b'Elizabeth M. Knight2020-2021 CMA Presidenthope as of this writing you are allmembers perform many or all of theseas much due diligence as I normally do? doing well; taking time to be with yourfunctions themselves.Could any of youWhy did I step outside my knowledge base families, taking time to take care ofimagine simply performing one functionwithout further review or consult on this yourself, staying healthy and enhancingall day, every day?For the entrepreneurialloan?Maybe it is because we want a bit of and protecting your businesses from theCMA members, it would be a roller coasterthe shrieking highs and lows of any great ongoing changes to the market and theon a flat track. roller coaster to rise to the precipice, free enactment of new legislation. fall and then soar again.As I had mentioned in the last Points ofCurrently, the real estate market is, in Interest Presidents message, I enjoy sharingmany areas, rising in value very quickly. quotes from famous people.This editionsProperties that sold last month for quote best described my thoughts about$1,250,000 are now selling for $1,450,000. CMAas a group since we are strong andWe are seeing not just multiple offers bold: but unprecedented numbers of multiple offers causing offers to exceed list price Yeah, life is complicated,by as much as 10%, maybe more in some areas.I was talking to one agent who had but if it wasnt complicated,85 offers come in on one property and it would be a roller coasterthe final accepted offer exceeded the list on a flat track.Wouldnt beprice by 12%, all cash, and, the original list price was at market.There are four driving a ride worth taking. forces that create such an occurrence: LowSuspense writer Dean Koonz inventory, low interest rates, people who feel they need to jump into the market, Many of the CMA members consist of smallpeople with cash.enterprises which allow (or make) theSometimes, although we ride a roller owners to perform and perfect so manycoaster ride every day, we want to make itBut, as any of us know who have been in different functions of their business.Wherewilder than it already is.Perhaps, it is not athis business many years, this is a cyclical a large company has a team of loan officers,conscious choice.It is just something thatmarket and every time there is a downward processors, underwriters, loan committeeswants us to feel bolder, more creative, justadjustment in the market it follows an for different types of loans, funders, closers,. more.But, when looking back, we thinkaccelerated uptick.My message here post-close auditors, HR teams, accountingWhat was I thinking?Why did I work withtoday is to be especially cautious when departments, marketing departments andthat borrower?Why did I let them push me a myriad of other departments, our CMAinto closing so quickly without performingcontinued on page 29Page 2 Spring 2021'