First impressions seems like the ideal subject for my first editorial post of 2010. It’s time to take that big step forward and I don’t know about you, but I want to make the most of it.
So, as a seller of a home, how can you maximize the first impression that your home gives? Of course you want to mow the lawn, clean the roof, trim the bushes and trees, but is that all? And, in fact, are those items even the most important? No, they aren’t. I believe that the single most important area of your home that you need to spiff up and get ready, is the front door.
When ever I take a new listing I give my little talk about getting the front door ready. Think about it. Typically a buyer is waiting at the front door while the Realtor is finding and opening the lock box. The buyer will pause there for a minute or two and have the opportunity to look at every little detail. Is the area clean? Is the paint fresh? Or is there a sofa and a big bag of Alpo on the front porch? And if there is a pile of rubbish to step around, what do you think that the buyer is anticipating finding inside? I really believe that buyers make their decision about the house at the front door. If they like what they see, they go into the house seeking to reinforce that opinion. They go inside looking for things to like. If they have been put off at the front door, they enter the house feeling critical. Will the bag of Alpo be accompanied by crates of rabbits and a barking dog chained in the back yard? This is just a very, very important place to spend a little time getting your home ready for marketing.
First I recommend a good cleaning and fresh paint. Get out a scrub brush, some soap, and take the time to really clean. Wash not only the door but the threshold, the weather-stripping, the light fixtures and everything around the door. Sweep the porch. Wipe away the moths and spider webs around the light fixture. Make certain the paint on the door is fresh with no scuffs or scratches.
Make sure the door knob and the key work easily. You may want to consider updating the hardware for the knob and the lock.
The National Association of Realtors publishes an annual report that is specific to every region of the country telling what sort of re-sale return can be expected from remodeling. The only item on the entire list, including kitchens and bathrooms, that returned of 100% of the investment was the purchase and installation of a new front door. Seriously. It will make you money to do this right. The estimated cost in the Pacific region is $1353 to install a new door and a return on the sale of your home of $1732. That’s a return of 128% on the original investment.
Once you get the door clean, painted and ready, do a little staging of the exterior entry area. Be careful not to crowd the area with too much. People should not have to avoid or step around anything you display. I recommend a pot or two of seasonal flowers (at this time of year you can display primroses and pansies) or perhaps a wreath on the door. Be careful with holiday decorations not to leave them on too long, but they are certainly appropriate during each holiday of the year.
Take a little time as you get ready to sell your home, and be sure to take time at the front door. Your efforts will help you to realize a better sale and probably even make you some money.
Last week brought us 4 truly new listings, 4 pending sales, and 5 closed sales. Kudos to the brave souls who were out working and busy over the holidays. And to my client who managed to schedule his moving day for the exact date and time of our brief snow storm.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes): NEWLY LISTED (Dec. 28—Jan. 3, 2010)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
List Date
100 KERR PKWY
$102,500
2
1.1
823
CONDO
12/28/2009
4 TOUCHSTONE
$160,000
3
2.1
1,350
CONDO
1/2/2010
19415 SW DOGWOOD CT
$529,900
5
3
3,517
DETACHD
1/1/2010
19288 SW Megly CT
$579,900
5
3
3,657
DETACHD
1/1/2010
PENDING SALES (Dec. 28 – Jan. 3, 2010)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
65 Church ST
$159,900
2
1.1
1,040
CONDO
250
952 A AVE
$350,000
2
2
2,912
DETACHD
241
5506 ROYAL OAKS DR
$399,900
4
3
2,535
DETACHD
19
8 BUCKINGHAM TER
$427,900
4
2.1
3,186
DETACHD
144
SOLD (Dec. 21 – Dec. 27, 2009)
Address
O/Price
Sold Price
# Beds
# Baths
Total SF
Prop Type
CDOM
4000 CARMAN DR
$129,900
$123,000
1
1
836
CONDO
103
364 NORTHSHORE RD
$629,900
$355,460
2
2
2,220
DETACHD
465
106 GREENRIDGE CT
$489,000
$441,000
4
3
3,127
ATTACHD
136
279 EVERGREEN RD
$689,000
$615,000
3
3.1
2,136
ATTACHD
129
1980 TWIN POINTS RD
$4,987,500
$4,987,500
4
5
6,600
DETACHD
0
Criteria:Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.
