Basically the disclosure requirements have change to force lender to give you a new-and-improved 4 page “Good Faith Estimate of Costs”. This replaces the 1 page form in use for years.

Find out more about this issuse from your favorite lender. I recommend Jim Hogan at LoanSource, for current market info.

The problems will arise from several areas. Most common is the real estate agent’s ignorance to the new laws and their lethargic propensity to change things, especially in the winter while most are hibernating. Appraisals will be coming in low and needing adjustment to the contract terms which will kick in a re-disclosure clock resetting tho delay closings and upset the chain of events that rely on THE MONEY. General confusion in the banks and brokers and lawyers back offices and supply chains and affect everyone down the lines.

Basic sound advice applies. Stick to knowledgeable professionals that are seasoned and full time residential experts. Begin with your riches and wisest and most trusted friend and ask who they know that’s really really good in real estate. Ask several people but then you need to use your noodle and interview several folks o your own. Don’t rush things. Don’t listen to sales-speak and anyone that says it’s easy.

These rule come on top of the Dec 12, 2009 change in underwriting guideline. FICO scores below 620 are now toast. Period. If you’re below this the RESPS rule won’t matter anyway.

Good luck and happy new year. If you need help in this you can ask me to refer you to a non-idiot!

This tool has a free version that is ad supported and one may upgrade to remove ads and even conference with up to 6 people at once. Quite exciting. Lots of uses come to mind.

One of the features I like is the ability to send someone an email video message. Your friend receives a link inviting them to view your video and peerhapd they will download the program and ooVoo you back for a live video chat.

I think this tool would be helpful in meeting with real estate agents and clients to delelop a deeper understanding with folks you may be quite far away from. Many of us may engage business peolple online and may even see them in videos, but live interaction will really help get to a deeper understanding.

Visit ooVoo.com to try it for yourself. You have noting to loose!

ooVoo you later

The things you’ll need are ..

-any number of photos of your subject property.

-upload them into rockyou.com then cut and paste some code into a post. Piece of cake. Full video instructions if needed are right here at 90SecondSuccess