While the unemployment rate continues to be elevated, there aren’t enough hours in the day for those in certain businesses. In the real estate and mortgage industries, challenges continue to evolve as transactions become more complex. The patience and experience of veteran real estate professionals are helping get deals done in a timely and efficient manner, but pressures are mounting. To say that it has been “business as usual,” however, is the understatement of the year.
It started with another call with a former client and her parents. It was our third call of the day, and they were under enormous pressure to sign a contract to purchase a condo in Florida. If you think the New Jersey and New York markets are aggressive, you should see what is going on in most of the Sunshine State. The real estate agent gave them under 6 hours to accept the terms of the contract as-is before she moves on to her next buyer. She didn’t seem worried, as nine names were on her list of equally willing purchasers.
Unless you separately hire an Attorney to represent you, Florida is a state where the closing takes place simply with the title company. The Realtor writes up the offer, does all the negotiations, and you are on your own from there. A few sensitive matters regarding the transaction were not sitting well with the buyers, so they wanted to run it by me. We spoke several times, and I gave them the necessary guidance to move forward.
Did I mention that they were not getting a mortgage – and purchasing the apartment all cash? So why were they speaking to me in the first place? Their daughter, a past client of mine, was very adamant that they consulted with me about some of the details of the deal and asked if I was willing to give them a few moments. After the second call, they insisted on paying me for my time, which I, of course, refused. If it were my parents, I would want them to speak with someone they could trust to help them avoid some common pitfalls.
From there, it was on to scrambling to help a client with an emergency closing. While their closing was scheduled for the following week, Covid quarantines were causing a shortage of workers, and they would not be able to miss work. They didn’t want to give up the generous bonus for working, and they didn’t want to disappoint their employer. No one thought we would be able to pull it off, but we did!
The day ended with a text from a former client who asked me if I could close a loan in less than 30 days. “I will lose a ton of money if you cant,” the message concluded. When I confirmed that I could, he said he would call me later. An hour later, he sent me the accepted offer and contract of sale, where he committed to closing on a new home purchase in 21 days or less. It was an “all-cash deal.” Of course, he didn’t actually want to use his cash, so he needed to get the mortgage process started immediately. Although it was after 10 pm, it was time to start working! As I said… all in a day’s work! All that said, if you, or someone you know is looking for challenging and rewarding employment, please reach out.
Shout out and Happy Birthday to our own Ari Nat and Dr. Yoni Abenaim, Ilana Berkowitz, Zack Fuld, Shimmy Giller, Avi Goldenberg, Taylor Lucyk, Naama Manahan, Glenn Pfeiffer, Simon Posner, Rivki Schwartz, Ashie Silber, Nechama Stein, Neal Yaros – and a very special happy birthday to my mother!
Shmuel Shayowitz (NMLS#19871) is President and Chief Lending Officer at Approved Funding, a privately held local mortgage banker and direct lender. Approved Funding is a mortgage company offering competitive interest rates as well as specialty niche programs on all types of Residential and Commercial properties. Shmuel has over 20 years of industry experience, including licenses and certifications as a certified mortgage underwriter, residential review appraiser, licensed real estate agent, and direct FHA specialized underwriter. He can be reached via email at [email protected].
