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New RESPA rules take effect January 1st

By Chris Whitehead

Real Estate Broker/Owner with HomeBuyer Experts

December 23, 2009 07:40 AM

New RESPA rules take effect January 1st

RESPA (Real Estate Settlement Procedures Act) is a consumer protection statute that is designed to aid homebuyers during the home buying process and help them become better shoppers while protecting them at the same time. It outlaws things like “kickbacks” that would increase the overall cost in buying a home.

The revamped act will take effect Jan 1st, 2010 and is supposed to make it easier for home buyers to understand what is going on at closing. In my opinion more regulation and paperwork is not going to fix the already overcomplicated process. What is needed is for the Professionals that are involved in the transaction to take their time and make sure the consumer has a clear understanding of the process.

If you are in the market for a home and would like to experience the protection and advise that an Exclusive Buyer Agent provides please email me at cwhitehead@hbexperts.com or you can call us at 330-315-2552.

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Tiffany Torgan

Harcourts Prestige Properties of La Jolla - La Jolla, CA

Featured on HGTV's New Show! How Close Can I Beach

Greart blog on Respa...I agree there needs to be more education provided to the consumer!

Dec 23, 2009 07:42 AM

Terry McCarley

Coastal Real Estate - Cape Coral FL - Cape Coral, FL

REALTOR, SRES, CDPE - Cape Coral, FL

Change can always bring issues but I personally am all for anything that will further protect the buyer and make the process easier to understand even if it requires more paperwork. Thanks for the post and the links to more info.

Dec 23, 2009 07:44 AM

Scott Taylor

Realty Center - Orlando - Ocoee - Orlando, FL

REALTOR

The government can't rely on us agents and mortgage lenders to educate buyers, so they have to have mandadated forms. They need these because a certain few, actually too many, are getting kick backs.

Dec 23, 2009 07:59 AM

John Occhi

AZ Veteran Notary Services - Marana, AZ

Mobile Notary Public/Certified Loan Signing Agent

Thank you for this post. I have just written my own on the new RESPA rules and even went ahead and created a group, just for RESPA posts, like this one.

Would you please consider joining this new group and adding this post to the group.

Thank you in advance,

John

Jan 02, 2010 06:29 AM

New RESPA rules take effect January 1st

New RESPA rules take effect January 1st

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Chris Whitehead

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