Notes From Readers: Getting Ready for Closing Changes
Readers speak out about using drones, the upcoming closing changes, and how agents can ease clients' worries.
July 15, 2015
Getting Ready for Closing Changes
"Don't Get Thrown by Doc Overhaul" (May/June 2015) offered insights about how to adapt to the proposed changes in closing procedures from the Consumer Finance Protection Bureau expected to take effect in October.
Stefen Lee Liberti responds: I do not understand the concern. The new norm will be to have the closing statements completed five to seven days in advance to have time for corrections if necessary. In the end, it will be better for everyone. Educating sellers and buyers about the potential for last-minute delays is key.
Lauren responds: Are the regulators going to inform all of the cities and towns that we need final readings done a week or more prior to closings now? For this new regulation to work, the municipalities are going to have to agree to do readings much earlier than they do now. If they don't cooperate, we can’t control it.
The Role of Drones
I enjoyed your article about drones and the FAA ("Should You Pursue Drone Technology?" Online Exclusive, May 2015). In the United States, we are several years behind other countries with regard to regulating UAVs. I think a good part of property photography will come from UAVs in the future, as this is the best way to show people how the house sits on the property and how it fits in the neighborhood. I am hopeful the FAA can develop a set of rules that are designed to promote and protect UAV aviation. —Jim Rogers, Lake Buy Realty, Laurie, Mo.
Drones can be beneficial, but I don't see them as anything more than a gimmick in their use as a tool for real estate. People don’t hover at 50 or 100 feet over properties when they're looking for a house to buy. They look at it from ground level with common eyesight. We need to step back and assess our motivations and get back down to Earth. —Dennis Elias, Westgate Real Estate, Petaluma, Calif.
The article "Calm Your Buyers’ Fears" (Online Exclusive, June 2015) offered suggestions for helping clients manage their disappointment when an offer is rejected.
David Boisvert responds: Excellent points in this article! Every sale has had its ups and downs, yet every one has also worked out to the benefit and happiness of all involved. The analogy of a roller coaster is perfect for the process of buying or selling a home.
Martha Aiken responds: That analogy is perfect for real estate professionals' day-to-day business.
Mike responds: That's a good story. Multiple offers are never pleasant. It often comes down to money. The morals of the story are to not give up and to re-affirm the goal of the purchasing family.
Updated: August 15, 2018