It’s Almost my Birthday.

BarrysBlog_FBHard to believe only 11 days until my birthday. But DON’T PANIC – that’s 11 solid shopping days you have to get me a present (if you’re unsure what to give me, cash always makes a nice gift). And I have a gift for you: The spring market is taking off! I think I’ve done more purchase loans in April and May than what I did all of last year. So keep your heads high and gear up for what is becoming a busy year in tough times.

Do you want to be discovered?
Your road to fame and fortune start with our weekly podcast! You can talk about the current market, pitfalls to avoid, why it’s a great time to buy, and why people looking to list or buy should call you. Feel free to contact me or Sandy if you want to be on a PERL Mortgage podcast. How does it work, you ask? You’ll sit down with us, we’ll go over a list of questions that we’ll ask you (you can even write the questions), we’ll record 15 minutes of material and edit it down to half of that for the podcast. We have a huge listening audience so it’s a great opportunity to pick up leads and be heard! (and if you didn’t like something you said, we can edit it out. On one we taped last week, I accidentally admitted that I own a Backstreet Boys CD – but I got Sandy to remove it before it went public!)

New condos and Melrose Place
Condo conversions and new construction condos remind me so much of Amanda Woodward – nice to look at, but boy can they can cause trouble. Out of our 300 banks across the country, we have exactly one that will do a loan for first in. The rest of the banks are following Fannie and Freddie guidelines which say at least 70% must be sold or under contract before they will let a deal close. Other issues that can come up: if there are at least 70% under contract, how many of those are going to be rentals? Are there any pending lawsuits/ litigation (this is for existing condos too)? Is there any commercial space, and if so – what percentage of the building is it? Major Excedrin headaches, but we can work thru it. Please call me if you have any questions at all about condos! Banks are lending, but just more red tape to weed thru.

Interest Rates
Are holding steady despite ten year bonds getting hammered last week. The 30yr fixed still remains in the high 4’s. Rates can swing either way depending on credit scores and equity in the home.

Last week’s answer – George Clooney. This week’s question: Who am I? “I turn 58 today, and I’m a Motown favorite. Marvin Gaye played drums on my first hit. I wrote Tears of a Clown for Smokey Robinson. I played harmonica on hit songs for the Eurythmics, Elton John, The Beach Boys, Barbra “I love myself and you should love me too” Streisand, and Julio “My son is even more overrated than me” Iglesias. In 1986 I appeared on the Cosby Show in an episode that involved Denise and Theo crashing into my car.” Guess who this is and win a $5.00 Starbucks gift card. Email me with your answer. Good luck!


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