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Time for a change with new TRID laws

What is TRID?   In short TRID is a new rule implemented by the Consumer Financial Protection Bureau.  TRID takes effect for any loans initiated after October 1st 2015.  The rule is intended to rid any inconsistencies by two federal acts that regulate the current mortgage qualification process.  TRID stands for TILA RESPA Integrated Disclusure.  Besides preventing inconsistencies between the Truth in Lending Act (TIL) and the Real Estate Settlement Procedures Act (RESPA), TRID is also meant to reduce documentation, limit fees, make documentation easier to understand, set forth clear timing guidelines, prevent surprises at closing and make it easier for consumers to shop mortgages.

TRID only applies to closed end consumer credit secured by real property.  So it does not apply to HELOC’s, reverse mortgages, unsecured loans or credit or credit secured by personal property.

Two New Forms Created by TRID

Loan Estimate- The new loan estimate form is combining the preliminary Truth in Lending and Good Faith Estimate into a 3 page document.  The new Loan Estimate document is designed to provide key terms of the loan as well as an estimate of all closing costs.  This form must be provided no later than 3 business day after an application is received.  Any change to interest rate, loan amount or other change in the numbers requires re-disclosure.  There is also a 7 business day waiting period after receiving the disclosure to close on the loan.

Closing Disclosure- The new Closing Disclosure form combines the final Truth in Lending and the HUD-1.  The Closing Disclosure is designed to help borrowers understand the costs associated in securing the loan.  The Closing Disclosure must be provided 3 business days before closing on a loan and is considered delivered 3 days after the document is mailed.

What Can Home Buyers and Home Sellers Expect With TRID?

Any changes in the financial details of the loan documentation will trigger basically a 10 day waiting period.  The 30 day closing is all but gone with the new disclosure laws triggered by TRID.

Realistically you should be looking at a minimum of 45 days to close and 60 days is probably more reasonable.  I would probably expect more delays than what already already occurs as attorneys, lenders, title companies and real estate agents try to effectively manage the new disclosure laws.

At the end of the day, TRID will add at least 15 days to the closing process but should provide mortgage consumers with better reporting of the numbers and documentation that shold be easier to understand for the consumer.


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So I received a call from a customer of mine all excited about a condo he wanted to see.  Its a great condo. No problem there.  Went to look at it.  He loved it.   Problem.   Zillow reported a condo fee of $48 a month.  In actuality it is almost $600 a month, putting it just outside what my customer can afford.  So what do you need about Zillow, Trulia, etc…. ?

This week I have received 5 phone calls from potential buyers or customers that I am working with on the fringe.  They were all interested in properties they found on Zillow or Trulia.  The problem of them they were not for sale or had accepted offers.  It creates a whole lot of work and misunderstanding for buyers.

A Little Test Comparing Zillow to the Massachusetts MLS

I decided to run a little comparison.  I got onto Zillow and checked the condos for sale in Tewksbury MA.  So first let me say this is where a lot of people go wrong and that is understanding the tool they are using.  I knocked out all the pre-foreclosure and foreclosures that aren’t available for sale.   Zillow showed 5 condos for sale.  One was a duplicate so it showed 4 actual condominium units for sale in Tewksbury MA.

I then double checked  it with the actual Massachusetts MLS.  It showed there are currently 7 units available Zillow was not actually showing all the inventory that is available, only showing 57% of the units actually for sale.

Zillow only had a 57% accuracy of homes actually for sale!

What Do You Need to Know About Zillow and other Real Estate Aggregates?

  1. They pull there information from a variety of sources.  How they pull their data is effects the accuracy and value of their information.  They pull from tax records, other real estate sites, old listings of the home and some times from the MLS.  The most reliable source is the MLS in your area.  The information is current and verified by an agent and the owner.
  2. Many of the houses shown are not for sale.  Many of the homes that they show are not even currently for sale or have been sold.  They show homes that are in pre-foreclosure or have been foreclosed upon.  That does not mean they are for sale.  They show homes as available that have recently sold or been put under agreement.  Yes, it is confusing, but some of it can be avoided by understanding the tool you are using.
  3. These sites are not altruistic because they are a third party site and they provide you with free information.  They want to show as much data and homes as possible so you go there and you think they are the authority.  What they are trying to do is capture the lions share of buyers and sellers that are out their by being the dominant site.   So yes it is free to you, but they are making billions of dollars by selling real estate agents services to connect with you.  Yep, I or other agents pay for every call or email you send about information on a home.  It behooves them to capture you on the internet by any means possible.
  4. Learn how to use the site.  This goes for any real estate tool. Most buyers don’t take the time to use it effectively.  They waste a lot of time looking at properties that are not really available.  Spend an hour or so learning how the site works.  Even on my site when you are logged in you can find properties that are under agreement, pending or sold.   It is just a matter of toggling a check box to shut it on or off.
  5. There is no one to help.  Try to call Zillow.  Try to even find a number for them.  No one there is available to help the consumer.