Happy New Year one and all! It looks like it’s going to be a bit quiet this Sunday. For those of you who are hoping to attend an open house or two, there will be 5 homes held open in Lake Oswego, according to the RMLS.
I think the best thing I can say about the Lake Oswego real estate market of 2009 was that it wasn’t 2008. Remember a year ago? We’d seen the collapse of some of the Nation’s largest banks, the first bailout/stimulus package had been put into play, and the entire Nation was in a wait and see mode as the country transitioned to a new Presidency. It was a very difficult time. And it makes today’s market feel, well, pretty darn good.
Let’s start by looking at the Portland Metro area.
At this time last year the RMLS was reporting 19.2 months of inventory. In other words, to sell all of the active listings at the pace that properties were then selling, it would take 19.2 months. Today that same inventory is just 7.1 months. Whew!
Closed sales from November of 2009 (the most recent report available at the RMLS) are 72.4% greater than they were in November of 2008. Don’t get too excited about that one. It’s a reflection of just how horrible sales were in November of 2008 and how great they were comparatively in 2009. Putting better perspective on it requires doing a 11 month average of January-November for 2008 and then 2009. When this is done the closed sales are greater in 2009 by 2.6%. Still, an improvement.
November of 2009 compared to November of 2008 has pending sales up by 19.9%
November of 2009 compared to November of 2008 has new listings down by 7%
We have continued to see a decline in home values of 11.4%, year over year.
Looking at the specifics of Lake Oswego:
There are currently 396 single-family homes for sale and 130 condos. Of the single-family homes, 96 are priced at over $1,000,000 and 54 are priced at $350,000 or less.
There are currently 49 single-family homes and 12 condos with pending sales.
In the last 12 months 393 single-family homes and 95 condos have sold and closed. Of those 42 cost $1,000,000 or greater and 93 were priced at $350,000 or less. In those high-end homes, 7 were priced over $2,000,000.
At the pace that $1,000,000 and greater homes are selling, based upon the performance of the last 12 months, there is still 2.2 years of high-end inventory. And that also means that the less expensive homes ($350,000 or less) has just 7 months of inventory.
The average sales price is $419,300.
Property values saw a decline of 12.9% in the last 12 months.
Average days on the market (length of time between listing a home for sale and accepting an offer) is 163 days.
I just can not leave this subject entirely without doing my compulsive comparison of affordable homes in Lake Oswego versus Sellwood, a neighborhood in SE Porltand. I like to do this because I used to live in Sellwood, so I think I have a good idea of the area, and because I remain convinced that Lake Oswego is misunderstood by buyers. Many people assume that Lake Oswego is just too expensive for their budget. This is, in fact, not true at all. At this time there are currently 54 houses for sale in Lake Oswego priced at $350,000 or less, whereas in Sellwood there are currently just 27. Lake Oswego is a good place to find an affordable home.
The least expensive home in Lake Oswego is a short-sale property that needs work. It’s priced at $169,000 and has 1382 square feet with 3 bedrooms and 2 full baths. It’s on a quiet street near Waluga Junior High School. Offers have been submitted to the lender for 3rd party approval.
The least expensive home in Sellwood is a short-sale property that is being sold “as is”. It looks to me like it needs some work but is in better condition than the LO property. It is priced at $209,000 and has 850 square feet (120 of that in the basement) with 2 bedrooms and 1 bath. It too has received an offer and is waiting for lender 3rd party approval.
