Blog Stories A miracle closing in the time of COVID-19

A miracle closing in the time of COVID-19

By Carson Mead, March 21, 2020

Tom and Doug have been in contract on a pre-construction home since July. Our target date of March 20th for closing was an exciting moment two weeks ago as we worked out final logistics and walk-throughs. They had movers in place, and utilities all dialed in. With COVID-19 though, it waits for nothing. As our builder had their final inspection just four days ago, we saw the window for closing on their home shrinking as the world shifted so quickly. The builder did not pass final inspection, but only because of some spacing for the screws on the deck.

Crushed momentarily, we started to work towards seeing what else could be possible. We made a plea to their lender and explained the situation. Their lenders manager sent an email to six people above him, to see if there was any way we could pivot and get docs out, fund, and close prior to receiving the certificate of occupancy. The builder fixed the issue, and we rescheduled the final inspection for Friday. With nothing short of a miracle, the lender allowed the loan to fund without the occupancy certificate in hand. On possibly the last business day before the shelter in place order, the city gave final approval, my buyers signed, the lender funded, and we recorded the home in the space of a few hours. My buyers got the keys to their dream home.

All closings are emotional, but after 8 months of pre-construction, to have their property close was a brief bright spot in an otherwise cloudy, uncertain time.

I was not able to be there in person for any of those final moments out of an abundance of caution, but I  worked remotely to coordinate behind the scenes. I cannot wait for the time we can all see each other again in person, and I can share a glass of wine with them in their home to congratulate them properly.

Carson Mead

Broker | ADU Specialist

My first introduction to the world of real estate came in 2004, when at the age of 22 I bought my first home in NE Portland with my sister. I still remember what a monumental life transition that was. Buying my own home laid the foundation for a lifelong love of all things related to houses. I enrolled in a year-long Building Construction program to gain more knowledge in housing systems and techniques. I have used those tools to enhance my own home both inside and out. I joke that my favorite part of a house is the basement, as that’s where I can see the health and maintenance of a home’s systems: plumbing, electrical, HVAC, foundation etc. While a home inspector is the professional on helping to understand the story of a home, I like to provide as much due-diligence as possible up front before you spend the money and get into contract. Ultimately my goal is to meet you in any endeavor that you are wanting to undertake. If you are looking to sell, I will develop a strategy that makes sense for you with your goals, timelines and marketing strategy. If you want to invest in your home before going on the market, we’ll look at what you can do to maximize your profit: be it refinishing floors, painting, modifying light fixtures, and getting it staged. If you need to stay in your home while selling, I’ll bring in my stager to help get perspective on how to pare down the feel of your home and have tangible goals to achieve in getting ready to go on the market. If you are looking to invest in Portland real estate, we can talk about the big four in analyzing properties. Rental income, principal reduction, equity growth and tax benefits. I work with spreadsheets to outline these assets so you can see the short and long term performance of your investment. Once last piece of my professional and personal life that I spend a lot of time thinking about are ADU’s (Accessory Dwelling Units). Also known as mother-in-law units and granny flats, these can be detached or attached. When I see a home, I look at the property in detail to see how the home is oriented on the lot and if it is ripe for a detached ADU (new construction), or if it is a good prospect for creating an attached unit (a basement apartment). I also look at the zoning to see what kind of potential this could add. I am in mid-process building my own detached ADU. The structure is going to be modern with clean lines and open concept. I live on a corner lot, which means the ADU can have it’s own street entrance. I also have zoning which will allow me to split the lot if I choose and sell it separately at some point. My plan is to keep it as a rental, but this will create a lot of flexibility both short and long term. I am a cooperatively focused broker, with a passion for helping people achieve their goals and succeed in their endeavors. I am patient, understanding, trustworthy, and truly care about your best interests. I serve on my neighborhood association board and the larger Northeast Coalition of Neighborhoods. Please let me know if you'd like to share a beverage, coffee, tea, beer/wine to talk about what’s important to you and see if it would be a good fit to work together. All the best— yelp
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