Financial Update by Maurice Soussé

Rates are perfectly flat from last Friday.  The bond market closed at one of the lowest rates ever for a 10 year treasury bond at 1.7%. If you have a cash in a savings account, don’t expect any interest.
 
Today I wanted to take a moment to remind you of  a few things when closing a bank owned or ‘as is’ property. While the sellers may not be willing to update or fix anything on a property, the investors funding a loan want to make sure the house is livable and in operating condition. The old days of escrow holdback are pretty well gone so we need to be sure there are no credits at closing for roofs, microwaves, dishwashers, trash compactors, etc. If there is a cabinet area in the kitchen that has an electrical hook up for an appliance, it must be replaced before loan closing. Refrigerators are the exception to the rule. This doesn’t mean that once in a while you may close one where the appraiser misses it an something sneaks by, but, as a rule, kitchen appliances must be in place and operational. Escrow credits will not suffice. In most cases we see a credit for closing costs as the only acceptable seller to buyer credits.
 
I love this week’s quote: Age is not important unless you’re a cheese