Dishin' Dirt with Gary Pickren

Dish Dishin' Dirt on "Do you Have the Party Correct and Did They Have Authority to Sign" with Tracy Stutler

June 24, 2021 Season 2 Episode 33
Dishin' Dirt with Gary Pickren
Dish Dishin' Dirt on "Do you Have the Party Correct and Did They Have Authority to Sign" with Tracy Stutler
Chapters
Dishin' Dirt with Gary Pickren
Dish Dishin' Dirt on "Do you Have the Party Correct and Did They Have Authority to Sign" with Tracy Stutler
Jun 24, 2021 Season 2 Episode 33

One of the first things a real estate agent completes on a contract is the party's name.  The last thing the real estate agent does is have the contract signed. 

Are you listing the name correctly and is the person signing the contract authorized to do so?  Too many agents gloss over the importance of getting this correct.  Do you know how to properly identify a trust, estate, church, partnership, etc.?  Do you know if the person you are working with is even the correct person with power to sign the contract?

Listen to this week's episode of Dishin' Dirt to see how much you know or maybe don't know.

Also, a quick take on why builder's don't typically pay real estate commission on add-ons and upgrades and fresh off my YouTube banning, another installment of Gary's Good  News only!

Enjoy!
Gary

Disclaimer: The information contained herein is not necessarily the opinions of the SC Real Estate Commission of which Mr. Pickren serves.

Show Notes Transcript

One of the first things a real estate agent completes on a contract is the party's name.  The last thing the real estate agent does is have the contract signed. 

Are you listing the name correctly and is the person signing the contract authorized to do so?  Too many agents gloss over the importance of getting this correct.  Do you know how to properly identify a trust, estate, church, partnership, etc.?  Do you know if the person you are working with is even the correct person with power to sign the contract?

Listen to this week's episode of Dishin' Dirt to see how much you know or maybe don't know.

Also, a quick take on why builder's don't typically pay real estate commission on add-ons and upgrades and fresh off my YouTube banning, another installment of Gary's Good  News only!

Enjoy!
Gary

Disclaimer: The information contained herein is not necessarily the opinions of the SC Real Estate Commission of which Mr. Pickren serves.

Unknown:

