo	$159,900	$169,500	746	9
668 McVey Ave #25	Condo	$299,900	$297,500	636	$0
4347 Silver Ct	Condo	$319,000	$319,000	1844	26
76 Condolea Way	Condo	$415,000	$415,000	2746	0
17347 Ashley Ct	Attached	$459,900	$445,000	2117	90
13855 Verte Ct	Detached	$499,000	$449,000	1835	128
17162 Warren Ct	Detached	$515,000	$515,000	2231	3
5336 Coventry Ct	Detached	$524,500	$545,000	2358	3
619 Clara Ct	Detached	$549,000	$549,000	2958	4
4708 Hastings Pl	Detached	$575,000	$550,000	2215	80
18383 Anduin Terr	Detached	$759,900	$754,700	3351	0
706 5th St	Detached	$1,099,900	$1,085,000	2730	173
1300 Forest Meadows Way	Detached	$1,495,000	$1,144,500	3734	88
15845 Oswego Shore Ct	Detached	$1,875,000	$1,875,000	5500	583
17388 Cedar Rd	Detached	$2,395,000	$2,275,000	4276	218

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

December 13, 2015February 20, 2016

Congratulations Linda and Serge!

I want to extend a huge, happy congratulations to Linda Rossi and Serge Ouattara. They were married yesterday surrounded by their many friends and loved ones.

I don’t remember exactly when I met Linda, but I know it has been at least 10 years. She is just the most wonderful person. She and I have shared our real estate journey, but we have also shared our personal journey. We were Realtors during the great recession, we both faced serious health issues, we both raised sons who are nearly the same age, we have seen each other stay steadfast and strong. Serge came into Linda’s life about 3 years ago (forgive me Linda if I don’t have the time lines exactly right). From the day she met Serge there was a spark of something special. Serge is a wonderful man and he has brought joy into Linda’s life. I am just thrilled for the two of them.

So congratulations Linda and Serge. Here’s wishing you a lifetime of friendship, love, and laughter.

December 10, 2015

Market Activity Nov 30-Dec 6, 2015

Last week in Lake Oswego there were 9 new listings, 14 houses that went into pending status, and 17 closed sales. Yes, this is about a third of what happens in June, but it is still a very active market. I expect to see lots of closed sales in the next week or so as people make the move to their new home before the holidays.

Following is the breakdown for you according to RMLS for last week:

New on the Market (Nov 30-Dec 4, 2015)

Address	Type	Price	BR	Baths	Sq Ft
4 Touchstone #150	Condo	$149,900	2	2	984
5094 Galen St	Detached	$369,000	3	2.5	1438
51 Oriole Ln	Detached	$399,900	3	2	1216
14352 Sherbrook Pl	Detached	$445,000	3	2.5	1806
17765 Treetop Ln	Detached	$598,000	4	3	3046
6720 Childs Rd	Detached	$1,295,000	6	5.5	6914
19342 Lorna Ln	Detached	$1,298,800	5	3.5	4114
17337 Bergis Farm Dr	Detached	$1,595,000	4	4.5	4810
915 Atwater Rd	Detached	$1,895,000	5	4.5	4102

Pending Sales (Nov 30-Dec 1, 2015)

Address	Type	Price	BR	Baths	Sq Ft	CDOM
75 Galen Rd	Condo	$171,900	2	2	993	3
48 Eagle Crest Dr	Condo	$185,700	2	2	1545	37
4 Mountain Circle	Condo	$303,000	2	1.5	1598	23
1248 Oak St	Detached	$310,000	2	1	900	19
6355 Dawn St	Detached	$345,900	3	2	1268	18
56 Aquinas St	Detached	$439,000	4	3	1811	12
123 3rd St	Condo	$450,000	2	2	1206	22
17162 Warren Ct	Detached	$515,000	4	2.5	2231	3
19365 35th Ct	Detached	$579,500	4	2.5	2484	6
14001 Westcott Ct	Detached	$679,900	3	2.5	3223	213
13679 Melrose Pl	Detached	$699,000	4	3.5	4752	0
4150 Upper Dr	Detached	$1,050,000	4	3.5	3465	1
3820 Southshore Blvd	Detached	$1,098,888	5	4	4855	157
2912 Wembley Park Rd	Detached	$1,100,000-$1,300,000	4	4.5	154