The most expensive home in Lake Oswego remains the 5.5 acre private island in Oswego Lake that is priced at $19,500,000. Built in 1929, it has 13,500 square feet with 5 bedrooms and 6 1/2 baths. There are waterfalls and a lake side pool. To arrange a showing, buyers must provide verification of funds. Yep, LO has those kinds of houses too.
We will never be able to foresee the future. We can only look at the present and the recent past to get an idea of what to expect ahead. My prediction is that the tax incentives for 1st time buyers, and now for repeat buyers as well, will continue to boost sales. I think people intending to sell who are serious will continue to price their homes at reasonable levels that will attract an offer. I also think that people have been beat up in the last couple of years and realize that many mistakes were made. Even if the economy improves, I predict caution from home buyers for many years. People will shop carefully and make home choices carefully. I will also tell you that from my perspective, having survived the housing market of 2008, and now the market of 2009, I am really looking forward to 2010.
Linda and I want to wish you a safe, healthy, and happy New Year.
This past week we had 8 new listings, 12 pending sales, and 7 closed sales. I expect this week to be slow as everyone gets into all of the events of the holidays.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes): NEWLY LISTED (Dec. 14—Dec.20, 2009)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
List Date
47 EAGLE CREST DR
$89,500
1
1
696
CONDO
12/14/2009
100 KERR PKWY
$97,000
1
1
617
CONDO
12/18/2009
12 WHEATHERSTONE
$285,000
3
2.1
1,692
ATTACHD
12/20/2009
210 S STATE ST
$339,000
2
1.1
1,495
CONDO
12/15/2009
5511 FIELDSTONE CT
$675,000
4
2.1
3,032
DETACHD
12/15/2009
5533 FIELDSTONE CT
$695,000
4
2.1
3,112
DETACHD
12/15/2009
1703 VILLAGE PARK LN
$789,000
3
2.1
3,450
DETACHD
12/14/2009
17288 LOWENBERG TER
$897,000
4
3.1
3,245
DETACHD
12/14/2009
PENDING SALES (Dec. 14 – Dec. 20, 2009)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
Address
List Price
#BR
#BTHS
Total SF
Prop Type
CDOM
668 MCVEY AVE
$179,900
2
1.1
985
ATTACHD
1124
5064 FOOTHILLS DR
$199,900
3
2
1,252
CONDO
168
14431 SHERBROOK PL
$285,000
4
3
3,284
DETACHD
365
520 9TH ST
$325,000
3
2
1,148
DETACHD
151
16824 INVERURIE RD
$335,000
3
3
1,896
DETACHD
244
8 WALKING WOODS DR
399900 – 429900
4
3
3,302
DETACHD
303
15943 WHITE OAKS DR
$430,000
4
2.1
2,773
DETACHD
242
5948 BAY POINT DR
$484,950
4
2.1
2,421
DETACHD
226
34 HILLSHIRE DR
565000
3
2.1
3,822
DETACHD
699
17675 CARDINAL DR
599000
3
3
3,458
DETACHD
294
13010 KNAUS RD
995000
4
3.1
4,312
DETACHD
1128
15481 TWIN FIR RD
999000
4
4.1
4,821
DETACHD
593
SOLD (Dec. 14 – Dec. 20, 2009)
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
CDOM
Address
O/Price
Close Price
# BR
# BTHS
Total SF
Prop Type
CDOM
113 KINGSGATE RD
$309,000
$255,000
3
2
1,436
DETACHD
94
200 BURNHAM RD
$399,000
$275,000
3
2
1,960
CONDO
294
3521 LANEWOOD ST
$399,500
$394,500
3
1.1
1,675
DETACHD
5
13584 TWIN CREEK LN
$449,900
$435,000
4
2.1
2,615
DETACHD
2
12430 ORCHARD HILL RD
$649,950
$550,000
3
2.1
2,985
DETACHD
201
4304 WESTBAY RD
$629,900
$600,000
4
3.1
2,914
DETACHD
153
762 3RD ST
$639,900
$610,000
3
2.1
2,590
DETACHD
309
Criteria:Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.
