Inauguration Day Closing - Lions & Tigers & Bears - Oh My!

By
Real Estate Broker Owner with F.C.Tucker 1st Team Real Estate

Yesterday, was a memorable day for our nation and for us as REALTORS. 

Obstacles can be overcome, both in life and business (God willing).

The  American Dream of Home Ownership is having more obstacles of late, in getting to the closing table.

 

 In the Wizard of Oz, Dorothy's famous line

 " Lions & Tigers & Bears, Oh My! " somehow reminds me of a 3 month journey (not on a yellow brick road:) to closing a UNIQUE Real Estate Transaction that had 3 wild surprises to work through/overcome :)

The Lions - Federal Court System     

In late October we listed a Home, whose sale was SUBJECT TO COURT APPROVAL.  In 4 days, we had an accepted offer! The local attorney who represented our seller was wonderful to work with (small world - he went to the same law school as Jeff's brother and our oldest daughter).  He warned us that the time frame for getting full court approval was lengthy and once approved NO TERMS AND CONDITIONS could be changed on the sellers side without going back into court. So all inspections, appraisals, amendments or addendum's need to be worked through and in order.  7 weeks later we received acceptance from the court on the offer to purchase with specific time frame given by which it must close!  It takes a willing buyer to be able to wait this long for an answer!

The Tigers - Underwriters

The latest guidelines for Home Loans are more Stringent!  Conditions, Conditions, Conditions, not all at once, just one new one per week with a long response time (another whole week) to the documents being submitted to meet conditions!  

It took 4 weeks to get through underwriting and some of the things asked for were....well that's another blog! Luckily, the attorney got involved to explain title, deed and legal concerns to someone having power over lending, but no legal degree.

The Bears - Independent Audit of Files                                                     

Loans, especially federally backed funds, are getting independently audited more &  more!  Last weeks final surprise/delay put us

 at the final hour possible.......

  Yesterday, after a 2.5 hour closing, I was reminded of another line from the Wizard of Oz that helps explain why we persevere....

"There's No Place Like Home"                      

editorial by Grace Safrin, CRS, Real Estate Broker

Photos courtesy of wikepedia

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Disclaimer: The opinions expressed by those providing comments are theirs alone, and do not reflect the opinions of Jeff and Grace Safrin of F.C. Tucker Advantage Realty. Jeff and Grace Safrin and F.C. Tucker Advantage Realty are not responsible for the accuracy or content provided.      

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Topic:
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Comments 11 New Comment

Rainer
67,172
Keith Perry
REALTOR - West Metro Atlanta
Coldwell Banker

Hope you get to some smooth closings as well. Seems the market conditions make every step more difficult these days. Wishing you two the best!

January 22, 2009 04:32 PM
Rainmaker
446,345
Jeff&Grace Safrin
SpousesSellingHousesTM
F.C.Tucker 1st Team Real Estate

Hello John - Amazes me sometimes, how things are done?  Jeff gets involved and goes up the food chain...we do not beat our heads...just bring the issues to the attention of someone who has authority to think outside the box and reason through issues. Most times, it works.

Hi Keith - hopefully, this trend shall also come to pass :)    All the more reason - YOU NEED competent experienced Realtors to turn the housing market around - when a deal closes successfully - the community is impacted by a ripple effect of the stimulus the new homeowner will instill over time being a consumer for his home needs!

Sincerely,

Grace

January 23, 2009 12:15 PM
Rainmaker
127,647
Greg Miller
Warsaw Ind. Home Loans - Conventional, FHA,USDA
Ruoff Home Mortgage

 Jeff & Grace, neat post tying the wizard in there.And I do agree "There is no place like home."

 Amen to the underwriters moving at a snails pace.

                                                                      Greg

January 23, 2009 09:58 PM
Rainmaker
446,345
Jeff&Grace Safrin
SpousesSellingHousesTM
F.C.Tucker 1st Team Real Estate

Thanks Greg - appreciate you taking time to stop by and comment.  Amen is right :)

Sincerely,

Grace

January 24, 2009 02:25 PM
Rainmaker
476,413
Robert L. Brown
Grand Rapids Real Estate Bellabay Realty, West Michigan
www.mrbrownsellsgr.com

Seems like a hangmans noose arounfd the neck. I understand covering ALL the bases but sometimes it can be a bit much.

February 05, 2009 09:42 AM
Rainmaker
446,345

Jeff&Grace Safrin

SpousesSellingHousesTM
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