The current pandemic has forced us to stay at home and be diligent about it, even going to the store has become an adventure with dressing up like Star Wars characters. This new reality is taking a toll on us as social creatures, and although Zoom is a great alternative, it’s just not the same as having a face-to-face interaction. However, I have been fortunate enough to close three escrows since the beginning of the lockdown.

The first escrow was a listing with great sellers and what we thought were great buyers. They wrote a full-price offer with an out-of-state bank which made me nervous, and I immediately called the lender. I discovered that many lenders are order takers and do not follow the loan on a daily basis. This lender was such an idiot that I had to call him and ask where the appraiser was. It turned out that the appraiser was not in San Diego, did not appraise San Diego, and did not inform the lender. If I had not called, we would still be waiting. Just one day before funding, it seemed like they had not ordered one of the Homeowner Association documents needed by the underwriter.

The second escrow went fine once we were in it. However, I never heard from the escrow officer except for the “welcome” email. When it was time to lift contingencies, I asked for HOA documents, and the escrow officer said with a straight face, “Seller didn’t order them until today”! Fortunately, they were able to obtain the documents in four days. But then, on the day of funding, I got a call from the agent saying that the escrow company had a fire the night before.

The third escrow was another beautiful unit by the beach, and my sellers were nothing but nice. However, the local bank did not provide the loan documents. We received them just as Caesar Chavez day was in the middle of the week, and we knew we would have to close a day late. Then, the processor informed us that if we did not close tomorrow, Wells Fargo would be pulling all investment funds. Although the loan documents were ready to close, there was a tiny issue: they were in San Diego, and the buyer was in Northern California. It was difficult to get a notary during a lockdown, but my escrow officer was able to find a rock star notary who got it done. The documents were scanned and sent the next morning, and we were able to fund the loan, but not without lender mistakes.

Real estate can be a challenging profession, and in this market and economic climate, you need to be prepared to face unexpected challenges. Although I am extremely good at what I do and always concerned about my clients, I couldn’t help but feel the need to hide under my bed for a day. But then, I got an offer on another listing, so I restocked my vodka.

Regenerate response

needed.  Meanwhile escrow had NO computers, No files, No phones.  All was done by CELL PHONE and forms duplicated.  At this point the 9:00 A.M. Vodka was not sufficient.  Kidding.

Third Escrow –  Again my sellers were nothing but nice and unit by the beach was beautiful.  Caesar Chavez day was in the middle of the week so we knew we would have to close day late.  Meanwhile LOCAL bank and NO loan documents.  Another day and NO LOAN DOCUMENTS .Day of “supposedly” closing and “documents are coming”.  So is Christmas. Finally as we received loan documents the “processor” said, “BY THE WAY IF WE DO NOT CLOSE TOMORROW WELLS FARGO IS PULLING ALL INVESTMENT FUNDS”.  We knew from the news that Investors were pulling out of loans, but this one literally was READY to close.  Except tiny issue that loan docs were in San Diego, Buyer in Northern California.  Do you know how EASY it is for my escrow officer to get a NOTARY to these buyers home at the last minute.  OH and during a LOCK DOWN???  She is a Rock Star and got that done, and we waited for documents to be scanned and sent next morning so we could fund.  Well, Notary went to his usual place to scan and e mail on secure site, and it was CLOSED because of COVID.  I really couldn’t make this up!!  He took them home to his scanner, which had to be the world’s oldest machine because it scanned ONE page at a time.  THree hours of scanning.  Documents got to escrow and had lender MISTAKES .  Somehow my Escrow Officer who is Godly got these fixed – and we were able to get 24 hour extension from Wells and closed next morning.   

So when some poor soul says they are going to get their Real Estate License, please let them know,to get a name of a therapist or a liquor distributor, because in this market and economic climate they are going to need both.  I hate to brag but I am extremely good, if not TOO concerned about my clients, and do not have things fall apart.  But I’m truly going to hide under the bed for a day.  Oh, except getting an offer on another listing today.  Don’t worry I re stocked the Vodka.

 

 

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