There are just 8 open houses being promoted in the RMLS for this Sunday. Not surprising with this being the start of the Christmas week. All 8 are high-end new construction. All 8 are also the “perenial opens”: the houses that seem to be open every Sunday. I have been in most of them. They are gorgeous properties. If you haven’t seen them already, they are worth the drive.
Let’s face it, December is dark. The sun comes up about 7:30 and sets about 4:30. That’s just 9 hours of daylight. And that’s why Christmas lights are pretty darn important to me. I know they are put up to celebrate religious traditions. But as far as I am concerned they are put up for ME. I love them and need them to get through the month of the year with the shortest daylight. My own turkey barely has a chance to go cold on the counter before I am putting up my own Christmas lights. And I push the boundary on the other end too by leaving them up past Christmas. (Yes, one year I had them up until Valentine’s, but haven’t been that extreme in quite awhile.)
So when Linda and I first designed the propertyblotter, and had to think about what links we wanted permanently attached, the Christmas Ship Parade came immediately to mind. You will see our link to the Christmas Ships year around on our left tool bar. However, I don’t want to just assume that you have used it to see what it is all about. This year I want to point it out and suggest that you load up your car with family and a thermos of hot cocoa and drive over to Foothills Park on December 19th at about 6pm. This is the evening that the parade of lighted ships are scheduled to come as far South as George Rogers Park on the Willamette River. You can view them from George Rogers Park, and also from Roehr Park, but you would probably need to get out of your car. Personally, I love to sit in the car to watch them. Just find some Christmas music on the radio and stay toasty warm. When my children were little, we commonly did this with both of them bathed and in their pajamas.
There are about 20 or so ships that are organized and captained by volunteers. They do a nightly parade of both the Willamette and the Columbia Rivers with the evening parade location changing daily. I think the only time between now and Christmas that they will be as far South as LO is the 19th. If you are willing to drive North, you will be able to find them in other locations on other evenings. For a complete schedule, click here.
And if you want to find what I consider to be the top decorated house light displays, I want to recommend driving down Edenberry Drive in Westlake. The homeowners on the street go all out. It is gorgeous. Many of the side streets are also decorated. So swing through when you get the chance.
Enjoy the season. I know that I do: especially the Christmas lights.
With just 5 pending sales and 8 closed sales last week, activity seems to be settling into the slower months of winter. However, we still had 20 new listings (not refreshed, truly new). At this time of year, people typically hold off on putting their house up for sale until after the holidays. To list your home now, you have got to be pretty motivated. I am suspicious that some of these homes are in financial trouble. I also know that corporations often move employees during the holidays if they are trying to close out a corporate year that matches the calendar year. Whatever the cause, we are back to more new listings than sales activity.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes): NEWLY LISTED (Nov. 30—Dec 6, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# BR
# BTHS
Total SF
Prop Type
List Date
59 GALEN ST
$99,000
1
1
550
CONDO
12/2/2009
334 CERVANTES CIR
$144,900
2
1
832
CONDO
12/4/2009
75 GALEN ST
$159,900
2
2
995
CONDO
12/1/2009
4 TOUCHSTONE
$190,000
3
2.1
1,351
CONDO
12/1/2009
287 CERVANTES
$195,000
3
1.1
1,144
CONDO
12/4/2009
45 SW EAGLE CREST DR
$205,000
3
2
1,348
CONDO
12/2/2009
100 LEONARD ST
$264,900
2
2
1,364
CONDO
12/3/2009
16890 CORTEZ CT
$324,900
4
3
2,016
DETACHD
12/4/2009
1841 CLOVERLEAF RD
349000
5
3
2,186
DETACHD
12/1/2009
837 OAK ST
380000
3
2
2,816
ATTACHD
11/30/2009
15 CHURCHILL DOWNS
