Tiffany Elder, MBA, Realtor
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Raleigh-Durham Real Estate Blog

Upcoming changes will affect ALL property owners
April 15th, 2015 4:48 PM

Hello Fellow Investor!

 

This installment of the Raleigh-Durham Real Estate update will focus of upcoming changes that will affect your real estate purchases, sales, holdings and/or renovation/construction projects. If you are currently in real estate anywhere in the US, or plan to be in the future,  you need to read this update. These changes are HUGE and will affect millions of property owners.  

 

Note: There are more changes forthcoming than can reasonably fit in a single update.  For this reason, the next few updates will cover these changes, so that you can be prepare in advance, and adjust your investing activities accordingly.

 

New settlement statement and closing process will affect ALL purchases and sales as of August 1, 2015.

Good Faith Estimates and Truth -In-Lending disclosures will soon disappear.  These will be replaced with a “Loan Estimate” document that must be provided by borrowers soon-after their documents are collected by the lender.

 

We all know the frequency at which last minute changes are made on the HUD1 settlement statement prior to closing.  Those last-minute changes will be a thing of the past after the new law takes effect.  The HUD1 Settlement Statement will be retired as well, in favor of a new “Closing Disclosure”.  This disclosure will need to be provided to the buyer 3 days prior to settlement, and if it is delayed, closing will have to be rescheduled.  This will affect investors who are buying or selling a property and are held to a firm closing date (due to a short-sale or other deadlines).  So plan accordingly, and be sure to leave ample time for closing and avoid settling closing dates at your hard deadlines.

 

More info here.

 

New SEER requirements of water heaters AND HVAC units

New water heater rules will take affect tomorrow, 4/16/15.  Newly manufactured water heaters will be required to meet new energy standards.  These standards may increase the size of the units so if you’re short on space (or have a water heater located in a tight closet space), consider swapping now to buy yourself more time.  Once the existing new units gone, they’re gone!

 

Likewise, new efficiency requirements have already taken effect for HVAC units.  The prior 13 SEER ratings have increased to 14 SEER on all newly manufactured units.  If your unit breaks down, Again, if you are short on space, now is the time to consider repairs and/or replacement while 13 SEER parts and units are still in stock.

 

More info here and here.

 

Shortsale opportunity in sought-after Audubon Park!  

This 3 bedroom, 2/5 bath, approx 1716 sq ft home with 2 car garage awaits your offer.  Convenient to I-40, Southpointe Mall, Research Triangle Park, and a myriad of other amenities. Seller asking $189,900 but says make an offer, and is open to investors.  Similarly-sized homes in the neighborhood have sold for 220k+  Needs cosmetics.   Ideal location for family or rental purposes. Contact our office for additional information.

 

Happy Investing!

 


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Posted by Tiffany Elder on April 15th, 2015 4:48 PMPost a Comment

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