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The Long and Winding Road to COE Door

By
Real Estate Agent with Dirt Road Real Estate SA676002000

Again, another song made a connection to me. I was listening to an oldie, The Long and Winding Road, by the Beatles. The lyrics continue with

 

“That leads to your door, Will never disappear, I’ve seen that road before, It always leads me here, Lead me to your door.”

 

What struck a chord in me was how the road to Close of Escrow (COE) is indeed long and winding.  This road is remarkably similar to what is known as a “switchback road.”  These roads are usually found on steep inclines where the traveler goes in one direction, then a curve switches the direction and now the traveler has reversed direction.

 

Every real estate transaction is different. Some just have a few switchback curves and others seem to have endless curves.

 

Consider each curve as an obstacle, a problem, something that delays traveling to that COE door. Even simple transactions have delays from the failure to have the right contract forms to the inability of the lender to send loan status updates.  With COVID, some preliminary approved loans are being pulled which stops traveling the road altogether unless another lender can be quickly secured.

 

What this means for us as Realtors is to be aware of these swtichback curves and to be prepared to overcome each curve. Also, we as Realtors must not become frustrated by these curves. We must remember the desired end result for our clients is to reach the COE door.

 

And here in NW AZ, one of those curves is appraisers and another curve is the appraisal report. Having limited FHA appraisers, securing an appraiser to accept an assignment may take two to three weeks and then add in another two weeks for the Appraisal Management Firm and the Lender to receive the report. The report must be revised by quality control which adds even more time. If there is a quality control problem, then the appraiser may have to revise his or her report.

 

At the end of the day, the door is always COE. We see that door as we begin traveling the long and winding road. We know the door is where we will hopefully end up.

 

Graphics courtesy of Pixabay.com

Posted by

Leanne M. Smith, MS, GRI, rCRMS

2018 KGVAR Rookie Realtor of the Year-55+
219.508.2859 MST
Life Begins Where the Pavement Ends
Connect with me on LinkedIn:
http://www.linkedin.com/in/leannehoaglandsmith
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I wonder why you're short on appraisers? Is it because that 3rd party takes such a bite out of their fees?

Aug 06, 2020 09:27 PM
Leanne Smith

Marte Cliff in AZ to become an appraiser requires you working under other appraisers for 500 hours.  Appraisers do not want to split their commissions or help what they perceive as future competition.

Aug 08, 2020 04:30 AM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

COE is the ultimate goal. That goal is out there...somewhere...maybe a little more in the distance these days...but still there.

The key is to not allow your vehicle to run out of fuel on the journey to COE.

Aug 08, 2020 12:00 PM
Leanne Smith

Yes keeping the fuel tank full or driving conservatively is good advice. Thank you John Juarez 

Aug 09, 2020 05:50 AM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

Of course the absolute worst is when there is that curve a day or two before closing! This has happened to me a few times...even though I regularly check in with the lender, when underwriting waits until the day before closing to sign off on the loan--it's frustrating. I find this when dealing wtih large banks such as Bank of America or Wells Fargo

Aug 10, 2020 07:45 AM
Leanne Smith

Yes those sudden last minute road closures or road detours are no fun. And I can appreciate large banks as I had a recent one with Fifth Third and it was not a pleasant experience.  I truly prefer small, local banks or local mortgage lenders who understand rural property including water haul, mfg homes, wells, solar, etc.

Aug 12, 2020 06:30 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Leanne:

That's certainly an appropriate analogy for getting to escrow - there are often twists and turns, plus some bumps, along the way.

BTW that's a great photo. I'm not positive but I think it might be the road here in SoCal that leads down through the mountains down into the California desert, specifically Palm Desert - sure looks familiar and it's one I have driven numerous times, up and down.

Jeff

Aug 10, 2020 01:08 PM
Leanne Smith

Good morning Jeff Dowler, CRS As to the road the photo came from pixabay.com Also my husband discovered that road on our first car trip to CA.  I truly disliked that road. Our niece who lives in Temecula also has driven it only once.  Thanks for your thoughts as well.

Aug 12, 2020 06:28 AM