380000
4
2
2,014
ATTACHD
11/30/2009
17942 SAINT CLAIR DR
524900
4
2.1
2,533
DETACHD
12/1/2009
1250 PINE ST
539000
4
2.1
2,856
DETACHD
12/3/2009
339 6TH ST
599900
3
3.1
2,258
ATTACHD
12/1/2009
18081 WESTMINSTER DR
599950
4
2.1
2,713
DETACHD
12/1/2009
15393 DIAMOND HEAD RD
756400
4
2.1
3,192
DETACHD
12/2/2009
1010 HOODVIEW LN
875000
4
3
3,058
DETACHD
11/30/2009
17802 SW Marylcreek DR
887900
3
4
3,825
DETACHD
12/6/2009
18175 PILKINGTON RD
899900
4
3.1
3,164
DETACHD
12/1/2009
444 6TH ST
1095000
4
4.1
4,541
DETACHD
12/1/2009
PENDING SALES (Nov. 30 -Dec 6, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
668 MCVEY AVE
$143,550
3
1.1
992
CONDO
59
5077 W SUNSET DR
$299,900
2
2.1
1,720
ATTACHD
102
4051 VIRGINIA WAY
$339,900
3
2.1
1,658
DETACHD
58
2753 VALE CT
$402,000
3
3
2,786
DETACHD
31
1575 IVY CT
$515,000
4
3
2,432
DETACHD
56
SOLD (Nov. 30-Dec 6, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# BR
# BTHS
Total SF
Prop Type
CDOM
4 TOUCHSTONE CT
$137,900
$105,000
3
2.1
1,350
CONDO
371
14 POLONIUS ST
$300,000
$288,000
4
3
2,754
DETACHD
254
5096 SW TREE ST
$334,900
$318,000
3
1.1
1,410
DETACHD
462
1990 WEMBLEY PARK RD
$399,900
$390,000
4
3
3,162
DETACHD
27
2981 VALE CT
$512,450
$475,500
5
2.1
3,516
DETACHD
436
5382 ROYAL OAKS DR
$555,000
$492,500
4
2.1
2,970
DETACHD
194
135 FURNACE ST
$709,900
$647,000
2
2.1
1,927
CONDO
97
827 8TH ST
$898,000
$835,000
5
3.1
3,852
DETACHD
38
Criteria:Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.
There are 15 homes being promoted in the RMLS as Open Houses this Sunday. I will be holding open my condominium listing in Mt. Park: 4447 Golden Lane. I’ll be there from 1 to 4. I’d love to have you stop by.
Both in my personal experience, as I see transactions through escrow to closing, and in the continuing education classes I have lately been taking, I am seeing some very strong changes in lending guidelines. These changes are coming from the Federal Government as part of addressing the mortgage crisis that our country has recently endured. I think that it is important, no matter where you fit into the real estate picture, to understand these changes and adapt your expectations and behavior to accommodate them. The days of having a credit score and a pulse to get a mortgage are over. The days of a 30 day escrow are going to be rare, and here is why:
The first big change in lending practices happened June 1 of 2009 with the implementation of MIDA, the Mortgage Improvement Disclosure Act. This Federal law requires that every time a borrower receives a Good Faith Estimate (the paperwork that lays out estimated costs to obtain a mortgage) the borrower must be given a 7-day disclosure period in which to become knowledgeable of the terms of the mortgage and either accept those terms or shop for a better deal. It makes sense. Buyers are faced with a very large and important financial decision. They need to understand what they are doing and approve of the loan product that they will be obtaining. It gives a borrower some breathing room in the process so that they are not pressured into a loan that they will later on regret. Where it gets dicey is if any changes happen to the loan while it’s in escrow. Every time a change occurs that affects the APR by more than 1/8th, a new Good Faith Estimate must be issued and a new 7 day disclosure period must pass. So let’s say that a buyer does not lock their interest rate until just prior to closing and the rate changes. The lender can not allow closing of the sale until that 7-day disclosure period has passed. A more common variable would be if the buyer has a home inspection and chooses to have the seller pay some of his closing costs in lieu of repairs. When the seller pays the buyers closing costs it changes the buyers Good Faith Estimate and a new 7-day disclosure period must pass. This is not going to be a big deal if all parties go into the escrow period understanding how important it is to allow time for disclosure periods and being aware of what can trigger them. I think it is more important than ever to lock in your interest rate early in the escrow period so that you don’t get thrown for a loop at the last minute.