Sold/Closed (Nov 30-Dec 6, 2015)

Address	Type	List Price	Sold Price	Sq Ft	CDOM
86 Kingsgate Rd D105	Condo	$159,900	$156,000	924	58
53 Galen Rd #53	Condo	$159,900	$161,000	993	24
210 State St #4	Condo	$219,900	$207,000	1284	44
6073 Harrington Ave	Detached	$250,000	$250,000	1050	0
4458 Thunder Vista Ln	Condo	$289,000	$279,000	2200	76
16524 Roosevelt Ave	Detached	$349,000	$349,000	1131	55
16735 Lake Forest Blvd	Detached	$349,900	$350,000	1996	89
15 Greenridge Ct	Attached	$359,000	$350,000	1996	89
18305 Fernbrook Ct	Detached	$399,900	$425,000	1300	2
14752 Davis Ln	Attached	$445,000	$447,000	1954	33
14754 Davis Ln	Attached	$460,000	$448,000	1925	83
4595 Hastings Pl	Detached	$589,000	$600,000	2176	1
4744 Cambridge Ct	Attached	$605,000	$605,000	2856	0
17533 Brookhurst Dr	Detached	$749,000	$739,000	4002	72
599 7th St	Detached	$800,000	$758,000	2468	46
18009 Braeden Ct	Detached	$849,000	$820,000	3286	64
1233 Bickner St	Detached	$800,000	$848,967	3150	0

November 20, 2015

2nd Annual Community Treasure Hunt

60 Unique Doves are being hidden around Lake Oswego. From December 1st to 23rd, they will be hidden in the Gallery Without Walls, in City Parks, and in local businesses. Each dove is a unique, hand-made design that is made from fired porcelain and imprinted with vintage crochet, blue glaze. The artist is Dorothy Steele. Each dove is signed, dated and numbered.

I would love to find one! Perhaps I’ll see you out and about as the treasure hunt ensues. Good luck!

November 19, 2015

Market Activity Nov 9-15, 2015

People often ask me if this is a good time of year to be buying or selling a house. The answer is yes! Interest rates are typically very low in the winter. People who are selling at this time of year are motivated. Many companies are transferring their executives to close out their fiscal year. And a house that is beautiful in the winter will be gorgeous in the spring! This past week Lake Oswego had 12 new listings, 15 houses going into pending status with accepted offers, and 11 closed sales.

Following is the breakdown for you according to RMLS for last week:

New on the Market (Nov 9-15, 2015)

Address	Type	Price	BR	Baths	Sq Ft
48 Eagle Crest Dr #2D	Condo	$185,000	3	2	1623
4 Mountain Circle	Condo	$305,000	2	1.5	1598
1248 Oak St	Detached	$325,000	2	1	900
19251 Indian Creek Ave	Detached	$350,000	4	2	1404
9 Oriole Ln	Detached	$439,000	3	3	1928
123 3rd ST	Condo	$450,000	2	2	1206
4101 Chapman Way	Detached	$475,000	3	2.5	1864
6423 Frost St	Detached	$499,900	3	2.5	2548
17730 Marylbrook Dr	Detached	$619,999	3	2.5	2951
6413 McDuff Ct	Detached	$724,900	3	2.5	3091
906 Cedar St	Detached	$950,000	4	3.5	2829
4146 Lakeview Blvd	Detached	$1,298,800	4	3.5	3279

Pending Sales (Nov 9-15, 2015)

