Normally, the weekly Tucker’s Tip discusses a specific real estate issue, and ideas of how to deal with it. Sometimes, however, it is simply a good idea to discuss the general real estate climate and related problems without any specific issues or advice.
Currently, there is a tremendous amount of stress in the real estate market place. Foreclosures and short sales depress the values in a neighborhood. Lenders need complete and accurate documentation in order to satisfy the underwriters. There are limited buyers, and excess inventories. Then there are the normal closing issues which cause additional delays and stress in an already stressful situation.
With all of these factors causing uncertainty, complexities and stress with the normal closing, I would like to offer the first of two observations:
It does not help to blame anyone for any problems. As a settlement attorney, almost all of the problems with a closing manifest themselves in the final act—the actual settlement. If there have been problems from any of the prior parts of the closing (loan, inspection, title issues, etc), the settlement is when they have to be resolved.
Rather than blame someone, let us all work together to resolve any last minute problems, and any unresolved prior problems. We are all in this together (realtor, lender, attorney, title company, etc) and we need to continue to work with each other in the future. By working together, we can solve these problems and create a successful closing for our clients.