The other changes that are occurring are a result of the Real Estate Settlement Procedures Act, which goes into effect on January 1, 2010.
The Federal Government has now defined what constitutes a pre-approval on a loan application. In the past a buyer would make a loan application prior to making an offer on a house. That buyer could then provide a letter of pre-approval from a lender showing that they are approved as a borrower but subject to finding a house. The Federal Government is now saying that no loan approvals can be given without an address attached to the approval. So a borrower can get pre-qualified for a loan (credit report pulled and debt to income factored to estimate that they can be approved in the future) but they can not get pre-approved.
The next big change is the change to required Federal forms for both the Good Faith Estimates and for final HUD Settlement Statements. I have seen the new Good Faith Estimate forms and I like them. They look more like a worksheet. And they have very clear sections where the lender must put in total sum numbers for “all other settlement charges”. So many lenders call their fees by different names. So a borrower, when comparing loan programs, would have to compare a variety of charges that, because they had different names, were confusing. By requiring a lump sum figure it doesn’t matter the names of the charges or even the quantity. What matters is the bottom line and this new form makes it easy for a borrower to see the sum total and compare sum totals between lenders. Once the Good Faith Estimate is given the lender is required to allow the borrower 10 days to shop other loan programs. The Good Faith Estimate has blank columns that line up next to the estimate given that allows a borrower to write in the fees they find with other lenders. The finished form will clearly show the borrower the various costs for various programs. I think it is an improvement.
Another change is that there is a 3-day disclosure program for the appraisal. This means that the borrower must be given a copy of the completed appraisal at least 3 days prior to closing so that they can look it over and understand it. The days of the appraisal being given to the borrower when they sign the loan papers, or perhaps even having to request that it be mailed to them, are over. Again, I think this is an improvement. Not only do buyers deserve to see the documentation of value, it just seems like professional courtesy to take this extra step.
Finally, there is what is called the 10% Tolerance. At closing the numbers given in the Good Faith Estimate are lined up against the actual settlement charges on the HUD Settlement Statement. If there is a difference in the charges of 10% or greater, the lender must absorb the difference. This can be done by reducing the lender charges at closing or by reimbursing the borrower within 30 days of closing. Seriously, this is a big IMPROVEMENT for borrowers.
All of these changes are going to mean that if there is a mortgage involved, it will take a little longer to close a transaction. Realistically, you should expect escrow to last about 45 days. And as much as the buyer and seller might be willing to close sooner, the process can not be rushed. These are Federal guidelines that preclude the terms of the written contract.
I have got to share one more word of advice. If you are buying a home and you have made an offer that has been accepted, do not purchase ANYTHING using credit. Lenders are now pulling credit reports just prior to funding the loan. If your credit score has changed or your credit card balances have increased, it can kick your new mortgage right back into underwriting. This recently happened to a buyer of one of my listings. Not only did he have to pay off the new credit card charges, but we had to wait an entire week for the lower credit card balances to be reflected on a new credit report from one of the National credit reporting bureaus. It delayed closing on the purchase for 2 weeks. So much for moving in by Thanksgiving……
So be aware, be patient, and be realistic about what to expect. There is a new lending environment, but for the most part it does benefit the borrower. Change can be a good thing.
If you would like a pdf of the Real Estate Settlement Procedures Act, click here.