Barry’s Blog: Back From Florida means it’s special time
I am back from Florida and ready to roll (and I would like to obliterate all rumors of me wearing a Speedo on the beach; simply not true). Okay, lots to talk about so let’s get to it:
Are still cooperating. They are fluctuating this week between 4.75%-4.875% depending on credit, ratios, and equity in the property. My feeling is that rates will stay low all year; however, once we see signs of the economy rebounding, rates will be driven up quickly. Do you have any clients sitting on the fence waiting to see if rates will go down more? Most people in the industry think we are scraping bottom now, so you need to let the fence-sitters know – in a nice way – that they are on drugs if they are waiting for lower rates before buying a property.
If you have any clients that need to close fast, or if it will help in negotiations with a mortgage contingency date – keep in mind that Perl has 3 in-house underwriters, and all it takes is for me to buy one of them lunch and we can have an approval in a day! This would be on deals that have a loan size of 417k or less and contingent on the appraised value.
Happy 27th birthday to Seth Rogen. He wrote last year’s movie Drillbit Taylor starring Owen Wilson. However, the screenplay was adapted from a 70 page treatment written by what famous director/writer who had many hit movies in the 1980s? Email me your answer, and if correct you will win a $5.00 Starbucks gift certificate. Good luck!