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Tip for Faster Closings

Friday, August 14, 2009 posted by Tommi Crow

If you are selling a home that qualifies for FHA financing, you are required to complete a Transfer Disclosure Statement (TDS), before the buyer’s loan can close.  With closings taking up to 90 days to happen, it is imperitive that you don’t hold up your sale.   See the criteria below to determine if you need to complete this form.

  1. If the home qualifies for FHA financing, and you occupy the home, you MUST complete this form in order to sell your property.
  2. If you are advertising your home as a “short sell” and live in the home, you MUST complete this form in order to sell your property.
  3. For those homes listed by an agent or broker, the agent only has to request the form from the seller 3 times and they are off the hook.
  4. This form is not required for non-owner occupied housing (ie: foreclosures and bank owned).

With the first time buyer tax credit expiring in a couple of months, you don’t want to lose a sale because you have not completed this simple form.  Make sure you complete it and provide it to all buyer’s.

Thank you for visiting InfoTube.net.  We are here to help you buy and sell real estate.  Post a Free Ad on our website or Search our database, in complete privacy, for some great deals on houses.  Home sales are definitely picking up, don’t let the end of the selling season pass you by.   Have a great weekend and happy selling!!