New Government Issued Regs to Delay Closings

Monday will be the first day the new federal closing guidelines take effect, and there is fear that they will delay most closings by fifteen days on average.  Of course, the same thing was said five years ago when guidelines were last revamped.  However, this version looks like it may actually effect some buyers and sellers.  I suspect there will be some fumbling around as lenders and title companies decipher the government specs in the real world, and that some closings will be delayed.  But after a couple months things should return pretty much to normal.

So, if you’re buying or selling and plan on closing during the next few months, it would be best to plan on a 45-60 day timeframe from offer acceptance to closing.  (If you have questions or concerns, just ask!)