Our Mother’s Day show on May 11th was full of great information. Daniel Chung of Mass Mutual educated us on annuities and Tracy Ruccia of Equity Title empowered our listeners with insights on the short sale process and how it affects closings. Harvey and Shelley wrapped up the show engaging our audience with Harvey’s stat of the week and Shelley’s weekly fun fact.
Harvey cited 76% of our closings were classics (equity sellers), 12% were REO (foreclosures) and only 12% were short sales. Harvey further noted that this is dramatically different than it was a year ago when short sales made up approximately 50%. Even more interesting was how the homes were purchased. 29% were conventional financing, 41% were cash, 21% were FHA, 7% were VA and the remaining 2% were other types such as seller financing. These are indications in Harvey’s opinions that the market is returning to a more “normal” environment.
Shelley’s fun fact centered on the idea of disclosure. Shelley explained that we advise our seller’s to disclosure everything and anything they know about the property and that you can never say too much. The disclosure laws vary from state and we do get interesting questions from prospective buyers from time to time. However in the state of New York it is a legal requirement of a seller to disclose to a buyer if the property they are inspected is believed to be haunted by ghosts! Talk about spooky!!
Please tune in every Sunday on KDWN AM 720 at 4pm to listen to our latest show. You can also subscribe to our YouTube channel to watch this video along with all the others.