Are people buying homes in Sequim right now? Well, let me tell you a little bedtime story about three beautiful couples and their little bald Realtor. Two couples are from the beautiful state of California. The other couple grew up in Port Angeles and now work in Moscow at the American Embassy.
Buying Homes in Sequim and Uncharted Waters
- Tall Ships in Port Angeles, Photo by Chuck Marunde
There are so many hurdles and traps for the unwary buyer these days. Retirees buying homes in Sequim have to navigate through uncharted waters with complex legalese in the contracts and multiple addendums, seller disclosure and home inspection issues, and delicate negotiating challenges from the time of the offer to mutual acceptance and through the due diligence period. Those buying homes in Sequim or anywhere know that there are new difficulties in applying for a mortgage because of changing standards and criteria, and underwriters are very demanding (and often irrational). Then there is the even more complex challenge of making sure that language in a 35R does not cause the underwriter to reject the loan based on a home inspection report that merely identifies items that may need attention.
Things are not as simple as they used to be, and those buying homes in Sequim in this day and age would be well advised to surround themselves with wise advisers. Consider the knowledge needed today to buy a home. There are legal issues to consider as well as contract language that must be drafted correctly. There are important sales and negotiating issues that take decades to master. There are mortgage and underwriting issues a buyer must navigate. There are structural and building construction issues that must be addressed appropriately. And there are nuances in every transaction that definitely require experience and mature professionalism to handle. For those buying homes in Sequim, there is a lot at stake, much more than most people realize. If I had to make a list of the things I’ve seen go sideways in 37 years in this business, it would be a set of encyclopedias.
Buying Homes in Sequim and Navigating Safely
This week one couple had to work through an underwriter’s unreasonable demands that items in a home inspection report be repaired (including a kitchen outlet), and the underwriter caused the closing to be delayed twice three weeks beyond the planned closing. The buyers already sold their home in California and the moving truck had all their possessions in Sequim. We had to figure out how to get them in the home prior to closing, fix a cracked septic tank, and satisfy the underwriter’s quirky demands (which also meant hiring a licensed contractor to work through a checklist of repair items). We were able to accomplish all of this and maintain excellent relationships between all parties.
A second couple is working through the home inspection issues, which necessitates that the seller repair some items prior to closing. This requires drafting the language to handle multiple issues, including persuading the seller to fix the items. In this case there is a Trustee involved on the selling end as well as an estate attorney. The more parties involved in a transaction and the more degrees and designations after their names, the more complex any negotiating gets. It also requires coordinating an extension of the closing that suits the seller, the buyer, the contractor who will have to do the work (and who needs time to inspect, order materials, and get the work done), the loan officer and the underwriter, the escrow company, the Trustee, and the estate attorney. I’m pleased to say we are accomplishing all of this nicely, but believe me it has taken a lifetime to learn how to juggle so many complex relationships and issues.
A third couple have completed all their due diligence on the home itself, and are now at the mercy of the loan underwriter who sits at the right hand of the throne of God. This couple is on pins and needles as they navigate closer to the closing date.
Buying Homes in Sequim is for The Adventurous
I don’t believe most buyers know how important it is that they surround themselves with professionals that can help them navigate uncharted waters. There is no map for buyers charting all the possible dangers along the way, and every transaction has it’s own traps for the unwary. If real estate had not gotten so complicated in so many ways, none of this would matter. For retirees buying homes in Sequim it matters a lot.
Last Updated on May 19, 2012 by Chuck Marunde