Eagle River Real Estate Market update July 28, 2009
Taking a look back at last week, one would think that the market had gone crazy. 21 homes pended in the Eagle River and Chugiak areas. 6 went under contract in Chugiak, this is a 12 month high for one week.
Interest rates have fluxuated up and down but for the most part stayed in the low 5's for a 30 year fixed conventional loan.
There are changes around the corner and you do need to be aware of them. If you will be involved in a real estate transaction in the near future, pay attention. The mortgage lenders will be operating under new rules and the title companies will be enforcing them. Here is a short list of some of the changes.
Once you receive a good faith estimate on your new loan you will need to wait 7 days before you can close. this means that if you lock your interest rate you may need to wait 7 business days before you can close.
If the APR changes on your loan, example: some portion changes and it goes up by more the.125% then a new disclosure must be made. 7 more days.
Once the appraisal is in there will be a 3 day review period. However in some cases this may be waived, although highly unlikely.
This is just a small portion of the changes, and now more than ever you need great communication between all parties. The average contract closes in approximately 38 days. I suggest writing an offer with a 45 day time table. This will give you plenty of time and if everyone is ready early than close early.
If you have questions about these new rule please make a comment here or send an e-mail.
