A. Unless you are a savvy seller in tune with the market and experienced at selling property, it’s probably not a great idea to deal direct under these circumstances.
By hiring a professional agent with experience, you will have someone to watch out for your interests. Usually the type of buyer who knocks on your door is looking to get a “sweetheart” deal. They are hoping that you will go along with the promises of a good deal.
However, a professional real estate agent can first ascertain the true value of your house. Then they will negotiate with the potential buyer and work with the lawyers to make sure you are not being fast-talked.
Q. I’m in the process of buying a property. I keep hearing about TRID. What’s this all about?
A. Simply put, TRID (Truth in Lending Act-Real Estate Procedures Act Integrated Disclosure) is an initiative to make sure you “know before you owe.” This means that the funds you need to close are provided to you ahead of time.
If there are any changes such as interest rates or type of loan, then a new TRID must be provided by the lending institution. Additionally, all final costs, including bank closing costs, broker fees, etc., must be disclosed no later than three days before closing.
This way there are no surprises at the closing table.
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