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
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