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 New GFE

Created by:
Peter Miller, Writing/Editing

Date: November 2, Number of Replies: 4


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Hi --


 
Starting January 1st all lenders will be using a new, standardized, three-page Good Faith Estimate of Closing Costs developed by HUD. This form will make it easy to compare loan offers. It also shows what costs can change or not change and is especially valuable for ARM borrowers.

 
There has been considerable opposition to this form, however a when the matter was taken to court in an effort to prevent its use, HUD won. �This was not much of a surprise given that the form was developed over a period of 14 years with lots of public and industry input.

 
It remains possible that Congress will delay the use of the form, but at this moment it's set to go as of January 1st -- about eight weeks from now.

 
I have posted the form and a basic explanation of what it says and how it works on OurBroker.com. A link to the court case is included.

 
This form is a vast improvement for borrowers. NAR says 61 percent of all purchasers now use a buyer broker, so every licensee should know this form.

 
All the best,

 

 
Peter G. Miller

 

 

 

 

 
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Date: November 2

Hi All, I have not been a very good member as of late but I have slowed
a little in buyer/seller activity so I am returning to the community to
get all this great information. I am truly happy to be associated with
the e-pro community. I have also just completed the CDPE (certified
distressed property expert) course and I hope everyone that reads this
post will take this career changing education. I have shy ed away from
short sales but after taking the course my eyes have opened to this
great opportunity to get our country back on track and help the banks
sell these homes and help homeowners regain their dignity. Thanks for
all the great information, Sincerely, Kim Stark.

Kim Stark Realtor GRI, ePRO, CDPE
Re/Max A-1 Excellence
4165 Shoreline Drive Spring Park MN. 55384
Office:952-471-0722
Fax:952-471-7427
Cell:612-747-6120
Web site:http://www.KimStark.com

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Gary West Licensed Real Estate Agent

Date: November 3

I have also just completed the CDPE (certified
distressed property expert) course and I hope everyone that reads this
post will take this career changing education. I have shy ed away from
short sales but after taking the course my eyes have opened to this
great opportunity to get our country back on track and help the banks
sell these homes and help homeowners regain their dignity.

You Go Girl1

Here in the metro Detroit area we're the majority of our transactions are either bank owned or short saled. I hope you can keep that enthusiasm going as you work that market Kim. That sector, of course, needs people who are willing to work tirelessly to get these properties off the market. Good luck in your endeavors.

Gary West ABR Real Estate One (248) 343-3800 cell (248) 738-3960 home off (248) 927-0679 fax

gary-west@comcast.net

Visit My Website

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Lindy Hall Licensed Real Estate Agent,  Houston,  TX

Date: November 4

Peter... Thank you so much for that GFE form which I downloaded, but admit I haven't printed it up and read it yet. I do feel it will be extremely helpful, in that, it answers Buyers' questions before they are asked. Some loan officers are hard to reach after the loan app process has started... and this will negate that situation.

But also, I thank you for putting it on Scribd, a fascinating web-site I'd never seen before. Just love it...... I Fwd'd that link to my friends, too. I spent a lot of time on there, and barely scratched the surface.

Lindy in Houston

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Peter Miller Writing/Editing

Date: November 4

Lindy -- Thanks for your kind note.

I could have posted a link to the form and just had it as a raw PDF, but I think Scribd gives people a better sense of the document as well as a bunch of choices -- read it, download it, search, etc.

In particular, I like Scribd for court cases -- you just put the entire decision online and then you can always go back and find it.


I do think a lot of buyers will be helped by this form and I suspect the explanation will save a lot of time for brokers.

And in answer to many emails:�YES -- you may have a LINK from a brokerage site to the GFE story.�

All the best,

Peter G. Miller
OurBroker.com








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