It started out on a great note. The escrow I had open, and which had been struggling along for months, looked like it would close! With final documents (not loan docs) being rushed around for signatures, my Buyers were hopeful that in the first week of January they would have their beautiful little Flagstaff home with the great views of the trees.
Rewind. We had started in September. These buyers, like many others, were looking for their dream second home - the beautiful cabin in the trees for under $200,000.
If you don't know the Flagstaff market (and most people on the planet do not), that dream is almost a pipe dream, in some instances a fantasy.
Flagstaff is unique in Arizona. We are at 7000 feet, at the base of a mountain, surrounded by the world's largest (I think) Ponderosa Pine Forest. We are a treed oasis in the high-desert, complete with four seasons, temperate summers, and plenty of outdoor fun. We also have a great hospital, a university and community college, and are on the road for everybody coming from the East and South to go to the Grand Canyon.
What I mean is that Flagstaff is special and knows it, and therefore is not cheap. And we haven't crashed like many larger markets. Finding something for under $200,000 that doesn't make you want to bring out the smelling salts is not often easy. (Affordable Flagstaff)
So, my buyers have a $208,000 escrow on a home in the trees that is in really good condition! A dream come true! We are ecstatic!
Except that right in the middle of the escrow, the banks changed all the rules, and from one day to the next they became un qualified for their loan. Except for the fact that the sellers are very elderly, do not "do" fax or email, and are used to being able to be stubborn rather than follow contractual law.
Yesterday, as it looked like we had survived these land mines, I approaced Phoenix, AZ for my New Years Eve party at about 4:45 PM. I received the call that I hope signifies the end of all horrible surprises of 2008. "If we can't close today, the Sellers don't want to sell".
Without boring you with the rest of the details, let's just say that for the next two hours and multiple phonecalls with Realtors, Lenders, Buyers and my Broker, the strategy was in place, the emails sent, and I was finally able to start bidding adieu to 2008.
We don't know what will happen with this escrow, but I do know that as of today, I'm giving strict instructions to the Universe that these types of surprises are no longer welcome, or acceptable! In 2009 we want all great things to come easy!
HAPPY NEW YEAR!
Eileen
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