Coming soon

Here it is the middle of August, the middle of the third quarter of the year. Many events will soon be upon us or behind us; some affecting Realtors, some affecting consumers, and some affecting us all.

The Parade of Homes will come to an end today. With smoky conditions some may not have yet ventured out to see our area builders putting their best foot forward with their display of more than 20 homes throughout our area. Sponsored by the North Idaho Building Contractors Association, this collection of homes is open through this afternoon for viewing. The Parade is a showcase for those looking for a new home or those seeking decorating ideas for their own homes. On site there will be builders, real estate agents, decorators, lenders and other experts to answer questions about the building and buying process. For just $5 it is a terrific value and a fun way to spend a few hours. Visit the website for this newspaper for details.

For Realtors there are training opportunities coming. The Idaho Real Estate Commission now requires completion of the CORE course every year, not every other year as in the past. This course provides critical knowledge of real estate rule and law changes and gives Realtors the opportunity to review actual case studies that may prevent them or their clients from expensive legal issues that can be a nasty part of a real estate transaction. Both the 2014 and 2015 courses will be offered next month.

Starting Sept. 1, absentee ballots will be emailed to all Coeur d'Alene Association of Realtors members to vote for their 2016 board of director positions. Your votes will determine the new boards for both the association and for the Multiple Listing Service. Also next month is the Idaho Association of Realtors election for North District Vice President. The absentee ballot is available now at the IAR website.

"Know Before You Owe" is the moniker given to new lending documentation requirements coming Oct. 3. The Consumer Financial Protection Bureau created by the Dodd Frank Act has re-designed the process for informing consumers of the financial obligations and fees related to a mortgage. The Bureau has incorporated requirements under the current Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). In an effort to make closing documents easier to understand the CFPB has combined forms required under both acts. The new forms will be required for banks and title companies alike and should make it easier for borrowers to know exactly what they are paying for when borrowing money. Though there are may changes required by these regulations the one that consumers will notice most is the Loan Cost Estimate. This document needs to be issued before a loan application is completed and will address all costs associated with the anticipated loan. It is recommended buyer get several estimates. These estimates are only good for 10 days so time is of the essence when making your decision about where to apply for the loan. The documents you will see at closing will look just like the documents in your estimates and are intended to be much easier to understand than existing settlement statements. Realtors and consumers can see the forms and learn about the process at www.consumerfinance.gov

Trust an expert....call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.

Kim Cooper is a real estate Broker and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the Association invite your feedback and input for this column. You may contact them by writing to the Coeur d'Alene Association of Realtors, 409 W. Neider, Coeur d'Alene, ID 83815 or by calling 208-667-0664