Address	Type	Price	BR	Baths	Sq Ft	CDOM
454 5th St	Condo	$323,000	2	1.5	1092	6
13855 Verte Ct	Detached	$449,000	3	2.5	1835	128
6411 Frost St	Detached	$499,900	3	2.5	2430	28
15585 Partridge Dr	Detached	$529,000	4	2.5	2604	98
6059 Frost Ln	Detached	$535,000	4	2.5	2281	49
14121 Redwood Ct	Detached	$579,950	5	3.5	2703	266
3778 Rivers Edge Dr	Detached	$679,900	4	3.5	3022	101
15655 Fieldstone Dr	Detached	$710,000	3	2.5	2750	6
13461 Steamside Dr	Detached	$775,000	4	2.5	3321	70
5640 Meridian Ct	Detached	$788,800	4	3.5	3459	38
5327 Carman Grove Ln	Detached	$845,000	3	3	3125	179
1651 Village Park Ln	Detached	$899,000	4	3.5	4273	230
769 2nd St	Detached	$1,000,000	5	2.5	3308	900
17442 Ridgeview Ln	Detached	$1,329,000	4	3.5+.5	5036	107
13719 Knaus Rd	Detached	$1,837,000	4	4.5+.5	5780	538

Sold/Closed (Nov 9-15, 2015)

Address	Type	List Price	Sold Price	Sq Ft	CDOM
15230 Boones Way 1D	Condo	$205,000	$205,000	1185	4
16200 Pacific Hwy #24	Condo	$285,000	$260,000	1190	62
4226 Woodside Circle	Attached	$349,900	$332,500	1578	12
5280 Chinook Ct	Detached	$315,000	$337,500	1457	4
4291 Woodside Circle	Attached	$400,000	$425,000	2026	4
18620 Indian Creek Dr	Detached	$469,900	$469,900	2064	2
18910 Terry Ave	Detached	$585,000	$579,900	4290	159
14205 Edenberry Dr	Detached	$735,000	$695,000	3051	42
13084 Knaus Rd	Detached	$899,000	$755,000	3285	45
5833 Stewart Glenn Ct	Detached	$815,000	$815,000	3258	52
18383 Old River Dr	Detached	$895,000	$819,900	4548	85

October 31, 2015

Real Estate During the Holidays

First of all, Happy Halloween! What a great, fun holiday. At my house we are geared up. We have pumpkins carved, seeds toasted, candy at hand, and plans to play poker around the dining room table while we answer the door. The forecast is stormy with the rain lightening up just in time for the Trick or Treaters. Let’s hope the forecast is right. I really love having kids come to the door. We are giving out glow sticks as well as candy as we honor the new concept of putting out a teal pumpkin and offering alternatives to candy. We have LOTS of glow sticks because we poker players plan to be heavily adorned.

I think Halloween is the informal kick off of the holiday season. It is just weeks until Thanksgiving, Christmas, and New Year’s. So I want to take a moment to talk about what that means if you are selling or buying a home right now.

Buyers are out there. My listings are continuing to get showings and I am currently working with several ready buyers. Inventory is lower, so houses on the market are getting noticed. Interest rates are also low. In my experience interest rates tend to be the lowest of the year in the winter. If you are buying, these components make this a really great time of year to buy. I also think this is the best time of year to do a home inspection. If the house has water issues, they will be obvious. Last, if you are buying, a house that looks good on a rainy day will be spectacular on a sunny day.

For those who are selling I want to talk about holiday decorations. I do think decorating for the holidays enhances the marketability of a house. I showed a house yesterday that was beautifully decorated for the fall. They had wreaths on the door and last summers flower pots were over flowing with silk leaves in the colors of fall and mini pumpkins. We were all smiling and commenting on how pretty they were as I worked to open the lock box. We entered the house ready to be impressed. But I also want to caution that the decorations that are specific to the holiday need to come down within a week of the passing of the holiday. A Christmas tree in April is a big NO!

So Happy Halloween to one and to all. May the day be festive with more treats than tricks!
Dianne

October 30, 2015

Market Activity Oct 19-25, 2015

Last week was gorgeous here in Lake Oswego. The fall colors and the dramatic sunrises and sunsets really made it a wonderful week. Real Estate also continued to move right along. Yes, things have slowed, but there is NEVER a time of year when homes are not being bought and sold. Last week in LO we had 11 new listings, 16 pending sales, and 10 closed sales. I expect the next couple of weeks to be very healthy for selling as buyers work to time their purchase so that they can move into their new home before the holidays.