So What is My Alternative for Zillow?

Just about every agent has access to a property website.  Connect with a local agent.  Their information pulls directly from the source, the local Multiple Listing Service.  Its always free but you do need to log in and give basic information to get all of the property information.  Here in Massachusetts it is governed by the MLS what I can show you with out logging in.

But, with that said, you have access to just about all the information I have, it is updated every 10-20 minutes.  You can be aware of a new property or price change just as quickly as an agents.  Some times it can take the national aggregates up to 72 hours to make a change.  Here in my part of New England that home, will be gone before you even find it on Zillow!

Lastly, there is a live person who can help you effectively use the tool or get you any information or even show you the property behind that tool.  So you can access Massachusetts Homes for Sale on my site.  If you have any questions don’t hesitate to contact me.  This is a very powerful tool learn how to use it and it can save you time, money and aggravation.


This article, What you need to know about Zillow, Trulia, etc…, was provided by Kevin Vitali of EXIT Group One Real Estate.   I can be reached at 978-360-0422.  If you are thinking of buying or selling a home a have valuable information and tools that can help save you time money and aggravation.  Just give me a call.


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When is it time to downsize? 5 Reasons it may be time to downsize

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Lately I have been working with quite a few couples looking to downsize their home and seek a new place to live.  In many cases they have lived their lives for many years and have raised their families in their homes.  For many people it is a struggle of when it is time to downsize their home. I just talked to a couple I just helped recently.  We sold their home of 38 years and […]

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58 Regency Drive, Dracut MA 01826- New Construction

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Open House September 26th and 27th 12-1:30pm 58 Regency Drive, Dracut MA is one of the last lots overlooking the golf course at the desirable golf community at Meadow Creek.  Located towards the eastern side of Dracut, making it a good commuter location. Meadow Creek is approx. 180 homes.  All are upscale and are of similar quality.  Meadow Creek is Dracut’s premier neighborhood built around the Four Oaks Country Club. 58 Regency is currently under […]

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Escalation Clause- Win the Bidding War

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An escalation clause can be a great way to structure an offer to be the winning bid in a red hot market.  When you know buyer  competition will be high on a home, it it also means you may be competing with multiple offers . Here in the Massachusetts Real Estate market we are seeing certain communities or properties that will most likely be in a bidding war with multiple offers.  It can be very […]

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Guest on Keeping it Real Estate North Shore 104.9

Keeping it Real Estate podcast August 8th 2015 I had the opportunity to be a guest on North Shore 104.9’s Keeping it Real Estate with Real Estate Attorney, Rick Carter,  Comedian, Tony V and Real Estate Appraiser, Scott Hardin. The show is very funny with Tony V. keeping it very lively. I am not sure how much real estate was discussed!! No tags for this post.

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Tewkbury REALTOR Guest on 104.9 Keeping it Real Estate

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Tewkbury Realtor Guest on 104.9 Last week, I had the opportunity to be a guest on Keeping it Real Estate.  Keeping it Real Estate is a radio show on North Shore 104.9 FM hosted by Massachusetts Real Estate Attorney, Rick Carter and Comedian Tony V.  The topic on Saturdays podcast was short sales and foreclosures. Learn what a short sale is and pitfalls with foreclosures on today’s podcast. ___________________________________________________ Kevin Vitali is a Tewksbury REALTOR […]

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Denying Home Showings. What is it costing you?

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Denying home showings can cost you dearly.  It can cost you obtaining the highest selling price for your home or even worse… it can prevent the sale of your home.  I have written a previous article on denying home showings, for more information read Are You Denying Home Showings of Your Home? Every listing I take,  I have a discussion with the home 0wner how important it is to allow as many showings as possible […]

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New Home Search Feature- First Floor Master

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I am finding lately that I am working more and more with home buyers that are downsizing.  For many home buyers that have owned a home for many years and they find it is time to downsize, they are looking for homes that have a first floor master bedroom. I have added the ability to search for homes with 1st floor master bedrooms on my online home search.  You must be registered to use the […]

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You Don’t Know What you Don’t Know!

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It amazes me how many home buyers are blindly running around with little or no guidance. This article will discuss 6 Home Buying Mistakes. I have been doing real estate full time for 13 years.  It took me 5 years before I really felt comfortable with what I was doing.  I spend 50+ hours a week immersed in the business of real estate and have been involved in hundreds and hundreds of real estate transactions.  […]

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