JULIE GARDNER
  • HOME
  • COMPASS
    • WHY COMPASS?
    • COMPASS CONCIERGE
    • COMPASS BRIDGE LOANS
  • LISTINGS
  • ABOUT
    • ABOUT JULIE
    • A DYNAMIC PARTNERSHIP
    • CONTACT
    • PROCESS
    • TESTIMONIALS
    • PRESS
  • PROJECTS
    • BEFORE & AFTER
    • GARDENS
    • OUR TEAM
    • VIDEOS
  • BLOG
  • COMMUNITY
    • UTILITIES
    • SCHOOLS

Vol. 294 - Double Fault

10/11/2013

0 Comments

 
I spent last Monday realizing my worst nightmare. (Okay, there's a bit of hyperbole here, but just the same . . .)  Having been talked into participating in the annual PHS Booster's Tennis & Golf Tournament at the fabulous Claremont Country Club in Oakland, I was certain I would prove to be the weakest link on my team.  Regrettably, that was true.
 

I love tennis. I grew up playing tennis, and I used to play it well, but not last Monday (in truth, I haven't played well in years). Last Monday, I let anxiety and self-induced stress get the best of me and performed rather poorly. Double Fault. (Boo-hoo, first-world problems.) It wasn't until the third and fourth rounds that I actually redeemed myself enough to win back some much-needed points (although it helped immensely to have a PHS tennis coach as my doubles' partner in the last two rounds - Ringer!). 
 
If I'm being totally honest (and why not?) "match play" has never been my forte, even when I was at my best. (Who performs well when they're in the midst of a panic attack?) As all of us have learned at one time or another, ANXIETY, and STRESS rarely work in anyone's favor - regardless of the forum. 
 
Not surprisingly, there is a bit of anxiety, and stress that have crept into our markets as of late as our representatives in Washington DC struggle to pass a budget and avoid defaulting on the National Debt Ceiling. (Really? Let's suspend Congress' pay until they can reach an accord. Then, we'd very likely see some REAL movement.)  With predictions of dire, global reverberations, it's an easy jump to project catastrophic, economic, world-wide consequences.

Please don't panic.  

Unfortunately, we seem to be at the juncture far too often. (I suspect that's NOT how most of us operate at home with respect to managing our own finances.)


Although I have no answers as to how the gridlock will ultimately play out in our nation's capital, I can politely suggest that if you are currently in escrow, funding might well be delayed until the offices of Social Security and the IRS are up and running.

While several major banks are relaxing income requirements until after the close of escrow, many are NOT, so it IS imperative to ask the questions upfront: "Will there be a delay in funding and if so, for how long?"  For Jumbo borrowers (loans above $625,500) stricter guidelines remain largely in place.  In such a circumstance, CASH really IS KING -  as are reliable lenders who can deliver  funding in a timely fashion.  (BTW - a missed financial deadline, given the current market conditions, isn't the Buyers' fault, NOR is it the agent's fault, NOR is it the mortgage originator's fault (let's play fair)).  It's simply circumstances beyond our control. 

While the wait for funds may be difficult to bear, (especially if you need these funds to close on the next property) it is unlikely that a Buyer in second position will fare any better. Unless there is an "ALL-CASH" offer at the ready, starting over, is still starting over.  

Better to work with the party currently in contract, than to begin again.

NO ONE likes delays, especially the Buyers, who may very well have to pay extra to maintain their "loan lock," OR risk paying higher interest rates a week or two down the road when the loan finally funds. In short, delays costs both sides time and money and both parties are likely to share the pain in equal parts. Put another way, we are all in this together.      

Assuming reasonable minds will come together, the backlog of requests will soon be filled, and loans will undoubtedly get funded as we return to "business as usual" in Washington.  In the meantime, if we give everyone a bit more time, our expectations will better align with the current market realities. 

Note to both Buyers and Sellers: this isn't the time to be punitive or impatient. Renegotiate price and terms ONLY if warranted, but DO amend - in writing (!) - any extensions to the timelines or changes to the contract.  

As for me, was I really hoping to play tennis as well as Sharapova, or on a more modest scale, as well as my dedicated tennis friends who play religiously? (A girl can dream.) The reality is that age, injuries, and lack of practice have ALL taken their toll on my disappearing tennis game (we all have to work with life's limitations). If I really want to play better, I have only to commit the time and effort and put in the work!    

The truth is, it takes practice and repetition to maintain consistency.  Next time, I will either politely decline the invitation, OR better yet, decide to enjoy the day for what it is - an opportunity to socialize with my peers, get a little exercise, and have fun while supporting the Boosters.  

​And truly, if my greatest nightmare is that "I will play tennis poorly," than I really need to rethink my priorities
(Ya think?)    Hey, maybe it's time to take up golf . . .    (A BIG thank you to my incredibly kind team captain, Nick Levinson.  Now there's a guy who's got game . . .)
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Subscribe

    Author

    Julie Gardner, has been writing The Perspective for 18 years and has published more than 670 essays on life and real estate. 

    Picture

    Archives

    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011
    September 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011
    January 2011
    December 2010
    November 2010
    October 2010
    September 2010
    August 2010
    July 2010
    June 2010
    May 2010
    April 2010
    March 2010
    February 2010
    January 2010
    December 2009
    November 2009
    October 2009
    September 2009
    August 2009
    July 2009
    June 2009
    May 2009
    April 2009
    March 2009
    February 2009
    January 2009
    December 2008
    November 2008
    October 2008
    September 2008
    August 2008
    July 2008
    June 2008
    May 2008
    April 2008
    March 2008

    Categories

    All
    Business
    Design
    Drought
    Holiday
    Home Maintenance
    Homes For Sale
    Life
    Market
    Politics
    Renovation

    RSS Feed

    View my profile on LinkedIn
Piedmont · Oakland · Berkeley
 510.326.0840
julie@juliegardner.com
DRE# 01431765
​COMPASS

  • HOME
  • COMPASS
    • WHY COMPASS?
    • COMPASS CONCIERGE
    • COMPASS BRIDGE LOANS
  • LISTINGS
  • ABOUT
    • ABOUT JULIE
    • A DYNAMIC PARTNERSHIP
    • CONTACT
    • PROCESS
    • TESTIMONIALS
    • PRESS
  • PROJECTS
    • BEFORE & AFTER
    • GARDENS
    • OUR TEAM
    • VIDEOS
  • BLOG
  • COMMUNITY
    • UTILITIES
    • SCHOOLS