Following is the breakdown for you according to RMLS for last week:

New on the Market (Oct 19-25, 2015)

Address	Type	Price	BR	Baths	Sq Ft
65 Oswego Summit	Condo	$154,999	2	2	1140
4000 Carman Dr #74	Condo	$164,900	2	2	836
4347 Silver Ct	Condo	$319,000	3	2.5	1844
6140 Burma Rd	Detached	$419,000	4	2	1656
18802 Redwing Way	Detached	$459,000	3	2	1550
5330 Carman Grove Ln	Detached	$675,000	3	3	2398
41 Touchstone	Detached	$689,500	4	3	3092
15821 Springbrook Ct	Detached	$699,900	2	2	2208
14435 Uplands Dr	Detached	$965,000	4	3.5	4822
18048 Eastridge Ln	Detached	$1,250,000	4	3.5	4231
17700 Upper Cherry Ln	Detached	$2,500,000	5	5.5	6850

Pending Sales (Oct 12-18, 2015)

Address	Type	Price	BR	Baths	Sq Ft	CDOM
57 Church St	Condo	$159,000	1	1	636	3
15 Oswego Summit	Condo	$164,900	2	2	1212	58
6213 Harrington Ave	Detached	$339,000	3	1	960	6
16735 Lake Forest Blvd	Detached	$349,900	3	2	1192	57
15 Greenridge Ct	Attached	$359,000	3	2.5	1996	89
17422 Blue Heron Rd	Detached	$399,900	3	2	1954	33
14752 Davis Ln	Attached	$435,000	3	2.5	1954	33
5875 Bonita Rd	Detached	$519,000	5	3.5	2650	27
4708 Hastings Pl	Detached	$575,000	4	2.5	2215	80
5124 Lakeview Blvd	Detached	$579,000	4	3	2932	20
6 Independence Ave	Detached	$615,000	3	2	2578	64
1052 Yates St	Detached	$664,900	3	2.5	2598	24
599 7th St	Detached	$775,000	4	3	2468	40
5459 Westfield Ct	Detached	$899,000	5	3.5	3670	33
725 5th St	Detached	$1,099,900	3	3	2748	72
3796 Lakeview Blvd	Detached	$1,995,000	3	2.5+.5	4150	448

Sold/Closed (Oct 19-25, 2015)

Address	Type	List Price	Sold Price	Sq Ft	CDOM
100 Kerr Parkway	Condo	$144,900	$153,500	822	3
4 Touchstone #152	Condo	$168,900	$185,000	1275	3
5835 Carman Dr	Detached	$273,900	$227,000	1650	20
5052 Foothills Dr F	Condo	$220,000	$230,000	1252	2
1325 Bonniebrae Dr	Attached	$274,900	$277,500	1393	2
3190 Duncan Dr	Detached	$400,000	$377,000	2401	223
4926 Mulholland Dr	Attached	$550,000	$550,000	2376	1
15590 Tanager Dr	Detached	$585,000	$562,500	2532	31
13060 SW Elk Rock Rd	Detached	$825,000	$710,000	3681	155
581 2nd St #581	Condo	$1,200,000	$1,100,000	2190	60

October 9, 2015

Featured Property: 2 Walking Woods

You likely do what I do as you drive around town: look at houses and enjoy the changing decorations and landscaping through the seasons. For me, there are always houses that stand out. There is just something about them. Well, this is one of those houses.

Located at 2 Walking Woods, this house sits on a very prominent lot that looks out over the neighborhood. It’s at the corner of 2 streets that are the focus of your attention as you drive the curves of the road in Mountain Park. The style of the house is classic Cape Cod. It’s a style that you’ve seen in movies and in magazines and is just really attractive. The curb appeal of this house is a 10+.

