Momentum for Life - June 17, 2009
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| A Note from Dan |
| Father’s day is coming up this Sunday. I know how special it is for a lot of fathers but it’s especially cool for those of us with wives or partners who know us so intimately that you just know, no matter what, the day will be special and go well.Brunch with the family and a movie, surprise for dinner & sunny weather on tap, what else could a dad want? |
| Coming Soon |
| Those who are working the hardest are losing sight of their dreams of a better lifeFrom client coaching sessions and conversations of the past few weeks, this is a recurring theme. There is great opportunity for everyone in the very near future if they are prepared (see What A Surprise - NOT!
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| Play This Game |
You are a buyer of a short sale property. You’ve been looking around to find that perfect home for your family. You may not have been ready to do this at this time, but the low price frenzy and promises of massive gains in equity as the economy recovers, were seductive enough for you to get started 4 months ago.So now you’re in line, waiting on a response from the lender controlling the fate of 12 buyers just like you with offers to purchase the same property currently listed for sale at $425,000. True, it would have sold for $640,000 just two years ago but you had good advice to submit a slightly higher offer of $475,000 for two reasons:
Last week I reported in a Blog post that there is now encouraging bad news about mortgage interest rates. In that article I discussed how a more normal predictability pattern was beginning to emerge. Well, the pattern continues and as bond yields began rising in the wake of increasing stock market performance and news that recovery signals were plentiful, inflation worries began and like clockwork interest rates went up as much as .5 to .75% in the last two weeks. Interest rate indicators do not like inflations and today’s blog post What a Surprise - Not! Mentions what happens to hard assets and securities during inflationary periods; check it out. Then, in the same manner, losses in the market and inflation fears once again subsided, the bond market improved, and rates have begun to recover although have not given back as much as they took away. Back to our buyer, you, who has been watching rates intently. This has been a mega roller coaster of a ride. Market conditions could terminate the entire transaction and all the work and time invested. Locking in that low rate is what you want, and your lender will do it for you any time you like. But you must choose the time period you want them to guarantee that rate. Do you choose 15 days, 30 days, 45, or 60? The price associated with each of these periods is successively more and in order to choose, you would need to know when the lender will choose you over the others. If while you are waiting, rates go up beyond your ability to qualify and you withdraw your offer, they may, as has just happened, come back down and you would have lost your spot in line. If rates go much lower than you expect, however unlikely, you could choose a longer lock period and cross your fingers that you get it. This is one scenario which demonstrates why current market conditions are so volatile and uncertain, and unfortunately, there is no other way to play this game. |
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