Average Time Closing on a House to Increase in Dallas
Much to the chagrin of sellers (and their real estate agents) everywhere, the average time to close on a home has increased.
Last fall, the Consumer Financial Protection Bureau (CFPB) put in place new TRID forms, also known as the TILA-RESPA Integrated Disclosure Rule, replacing the former HUD-1 Settlement and Good Faith Estimate. One of the effects of the implementation has been additional time added to the closing process.
TRID Forms
Despite some of the negative effects for sellers, the new forms have good intentions, as the CFPB put them in place in order to augment consumer protection. Specifically, the forms offer a simplified version of loan terms for buyers, and if any changes occur to the TRID forms then a new three day waiting period is activated. This waiting period ensures that buyers have sufficient time to go over the information associated with their loans.
Given this, experts now recommend an extra 15 days to close transactions. In essence, 30 days contracts should be expected to take around 45 days to close, and 60 day contracts should take 75 days. Additionally, it’s good to keep in mind that part of the approval and contract process is a home inspection. If something is discovered during the inspection that a buyer needs addressed, you could be looking at spending far more time with your home on the market than you anticipated.
It’s hard to argue against the new TRID forms if you’re a buyer in that they afford a greater transparency to consumers. On the other hand, for sellers it means probably having to pay your mortgage and insurance expenses for at least another month or potentially longer.
Tips for Closing Faster
Your best bet for a faster close is searching for a real estate company that has a high attention to detail and is well acquainted with the new forms. There are plenty of pitfalls out there that could delay your closing, so you need someone who can navigate the situation for you. It’s always a good idea to ask local friends and family for suggestions, given that the company you ultimately decide to go with could significantly alter the financial outcome for you.
Close in as Little as Seven Days
If you find yourself saying “I need to sell my house fast” We Buy Ugly Houses® can help you close the sale faster than expected. It may not be within the realm of possibility for you to close 45 days, and in that situation we are able to offer you a fast, free, and most importantly fair consultation so you’ll know whether selling your home to us is a good fit. We are able to pay you for your home in cash and potentially close in 30 days since there is no traditional loan process involved. Call us today if you need to close quickly, we can help.
