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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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
I have had my share of these as well. Hopefully everything will settle down soon.
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.
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).
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
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
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!
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
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
Thanks Greg - appreciate you taking time to stop by and comment. Amen is right :)
Sincerely,
Grace
Seems like a hangmans noose arounfd the neck. I understand covering ALL the bases but sometimes it can be a bit much.