This calls for a Yoga moment!

WOW!  What a month this has been.  I feel like I could write a book about what can go wrong in so many ways with closings on the sale of a home.  Trying to determine ways to prepare for such situations sometimes feels like an insurmountable task!  So, that is why I am taking my "yoga moment".

I started taking yoga at the beginning of the year to see if it would help me relax, or find a way to calm my brain.  It did not work -- but I really think I was just at the wrong yoga studio.  The chanting, stomach pounding, humming.....that method of yoga just did not work for me at all!  In fact, it completely annoyed me and made me MORE stressed out! 
Recently a new yoga studio opened a few blocks from my office, and I thought I would give it another try.  They had a fantastic grand opening special, so I had little to lose.  Now, I am hooked!  I wish I could get there more often, because I definitely need it!  One of the instructors I particularly like talks a lot of "yoga jargon" that I don't even pretend to understand.  But she takes us through several exercises that require really deep breathing.  I've come to find that incredibly useful when I am dealing with a huge amount of stress -- and thus, I call it my "yoga moment".  It seems so basic, and I feel a little silly that I didn't figure this out on my own -- but I was far too busy trying to solve the real estate problems of the world (or at least in my little world) to learn about deep breathing and how much it can calm you. 

Here are some examples of closing challenges my team has faced in the past few weeks.  Hopefully a review of these will provide entertainment, but also a little education if you are facing a similar type of scenario.  At least you can know what to be prepared for, and how to deal with such by taking a "Yoga Moment"!

Case #1:  Buyer is serving in the military on active duty overseas, and is home on leave for two weeks to close on her new construction home.  The lender (referred by the builder) says the home cannot close because their appraiser indicated that the appliances were not yet installed and utilities not yet turned on.  Funny thing is, the appraiser was there on the SAME day, at the same TIME as the buyer's inspector - who confirmed that the utilities were indeed on and the appliances installed.  (We have pictures to prove it!)   Yet the lender is believing the appraiser who was apparently having a blind moment that day..... and could not see the appliances or the lights that were turned ON!  Closing was delayed a full week to get this appraisal issue resolved. 

Case #2:  My sellers were moving to Vegas as soon as we closed on the sale of their home.  The truck was already loaded and headed to Vegas ahead of them.  The day before closing, the title agent called to tell me we had a little issue.  The buyer's wife got on a plane to CHINA -- yes....China.  And without leaving a Power of Attorney for her husband to sign.  The buyer seemed surprised that this was an issue since his wife (who was on a plane to China) was not on the loan.  Well, here in the state of TX, both spouses own the house regardless of who is on the loan -- and consequently the signatures of both husband and wife are needed on the closing documents.  The buyer had vacated his apartment, and had a moving truck loaded with his earthy belongings headed to the house he could not close on because his wife was on a plane to CHINA! Closing was delayed until the wife could be contacted, and get to the American Consulate in CHINA to have a power of Attorney drawn up.  This is not a short and simple process folks -- so plan ahead if you think your spouse may be boarding a plane for CHINA the day before you are closing on your new home. 

Case #3:  Buyers have loads of money and  many different sources of income.  It would seem that closing on a house should not be an issue!  Except for the fact that these buyers who were purchasing a home in the state of TEXAS picked a lender in the state of FLORIDA.  And this lender could not get the job done.  Despite the fact that the buyers had loads of money, the fact that they had so many sources of income (and in different countries) became an actual handicap for them.  Who would have ever thought that would be the case!!!  Folks, if you are purchasing a home in TEXAS, please use a lender that is familiar with the closing procedures in the state.  And if you have sources of income from all over the world -- they will need to be documented, and you may need extra time to get the loan closed.  Knowing this ahead of time would have helped prepare both the buyers and the sellers in this particular situation.

Case #4:  This one is the "doozie"!  Yes, this out of the 3 cases previously listed is the one case that is not yet closed.  I cannot even describe all of the twists and turns associated with this transaction other than to say it is pretty NUTSO from start to finish.  I will have to write a complete separate blog on this one as a lesson for all of us who are in the business of buying and selling homes once this one closes.


And now, after reminding myself of some of the more complicated challenges we have faced this month -- I too need to take another Yoga Moment!!  Breath deeply, my friends!!  This too shall pass!  The good news is all of these (except Case #4) have closed -- and Case #4 will hopefully close in the next few days!  More to follow.......