Thursday, October 22, 2009
I really want to be back in Italy, driving along tiny, twisty roads. Life back in DC has left me dreaming (ALREADY!) of escape.
What is happening, you wonder? First, we had the carpet replaced with hardwoods in the bedrooms of our condo. This was the result of that really fun flood in August. I'll go into more detail in another post. Anyway, it displaced us for three days. Some friends graciously let us stay with them. We're back in our house but there's stuff everywhere. I do not like clutter!
Meanwhile, a few of my deals have issues. This is a common problem in this real estate market but it's driving me batty.
The two deals with the most problems involve the same key player. One of the major banks out there is a TOTAL PAIN whenever they finance a deal. Right now they're fouling up two of my deals. I'm the listing agent on one and the buying agent on another.
On my listing, this bank is insisting a new roof be installed before they'll give the buyers a loan. Really? Before they purchase the house? This is a first for me. What's even more interesting is it's NOT an FHA loan. It's a conventional loan. WHY this is a factor is beyond me. Welcome to lending '09.
On the deal where I'm the buying agent, they're the second trust holder in a short sale. The first trust gave approval on the deal within 4 weeks. That's pretty fast for a short sale. I thought we were going to make our 9/30/09 closing date. Ha. I should have known better. Said bank decided that they were wanted to keep their options open. They worded their approval letter so they could go after the sellers once the short sale was completed. Which is totally scummy. It didn't work (kapow, stupid bank!) so we were back to step 1. After weeks after negotiations, they demanded 10% of the net profits. Most second trusts are really lucky to get 5%. Surprisingly, the first trust gave approval. Now we're waiting AGAIN for the second trust to issue an approval of some sort. Meanwhile, my clients second loan lock expires next week on the 30th.
I'm trying to evoke the calming spirit from my yoga class this morning. It's not working. Instead, I'm back to dreaming about Italy.