Magnolia Real Estate

Economic conditions are changing; we are experiencing inflation. Because of Covid and the war in Ukraine, we are experiencing shortages of some commodities, crude oil, lumber, aluminum, steel, and wheat. The commodity shortages make it even more challenging to curtail inflation. The Federal Reserve is raising interest rates to slow down the economy to reduce or stop inflation. Covid and the Ukraine war are wild cards. This could change the type of real estate market we are in.

The fundamentals of Real Estate change when you move from a sellers market to a balanced or buyers market. The seller loses the upper hand, and the power of negotiation becomes balanced or in a buyers market, the buyer is in the drivers seat. Inspections are important again and a big part of the negotiations. Understanding home construction and home systems is an important skill for the real estate broker to know, sometimes minor home defects are exaggerated in an attempt to lower the price. I have been around construction and home systems all my life; I welcome the opportunity to negotiate home inspections.

The escrow process may seem like it's just about dealing with paperwork. It is, but in that paperwork or lack of paperwork are obstacles which can hold up or prevent closing. In nearly every transaction, there are small or major hurdles during this process which must be overcome. Some are easy, others are hard.

An example: at closing it was discovered the preliminary title report missed a major link in the chain of title. A prior owner had sold the home in a private transaction through an attorney. The attorney did not have the sale or title change recorded. The attorney was deceased and the seller was deceased. The home was on the market four months before an offer was fully negotiated and ready to close. Escrow called and said there is a problem with title. When I heard the details I was beyond shocked and asked what to do now. It got even worse. Escrow informed me a private detective needs to be hired by the seller to track down any heirs of the former deceased owner. I asked how long does that take? She said, “two to four weeks.” It was like a bad dream turning into a nightmare.

I went online and found two possible heirs, one in Michigan and one a professor at the University of Washington. I got lucky the professor at the University of Washington was the heir of the deceased former owner who was still on title. He didn’t say, great I own another home, he understood and signed the proper paperwork so we could close the home. This took me one day to resolve.

Almost every transition has surprises and problems to be solved in order to reach closing. As a Magnolia realtor with 22 years of experience, I have the knowledge and expertise to deal with any type of market, obstacles, and opposing negotiators.

I fully immerse myself in every real estate transaction and at no time am I not available.