It is now 5:00 pm, and as the buyer, seller and myself anxiously wait for some indication that we will close this transaction; the Closing Attorney frantically comes in to tell us that the Federal Government closed the Bank, there will be no closing today or any other time at least not with that particular bank. You think the Attorney was frantic, I was flabbergasted! The buyer and seller in shock. This is when we probably could have used a defibrillator for all of us to bring us back to life. Never in a million years would any of us have imagined that a bank would or could be closed at the drop of a pin, but that was only the beginning of the rapid decline of the Real Estate Industry in 2008. Many builders went out of business leaving incomplete projects in many communities. Banks were being closed left and right. Sadly, we never closed and the Builder that I was selling homes for closed its doors and moved back to Texas, where they were originally from. I was saddened by the turn of events, but since I’ve always been a hustler, I hung my Real Estate License with another Company and concentrated on Resales and Foreclosures. The closing of banks caused a ripple effect. Many people lost their jobs and their homes due to foreclosure, I was able for a couple of years to keep my head above water. I was selling a home maybe every 2-3 months and then trying to close the deal was like pulling teeth from an elephant. So much, you had to go through just to get a mortgage loan closed, and then you’ve got buyers with champagne taste and a beer pocketbook. Stress galore, eating habits out of whack, and elevated blood pressure that had me on pharmaceutical drugs. When your money is funny all of a sudden and you end up having more bills than money each month, that’s when you know you’re in trouble. Eventually, by 2911 I too, succumbed to the inevitable. Sales were too hard to make and when you did make a sale, it took forever to close. You get my drift by now. I too lost properties and vehicles due to foreclosures and repossessions.
Continued next week