A few years ago, I wrote about how a Florida Condo Association had its first sukkah experience. Within the development, there was a mix of Jewish and non-Jewish residents who otherwise lived amicably. The association president, who was Jewish, was faced with a big dilemma one year as he received a petition from several owners in protest of the temporary huts (sukkah’s) that were being built within the community. After deliberating how to handle the matter delicately, he found in favor of the petitioners and required that all sukkahs had to be removed within 15 days. Everyone was happy.
A while back, I was working on a delicate transaction of my own. My clients were purchasing a new construction home, and the process took a lot longer than expected. They complied with all that was required, and we were ready with their mortgage well ahead of schedule. The problem was - the home wasn’t! I coordinated to have the appraisal done as late in the process as possible, while we simultaneously prepared everything for closing.
I visited the property a few times throughout the process to see if it was in acceptable condition to have an appraiser visit. Each time it wasn’t, and I didn’t want my client to endure extra costs for the appraiser to revisit the property. Slowly things were getting completed in the house, but time was running out to meet our closing deadline. Not only was their mortgage rate expiring and movers scheduled – entailing thousands of dollars in penalties - but they needed to be out of their current residence by month’s end.
It was a week before closing, and we became aware of a significant setback regarding the completion of the house. The entire ground exterior of the home was unfinished, and the landscaper informed the builder that they were weeks away from getting to the home. The news dealt a blow to our plans to complete the appraisal and get clearance for closing in time for the deadline. The buyer was anxious to maintain the move date and to avoid excess fees through no fault of their own. The builder was anxious to get paid and pay his contractors and vendors whose patience were waining. On top of it all, there was a pending snowstorm coming, that predicted considerable accumulations likely to delay completion of the outside work even further. Our chances of closing on time seemed to be slipping away.
That night I had an epiphany. I began searching for an appraiser who would inspect the property immediately after the snow concluded. I found someone willing to go out, and the appointment was set. As the snow fell, the home’s exterior was entirely covered in snow, concealing the unfinished grounds. The appraiser completed their report without issue, and the loan was cleared for closing on time. Of course, within a few weeks of the closing, I had the appraiser return to the house to take updated pictures of the beautifully completed exterior to make sure it was completed to satisfaction. Everyone was happy.
We are often faced with events within our life that require astute and creative solutions. The housing and mortgage industry is no exception – and can cause significant loss or hardship when faced with a setback. I love the opportunity to offer temporary and creative solutions to help my clients when they are in a bind. Only when working with a skilled, experienced, and veteran professional can you be assured that you will persevere without hardship and penalties.
Rabbi Jeremy Donath, Yoel Dreifus, Nina Eizikovitz, Simcha Goldstein, Donny Kanovsky, Elizabeth Kratz, Danny Levine, Kenny Lowy, Jules Nachtigal, Esther Olivestone,
Elliot Steinmetz, and a special Happy 50th Anniversary to my parents!
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]