With 4116 square feet, there are 4 bedrooms, a den with a closet that could be a 5th bedroom, living, dining, family rooms and an amazing vaulted bonus room with a wet bar. There are 3 fireplaces. The master is huge! The house was built with quality in 1979. The doors are solid core and the insulated windows are wood, not vinyl. The entry has stunning leaded glass doors and a sweeping curved staircase that is ideal for family photos. Over the years the house has been updated with a newer kitchen that features a cooking island, cherry cabinets and granite counters. There are shining hardwood floors throughout most of the main level.

Then there is the yard. The landscaping is superb. Attractively designed with a large covered deck, there a paths through arbors to water features and an abundance of blue berries, peach trees and pineapple guavas. The lot is 13,410 square feet.

This home is located in Mountain Park. Super convenient to both I-5 and 217, you are just minutes to shopping and dining. Mountain Park has one of the finest recreation centers in the metro area with swimming pools for exercise and for families, a gym, and over 15 miles of walking paths.

Priced at $629,000, this house is a delight. I think subconsciously most people want to live in a house that when their friends come over they say “Wow”. This is that kind of a house. She is a grand lady.

Please call me today if you would like more information or if you would like to make an appointment to see her for yourself.
Dianne

October 8, 2015

Market Activity Sept 28-Oct 4, 2015

Since the start of school it has felt, to me, like the market has slowed a bit as compared to the hot market we had in June, July and August. Last week’s activity in Lake Oswego brought us 14 new listings, 21 pending sales, and 10 sold/closed sales. This week my business has ramped back up and I have been hearing similar comments from other agents. It will be interesting to see if the numbers are up next week.

Following is the breakdown for you according to RMLS for last week:

New on the Market Sept 28-Oct 4, 2015)

Address	Type	Price	Bedrooms	Baths	Sq Ft
15230 Boones Way 1D	Condo	$205,000	2	2	1185
16250 Pacific Hwy #74	Condo	$274,800	2	2	1,324
191 Oswego Summit #191	Condo	$279,000	2	2	1506
14850 Twin Fir Rd	Detached	$439,000	3	3	2018
6411 Frost St	Detached	$518,000	3	2.5	2430
18529 Deerbrush Ave	Detached	$550,000	4	2.5	2461
16731 Alder Circle	Detached	$555,000	3	2.5	2301
5124 Lakeview Blvd	Detached	$579,000	4	3	2932
1053 Yates St	Detached	$664,900	3	2.5	2598
5937 Bay Point Dr	Detached	$789,000	4	2.5	3174
17154 Lowenberg Terrace	Detached	$799,960	5	3.5	3514
2337 Hillside Ln	Detached	$925,000	4	3.5	4932
17346 Canal Circle	Detached	$995,000	4	3	3406
120 Cabana Pointe	Detached	$2,199,000	3	3	3446

Pending Sales Sept 28-Oct 4, 2015)

Address	Type	Price	Bedrooms	Baths	Sq Ft	DOM
16250 Pacific Hwy #54	Condo	$154,900	1	1	841	10
3892 Botticelli St	Condo	$231,000	3	2	1288	180
5064 Foothills Dr F	Condo	$269,000	2	2	1252	84
16200 Pacific Hwy #24	Condo	$285,000	2	2	1190	62
5280 Chinook Ct	Detached	$315,000	3	1.5	1457	4
116 Greenridge Ct	Condo	$344,900	4	2.5	2832	0
16254 Roosevelt Ave	Detached	$349,000	2	1	1131	55
14314 Orchard Springs Rd	Detached	$434,000	5	3	2238	5
27 Del Prado St	Detached	$449,000	4	2.5	3341	7
18620 Indian CreekDr	Detached	$469,900	3	2	2064	2
6 Grouse Terrace	Detached	$544,900	3	3	3576	3
1511 Woodland Terrace	Detached	$599,900	5	2.5	3439	185
16 Westminster Dr	Detached	$625,000	4	3	3202	2
607 Ash St	Detached	$639,000	4	3.5	2860	72
12777 Sierra Vista Dr	Detached	$679,000	4	2.5	3144	135
2189 Fernwood Circle	Detached	$699,000	4	3	2921	191
23 Masaryk St	Detached	$724,000	3	2.5	2861	7
14205 Edenberry Dr	Detached	$735,000	3	2.5	3051	106
18360 Delenka Ln	Detached	$799,000	5	3.5	4828	154
18009 Braeden Ct	Detached	$829,000	4	2.5	3286	64
4112 Orchard Way	Detached	$950,000	5	4	4190	16

