In for the Long Haul

I had three settlements on listings last week. Each had a unique set of circumstances and were atypical from what your standard Realtor may handle. As I reflect on those experiences, there are at least two common themes among them: longevity and expertise.

First, a brief overview of these sales:

1. A DC rowhouse, administered by an attorney as the court appointed Personal Representative of an estate for a person who died in 2006. This was also a short sale requiring bank and investor approval. I also had to appeal the sales price with the investor after ratification.

2. A split-level home in good condition in Montgomery County, Maryland, also an estate managed by two of the three adult children (all who had grown up in the home) of the deceased owner.

3. A nice sized brick Colonial in Upper NW DC with property condition challenges in FHA loan pre-foreclosure status. This one required lengthy bank approval and multiple appeals.

Next, details on staying power:

1. The attorney for the estate is one of my regular clients. By establishing a long term working relationship with her, we can work together efficiently with trust.

2. I initially had met one of the siblings in October 2016. We all kept in touch regularly. I weighed in on preparation decisions (colors, finishes, updates to do or not to do) as they made progress. Once the house was market ready, we were on the market with 3 offers and one ratified contract 6 days later and closed 32 days after that.

3. The sellers and I first met on April 7. 2017. We closed March 30, 2018. From start to finish:

• 357 days
• 84 showings
• 12 offers
• 6 inspections
• 4 contracts
• 3 foreclosure dates postponed
• 3 appraisals
• 3 walk throughs
• 1 closing

I am with clients for the long haul.... whether within one transaction or across multiple sales for a single client.

More on my areas and levels of expertise in future (and some past) posts.

Three Beautiful Words

Three beautiful words in the Language of Real Estate.

              Cleared To Close

Mortgage lending is a complex process in today's market and for many good reasons. The underwriting guidelines are strict and buyers often have to produce multiple documents and some in the final few days prior to settlement.

So when my buyers' lender sent the email today saying Cleared To Close, I did a little happy dance.  My buyers will be able to close on their future home on Friday morning!  Congratulations to them. 

The Royal Wedding and Our New House

Today is the one-and-a-half-year anniversary for William and Kate, the Duke and Duchess of Cambridge, and for my family's move into our home in Bethesda. To commemorate both occasions, I bought a handmade Emma Bridgewater Royal Wedding mug last year. Because we had sold our house one day before buying our new home, we were homeless for a day. Our generous friends Nick and Carrie let all four of us plus our two cats stay with them for that night. The Royal Wedding coverage started in the US at 5:30am ET on Friday, April 29, 2011, so Carrrie and I awoke before dawn to watch the ceremony. It is no coincidence that Carrie is the one who started my Emma Bridgewater collection and that we were watching the festivities together.

This is the mug I use every Friday for my morning coffee. I derive simple pleasures from the feel of the mug in my hand, that continued joy of home ownership, and the few moments of peace before the busy-ness of life.

I feel lucky every day that I wake up in my beautiful home, with its Tudor charm, gourmet kitchen, and cozy sunroom. I feel fortunate to have the opportunity to help other buyers find their dream home, too.

In the Red Zone

Recently one of my colleagues likened the final 7-10 days before the closing on a real estate contract to "being in the red zone." For those not familiar with football of the American variety, the red zone is the twenty yards before the goal line.  NFL teams are ranked on their effectiveness in the red zone by percentages of touchdowns and field goals scored. This is equivalent to "closing the deal" in real estate.

When I started pondering this analogy further, I debated with myself about whether there actually are offense and defense in real estate.  Occasionally as an agent, one may feel on the defensive, to protect their client's best interests.  However, the period of time from agreement and signature on a ratified sales contract to the settlement table where parties transfer ownership of real property is one of mutual interest.  Both sides of the transaction, the buyers and the sellers along with their respective agents, want to get to closing (while still maintaining confidentiality and the best interests of their clients).  They share that goal.

Perhaps a better football comparison is the 2 minute warning. Let's consider the game clock to be the limiting factor and the whole team is working to get to the closing deadline with all issues resolved, all the money available, and the property in the condition as previously agreed in the contract. In both analogies, here is a goal and a time constraint (the number of downs or the clock).

Either way, this period leading up to settlement is busy.  Real estate agents, settlement coordinators, lenders, inspectors, and other professionals are solving problems, answering questions, working together in the best interest of their clients to reach the goal line.

I use three-page checklists as a guide through the period from contract to closing. This organized process helps me be particularly effective in the red zone of real estate.