While we all sit here in Chicago and wait for the economy to rebound, I often wonder, “What is the hold up?” There are many answers to that very simple question. Because I am an appraiser as well as a broker, I do get some different insight that others miss out on. I have been on the appraisal side of things. After spending hours on an appraisal, making sure that the Subject property was well defined and carefully pouring over the comparables, and finally turning in a well thought out and planned report, the bank calls back and asks me to add additional comparables as well as make multiple changes to the report. I have gone back, made the changes only to have the bank call and ask to change things back. All of this hard work and loss of work hours on another project is quite frustrating.

I have also been on the sale side of things when an appraiser, hired from an appraisal management company, have defined the subject property as something completely different than what was actually being sold. Thus delaying closing due to the underwriters not wanting to issue a loan on a one bedroom condo with a basement. It was actually a three bedroom duplex down in the city of Chicago.

Today I had the pleasure of having a closing delayed due to a missing compass point. Let me clarify. I have a closing located at 111 South Morgan. The certificate of insurance was sent over as “111 Morgan.” The address was missing the compass point. This is what underwriting has come to. A compass point!!! Seriously??!!

I now see why the jump start to the economy is like watching the grass grow. There seems to be one obstacle after another.