SOLD (Sept 21-27, 2015)

Address	Type	List Price	Sold Price	Sq Ft	CDOM
50 Cervantes Circle	Condo	$165,000	$170,000	1368	4
319 Cervantes	Condo	$199,900	$210,000	1209	14
3926 Carman Dr	Condo	$234,900	$234,900	1129	66
48 Eagle Crest Dr 3B	Condo	$246,900	$245,000	1,489	9
1448 Bonniebrae Dr	Attached	$250,000	$255,000	1008	1
6053 Fernbrook St	Detached	$338,000	$338,000	912	4
19431 Tualamere Ave	Detached	$339,900	$340,000	1200	14
1648 Ash St	Detached	$449,900	$483,500	1877	2
5466 Bay Creek Dr	Detached	$615,000	$585,000	2535	35
18086 Jenifers Way	Detached	$699,000	$699,000	2582	49

September 19, 2015

Consumer Protection and Closing your purchase/sale

I think we all realize that after the debacle of the housing bubble and melt-down of the mortgage industry in 2007 some major changes needed to happen. I have seen 2 implemented already and a 3rd is just about to be rolled out.

The first two were 1) tighter lending regulations that force a buyer to actually prove that they are qualified for a mortgage, and 2) tighter appraisal regulations that force appraisers to factually prove the value of a house.

The 3rd is designed to protect the mortgage borrower. Essentially what it does is it forces lenders to be accurate from the beginning so that a borrower does not run into any surprises at closing. It also builds in waiting periods so that a borrower has time to reflect upon the costs of their new mortgage and not be pressured into a loan that will not serve them well.

The first deadline occurs when a loan application is made. Within 3 days of the application the borrower(s) must receive a Loan Estimate, coming to be called an “LE”. Then, 3 days prior to signing their loan documents the borrower(s) must receive a Closing Disclosure, coming to be called a “CD”. The costs comparing the 2 documents must be within 1/8th (.0125) of the APR, annual percentage rate. If there is an overage, it is the fault of the lender and must be paid by the lender. This way the borrower is not going to be surprised by unexpected loan costs and their experience should be less stressful.

Be aware that this system is going to create delays in closing on a purchase.

The biggest issue is that changes happen in a transaction. The sales price might change as a result of repair issues, the borrower may decide they want a different loan product, any number of changes can happen. In the past when this happened the loan application could simply be modified. There was lots of flexibility in the process. With the new regulations when this happens now essentially a new loan is applied for and the waiting periods begin again.

It is normal when you are buying a home to be excited to get into it. It is especially normal when selling a home to want to close as quickly as you can to know it is final and to receive your proceeds. Closing in 30-45 days has been the practice. With the new guidelines I believe closings will take at least an additional week or two. So plan on closings in 45-60 days, if not more.

The other issue is that mortgage companies and banks are being given all of the same regulations but are being allowed to determine their own methods for implementing them. It is very specific that both the LE and the CD go to all parties. I learned in a recent class I took on the matter that some of the larger lenders are thinking about using the US Postal service to send the notifications. Seriously? What if one of the parties is out of the country? Talk about creating delays. Flexibility will be the name of the game as these changes are implemented.

As a buyer and as a seller, please avoid the blame game. If these new regulations do create delays, don’t blame the other party to the transaction. They have no control over this and there are going to be kinks as Realtors, Title Companies, and Mortgage Companies implement systems and iron out the kinks.

Last, if you happen to have a home that is at least 3200 square feet, newer, with at least a 3 car garage that you want to sell here in LO, call me! I have a buyer who has seen everything out that and is chomping at the bit!
Dianne