Delayed Closings

Wow. Yesterday I finally closed on my listing at 1119 E. 37th Street, Tulsa, OK 74105. This house is located less than a block from Peoria in the Brookside region of Tulsa -- a very popular location. The new owners can walk to restaurants, shopping, and work (she actually works at a Restaurant)!

But the process from contract to closing was definately stressful due to a number of factors.

First, the buyers were approved for an FHA loan. The house, while solid as a rock, was somewhat dated and had a few repair issues. The roof had some hail damage that needed to be addressed. The detached garage had some siding that was showing signs of wood rot. Usually detached garages are sold as-is, but because this was an FHA loan, the garage was included in the FHA appraisal.

Getting past the repair issues took a lot of cooperation between the sellers and the buyers, who saw repairs as a joint effort. The seller filed a claim with insurance for roof repairs and the buyers, who want to upgrade the home anyhow, worked on garage and other repairs. In the end, repairs were made to meet the FHA appraiser's re-inspection guidelines.

Lending was an issue. Underwriters were changed halfway between contract and closing dates. New underwriters during this period were slow to respond to the buyer's broker. With every question the underwriter made, our file was put back at the bottom of the stack -- delaying our closing 10 days. This was a very stressful period for both the sellers and the buyers. But our mortgage broker knew the issues were not insurmountable, and was proactive in accelerating the process beyond the underwriter's time frame.

And now we are closed! Sellers are on the road to live closer to children and grandchildren. And buyers are moving into their new home, conveniently located in the hub of their social life. Successful closings may take time, but in the end, they are simply the stepping off point to a whole new adventure.