Wednesday, August 21, 2013

Weekly Rate and Real Estate Update, 8.21.13

Buyer’s Focus is Back!

Dan’s activity this week:

As it goes each year, the few weeks before and during school start-up divert buyer’s focus for a short time.  Listings see a dramatic slowdown in showing activity and it can cause some to panic.  Have no fear…it is temporary!

Last week was a busy one…I had three closings.  Of course, nothing can be easy so there where some last minute hurdles to clear. 

For instance, while doing a final walk through with a buyer we find a Sheriff’s Sale Auction notice on the front door!  Rut ro!  I sent it to the listing agent at 9pm the night before our noon closing, who sent it to the title company who ran it up to their legal counsel and verified all will be made current at closing and we got the all clear…whew!

Another one…while the buyers of my listing where having their final walk through, they noticed that the refrigerator, washer and dryer that they had asked for in the Purchase Agreement, and that my clients had signed off on, were not in the home!  So at 4:30pm I’m calling my movers…they had two guys and a truck available at 9am…did I tell you we were closing at 10am!  Well, as it turns out it took longer to move the appliances back to the home than anticipated.  The good news is that the buyer’s had sold their home earlier in the morning but their funds had not come in yet so we couldn't fully close.  It’s called a “dry closing” meaning that all the documents were signed, but the money hasn't actually moved around yet.

One of my listings accepted an offer last week and will have the inspection soon.  On another listing we had an accepted a contingent offer and that buyer finally sold their home and removed the contingency and is ready to close next month.  Also, from that listing I received a call off the sign…I showed the home to those buyers who had an interest but also had a home to sell.  So I met with them last week and now have their home listed for sale and will be able to help them find another home.

Finally, next month I have a big “Lunch and Learn” at a local company.  Along with my mortgage contact, we’ll be presenting a series in their Financial Wellness program!  This will be a great opportunity to educate and, while it’s not the main goal, typically you pick up some new business as well…icing on the cake!

Looking for a home or just want to see what’s out there? Download my App and starting searching.  Click here to download it

From the IBJ: The average rate for 30-year mortgages rose from 4.56 percent to 4.57 percent for the week ended Aug 14, according to  The rate for 15-year mortgages fell from 3.62 percent to 3.61 percent.  

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