Clear to Close

Wow - whoever thought I would be holding my breath waiting on someone else to tell me whether or not I would be able to sell a home? Well, of course, that's how we live in the real estate business, but even moreso, that's definitely how we live now if we are involved in the MS Gulf Coast Renaissance government grant programs such as My Home My Coast or the Reach program. Out of the 3 closings I have had scheduled for October and November, 2 of those have been involved with the Renaissance programs. The first one was set for close 60 days after the contract was signed; however, that date was October 13 and we did not have our environmental clearance from the government so we had to get another extension. This time we extended the contract until October 30 and the sellers were pretty annoyed since it had already been over 60 days. Of course, during this time, they have had many other people still asking about the house and I'm sure it has been in the back of their minds that they could have sold it much quicker if they had not become involved with a buyer who was in the government program. Thankfully, this time (so far, fingers crossed!) is working out. Last week we received the environmental clearance letter and this morning we received the clear-to-close letter from the Renaissance Corporation. Of course, the closing attorney's assistant who was handling this is off tomorrow, but that is a hurdle we can jump easily - just substitute another assistant from his office.

My next closing is also with the Renaissance Corporation - originally scheduled for November 13, already delayed until November 30 and praying that will be the longest we will have to wait. The point is that although these government grants on the MS Gulf Coast are wonderful on paper to boost our market (basically provide approximately $25,000 grant money to help first-time home buyers purchase a home and then another $3500 in grant closing costs) they are also emotional roller coasters for all involved, ESPECIALLY the first-time home buyer who may go through all this trouble and do everything they are supposed to do on time and still have the contract fall through because the government did not finish their portion in a timely manner within the confines of the contract. This issue could be debated on both sides as some of the homebuyers wouldn't be able to purchase a home without the grants in the first place, yet those that are getting the grants still may lose their first or even second choice of home and could wait over 6 months wondering if they will be buying a home or not, because of the clearances and the time delays. Hoping everything goes smoothly for tomorrow's closing!