Here’s what happens: Whether you’re on the buying side or the selling side, chances are that by the week of closing you’ve had just about enough of haggling, packing, paperwork, and change-of-address-ing. You’re ready to just get this thing the Hell over with!  It is at this point, more than ever, that you must remain calm and patient. The proverbial fat lady has yet to belt out that first note. Remember, real estate transactions take a long time, and sometimes they take even longer.

Extensions were relatively common before the current financial predicament, and it seems like they are even more common now. In my personal experience as an agent, I would have to say that at least 50% of the transactions I’ve worked on have had extensions of anywhere from a day to a couple of weeks. Lately, it seems like closer to 60-70%. The problems that arise are myriad- scheduling conflicts for signing appointments, or end-of-month traffic jams at the escrow office, though, in my experience, they are most commonly the result of a delay in the drafting of the Buyer’s loan documents.

These days, mortgage brokers and loan officers are running around like headless chickens trying to get loans approved in the face of constantly changing requirements, rules and regulations.  Many banks, especially the larger ones, are having to constantly tinker with their programs to try to adjust to changing economic conditions, but their operations are so vast and nebulous that the brokers on the ground are never quite sure what the latest changes are. It takes time to get memos and rate sheets out to everyone who needs them. What ends up happening is that the mortgage brokers will think all their ducks are in a row and then, at the last minute, find out the rules now require a row of geese, instead. This might mean they need to request additional records from the Buyer, or maybe even redraft the loan docs completely. This can easily take an extra day or more. Thus, the dreaded extension. I don’t mean to pick on the banks, it’s just that this is  what I’ve been seeing in my recent transactions.  Obviously, the banks and their brokers are doing their best to remedy these issues…it’s just going to take some time.

So…what can you do about it? Well…be patient. Remember to breathe. If you are the Buyer, try to make sure you have all of your loan paperwork submitted quickly, and stay on top of your mortgage broker! These are very busy people, but that doesn’t mean you can’t assert yourself as their top priority.

Understand that real estate transactions are fluid and flexible, and that the 30 or 45 day closing period is really more of a guideline than a concrete expectation. Sure, we’d all like to be able to plan ahead for things like movers, vans, and hotels, but things aren’t necessarily going to happen according to your predetermined schedule, and you need to be ready to make adjustments on the fly. Try to remember how excited you are to get this over with, and stay focused on the future. Don’t let the details bog you down, and please, please, PLEASE remember that it is not your agent’s fault! If you need to vent, vent with your agent, not at them.

Thanks for reading. Comments welcome and encouraged! Click here to read my other Bellingham real estate posts!

By the way, I wrote this from the Woods Coffee at Boulevard Park, in Bellingham,Washington, right on the water. The setting is amazing and the views are the best around.

Rob LeRoy is a Seattle real estate agent and social media marketing coach with eXp Realty.

A social hub of Fairhaven

Boulevard park has long been a great place to bring a picnic in the afternoon, or take your shoes off while taking a lunch break.  In 2008 the city allowed the small pottery studio to receive a new lease…that of Woods Coffee which has brought a new flavor to the park. 

Before the morning beverages arrived, the mornings at Boulevard were quiet and left to early morning exercisers.  And on the poor weather days left the park pretty much empty.  Now the park is greeted by early morning conversations over warm spiritous drink in all weather conditions.  Woods also offers free Wi-Fi to it’s customers which makes it a perfect place to get a little work done.

On this morning to the right we were greeted by several inches of snow at the park.  It was very pleasant to sit on the warm stone hearth of the fireplace and watch the park get covered in light, frosty crystals. 

This year another attraction will be completed at the Park.  It’s entitled “The Porch” and is designed for small productions of theater and musical attractions.  The workmanship is that of a true craftsman and is built for many generations to enjoy.

Allow me the pleasure of showing you around if you are new to the area, or if you are thinking of buying Real Estate in or around Bellingham.

Cheers,

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With 137 acres of waterfront to use as a palette for the Bellingham’s new oceanscape, you’d figure that the endless possibilities would excite and ingite the masses. But, just as the camel was the product of a committee, with both the City and the Port of Bellingham working collaboratively, the people on the street should get ready for more deliberation than the Scopes Trial, with a murkier verdict.

Which is brilliant. Venice developed over the course of a lot longer than the time we’re giving ourselves here, and it still floods. Boardwalks like Boulevard Park, that you remember for a lifetime might need almost as long to plan; ocean-side parks like Marine Park, that we pass down to our kids should start with architectural design that was passed through generations of architects.

Have you ever gone on a city tour in Europe where the architecture is more than 400 years old? Those buildings that draw a picture of the city they’re in span over governments toppling, changes in history. To know that the statues, structures, parks, and seascapes weren’t just the product of a few groups of people, but rather a few generations collaborating to elevate the history of Bellingham, sounds like a better destination than a quick cab ride to a marina and waterfront condos.

The existing structures on this acreage we’re to work with were built in a short amount of time, for the short term gain of a few. Maybe we could teach our kids that we learned our lesson, and we’re taking our time.

South Hill is one of Bellingham’s affluent neighborhoods and is famous for its sweeping views of Bellingham Bay and large, well kept variety of character homes that range from Tudors to Craftsman and grand castle-styled homes at some corners. Because of its proximity to Fairhaven, WWU, Boulevard Park, and Downtown Bellingham, the location is extremely desirable. The neighborhood is strictly residential, with homes on the hill and condos on the main strip along the water, Boulevard and South State. The condos also boast great views of the bay and some can be purchased at a very reasonable price tag.