Closing in T Minus 10 Days and Holding....

The purchase of this property has been much like a shuttle launch. The countdown to closing commenced, but then was held. Then it started again, but was held. That process continues even to today. What started in September is now possibly going to be complete before Christmas, but may end up in 2006.

As the process is ongoing, I'll have "no comment" on the details of what is causing all the delays. Suffice it to say that the whole process through which one purchases property is deficient in several areas and each roadblock comes with a service fee. I won't go so far as to say that you can buy your way through the process, but it often looks that way.

What have bothered me most are two things. First and foremost is the sluggish manner of the various brokers. Second is the way in which the "final numbers" look nothing at all like the "good faith estimate". For example, take insurance: the estimate was less than half the proposed final contract amount (nearly three times as high). In the realm of closing costs, how does an extra $3000 out of the blue sound (as well as a proposed higher interest rate than originally agreed without any justification). Between the dilatory work of two and the duplicitous actions of one, I'm on my third brokerage in a final attempt to close sometime this year without being given a prison shower special.

The process has shown me that there are a few really helpful people in the industry, but that the system is set up in such a way as to reward the lazy and the unscrupulous. Those built in rewards (even to the least deserving) make the housing industry a haven for those who would be fired or indicted if they worked where I do.

Fortunately, the seller has been absolutely wonderful during this whole process and very accommodating. Despite all the problems, he has kept the deal and not taken other offers which he could have when I canned previous brokers and started over.

When closing is finally passed, I'll have a few specific things to say about some of the people I have had to deal with during this process: the good and the bad. Until then, I am in yet another delay (this time title work). I'm optimistic, but angry. If I never have to do this again, it will still have been one time too many.