Happy Monday!
Last week I
attended the CRS luncheon (Certified Residential Specialist), and Mr.
Chuck Jacobus, a Houston legal icon, was the speaker. He spoke about
updates on the contract, lawsuit cases, and was frankly a wealth of
knowledge! A few interesting points he discussed are worth mentioning,
as we spent quite a bit of time on contracts:
- When a realtor puts in special provisions (or elsewhere) that the house 'must' appraise, or the buyer has the right to terminate- WATCH OUT- that is considered practicing law, which is a NO NO unless you passed your state bar exam.
- The financing addendum period (deadline) means that you have met all CREDIT criteria. This could or could not mean the appraisal. That is collateral. And a separate issue covered in paragraph 4A1 (not meeting underwriting standards)
- In Texas you can now use a reverse mortgage to 'purchase' a home. You may start seeing this. Know that there is a TREC Addendum for that to be added to the contract.
In the Markets:
Rates pushed
higher earlier last week, as stronger than expected economic data put
pressure on the bond market. When there are signs of a robust economy,
investors put money back into the stock market, leaving bonds behind,
and therefore yields go up to attract them back over! (kind of works
that way...I'm trying to put in words we can all 'grasp'). So here comes the JOBS REPORT. The 6 month streak of job gains ended
in August, with only 142K jobs added (the expectation was 225K). So
rates eased a bit, and we were FLAT for the week.
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