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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@ 219-405-1232.

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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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Rainmaker
1,422,743
Tom Braatz
Re/Max Realty 100 262-377-1459 - Oconomowoc, WI
Waukesha County Realtor Real Estate agent,Waukesha

Hi Jeff and Grace

Lions, Tigers, and Bears; we have had our share of those. Hope all is going great with you.

All my best

Tom Braatz

Jan 21, 2009 04:11 PM #1
Rainmaker
645,228
Team Honeycutt
Allen Tate - Concord, NC

I have had my share of these as well. Hopefully everything will settle down soon.

Jan 21, 2009 04:53 PM #2
Anonymous
Anonymous
Anonymous

I hate to say it but I feel this is going to be the case for some time now.  What use to be a fun, exciting, cheerful transaction of purchasing a home has become an ordeal not many homeowners will ever call it fun, at all.  Good luck and I wish you much success.

Jan 21, 2009 08:53 PM #3
Ambassador
515,340
Cindy Marchant
Keller Williams Indy NE 317-290-7775 www.marchantteam.com - Carmel, IN
"Cindy in Indy" , Realtor, Fishers Real Estate

Hi Jeff and Grace...a 2.5 hour closing...that's probably a record for me.  I think my longest was 2 hours and most of that was waiting for the checks to be cut!

I have had my share of issues with the Tigers...everything but the first born before they okay it.  It is the swing of the pendulum...everybody gets approved and now, no one gets approved (or not very many).

Jan 21, 2009 09:37 PM #4
Rainmaker
459,380
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

Hello Tom - Thanks for stopping by - I'm sure you've had your share as well, just hoping this is not becoming the norm instead of the exception?

Hello Allen - until everything settles down - we will persevere...thanks for taking time to comment

Hi Bob - ah yes the days of easy closings? Even in this case - our seller thanked us immensely and the attorney did as well, so we just have to do the best we can with what we are dealt. Appreciate you sharing your view from many years of expereince.

Hi Cindy - the length of the closing is not something we want to repeat LOL  - your point about the Tigers and swing of the pendulum is so true.... sometimes I think the overcorrection is such a squeeze it trys to find ways /reasons not to loan money?? there must be a reasonable middle ground found for the market to recover. Thanks for sharing your insights.

Sincerely to all

Grace

Jan 22, 2009 09:30 AM #5
Rainer
22,922
John Bethell
John Bethell Title Company, Inc. - Bloomington, IN

Jeff & Grace: Its the template mentality. Someone with little training or ability to exercise independent judgement put a template over the deals. If all the little boxes aren't filled in, then no deal. That's the most frustrating part. Beating your head against a wall sometimes.

Regards, John

Jan 22, 2009 10:34 AM #6
Rainer
67,172
Keith Perry
Coldwell Banker - Hiram, GA
REALTOR - West Metro Atlanta

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!

Jan 22, 2009 04:32 PM #7
Rainmaker
459,380
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

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

Jan 23, 2009 12:15 PM #8
Rainmaker
140,477
Greg Miller
Ruoff Home Mortgage - Warsaw, IN
Warsaw Ind. Home Loans - Conventional,FHA,USDA,VA

 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

Jan 23, 2009 09:58 PM #9
Rainmaker
459,380
Jeff&Grace Safrin
F.C.Tucker 1st Team Real Estate - Valparaiso, IN
SpousesSellingHousesTM

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

Sincerely,

Grace

Jan 24, 2009 02:25 PM #10
Rainmaker
478,015
Robert L. Brown
www.mrbrownsellsgr.com - Grand Rapids, MI
Grand Rapids Real Estate Bellabay Realty, West Michigan

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

Feb 05, 2009 09:42 AM #11
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Rainmaker
459,380

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