Shouldn't dirt with Gary Pickering South Carolina's only podcast dedicated to the real estate agents craft? And Greetings and welcome back to yet another episode of addition dirt I am your often irreverent and very opinionated, but rarely wrong host Gary Pickett and I'm coming to you from the house known as Blair Cato pit grinning caslon So today's episode is freakin good. I got Tracy stettler, good friend of mine, fellow real estate nerd at Keller, Williams, Columbia. And we're going to be going over issues on how people are getting contracts on and the names we're putting on these contracts for the parties. Think about trusts, estates, companies, partnerships, things of that nature. So you're going to learn how to put the parties name correctly on the contract and how to get it signed correctly. also gonna have another one of Gary's quick takes on why builders don't typically pay commission on upgrades. And lastly, coming fresh off my banned from YouTube for saying the truth. We'll have another episode of Gary's good news only. Alright, so today with me is Tracy stotler. She is the broker in charge at Keller Williams, Columbia here in Columbia, South Carolina. And Tracy and I have worked together for way too many years on the contract Committee for the Central Carolina realtors Association. And I have to say that she is probably as big as a real estate nerd design. So welcome, Tracy. Hey, Gary, glad to be here. I'm glad you're here, because you got lots of good questions you always do. To Tracy, today, we're talking about issues with names and how people are signing contracts, whether it's the state contract, the CCR, a contract, or even your own contract, we're talking about names. And typically, it's the first thing that's not out on every contract. But as you and I talked about on the phone the other day, it's incredible how it's often incorrectly done on contracts. And just a few weeks ago, you and I were talking about how an agent your office had multiple offers. But one offer came in with a buyers last name, but no first name, the seller directed them just to go ahead and send the offer rejection form and they would deal with somebody else because they had multiple offers. And their whole thing was at least I can deal with somebody who can fill out a contract correctly. So my question to you is, as a broker, I know you see numerous contracts every single day, what are some of the main issues that you're seeing with names and how contracts are being done? Well, one of the ones that happens quite often is when there's a single female who gets married, and they had their deed, in their mortgage, driver's license, everything was in their name to begin with, and they get married, change the name, and then they don't change it on the deed or with the mortgage company. So when they go to sell the house, suddenly, it's a different last name. That's an easy answer for that one that Luckily, on that one, when we have a married person who had a maiden name on their date, if they've gone ahead and change their name, when they signed the contract, they need to sign their old name, their original name, and then write in K which is now known as, and then put their new name. So Tracy, if you bought a house with Vince and Tracy events and and you're now married to Statler, you would write on the contract Tracy events and now known as Tracy Stott, we're or you could also write Tracy Vincent, aka Tracy stopper. So either one of those would be the correct way of doing that. And then when the person signs, I have them go ahead and sign out both names. The one of the things that I would tell people when it comes to names and getting married or anything names period, is ask these questions. When you're signing the contract to make sure the person understands exactly how they want the contract to read. Have the buyer review it to make sure that the name is written in there correctly, make it legible. Make sure it's spelled correctly, it's rather embarrassing when we have the name spelled wrong on the contract. Because what happens is the lender uses that the attorney uses that and they come and everything is spelled wrong. And they look with the agent going Gosh, your name spell my name, right. So we want to stay consistent. But luckily with the married name is simple resolution by using the now known as or the aka. Now you also talk to me about an LLC issue that some agent was having in your office. Tell me about that for a minute. Well, there are a few LLCs, around town that are buying up single family dwellings in order to rent them out. So they will put in a lot of offers. And they usually will sign it with the company name, but we won't know who it was it actually signed. So I'm asking my agents, hey, who was the person that actually signed this contract? So then they will give me maybe the Signing Authority form, and it will show like 15 different people that have the authority to sign on behalf of this company, how many of these people can actually sign in one transaction? So that's a good question. And a good point that if you're having somebody sign in some type of company or corporate authority, it's a good idea to have them print their name out. Because when you deal with a lot of these Oreos, these real estate owned companies or these investors, hedge funds, they may actually have issued a resolution that gives six, seven or eight people the authority to sign. So if the most people that Signs for those governing sign like circles, I mean, it's just chicken scratch when they sign so you don't have any clue. If the person that sign is actually on that resolution. So it's a good idea. Did I have them go ahead and write out that name so that your broker and you can go back and make sure that the person who signed was one of the people listed on the resolution. And even though it does sound weird that one person can sign the contract and another person may sign the repair addendum and another person may sign at closing that is proper, if the resolution allows for that. So you have to look at the resolution. Now, this brings us to even a bigger issue, is it I'm saying and Firstly, let me know if you're seeing this, do you see a lot of contracts that come by command that just say, ABC Company, there's no comma, Inc, or comma, LLC, or just seeing where they just write a company name with no designation as to what they are? All right all the time. Yeah. And so that's a problem because ABC Company is not a legal entity, ABC Company, comma, LLC, or ABC Company, comma, Inc. Well, that's a legal entity. So agents really need to pay special attention to designations, and make sure that whatever type of entity it is that you're writing the name properly. And I know Tracy does this a lot. But you can go to sos.sc.gov. And you can search for the name. So if I was doing a closing for ABC Company, and I don't know whether it's an LLC, or an E, I'm going to go to sos.sc.gov type in ABC company. And that will should come up. If that company is a true entity, the name of the company, and then you can find out whether it's an LLC or an eight. But if you just leave off the LLC, or late, you don't really have a contract at this point, you can do that on your phone, you can do it on a smart tablet, you don't have to have a computer. And so an example of that is if I was to go search for a Columbia property, my client says put in the name of Columbia properties, but doesn't tell me whether it's an acreage LLC. That could be a big problem, because if you search on the Secretary of State's website, you'll find nine or 10 different versions of Columbia properties. There's a Columbia properties eight but there's also a Columbia properties Columbia LLC. So if I'm not asking those questions of my client, I might just write Columbia properties, LLC. There is no such company as Columbia properties, LLC. It's either Columbia properties eight, or Columbia properties, Columbia LLC, so which one is it? And am I getting it signed correctly? So you have to make sure when you're dealing with LLC, first of all, that you're getting the name of the company? Correct? Because it also show on that form? Who is allowed to sign? Or is that a completely separate form? That's a completely separate form? That is an excellent question. So aren't we have two jobs when we're dealing with an LLC or a company, you've got a number one is make sure that we have the company's name correct. And we've designated, whether it's an LLC, and so forth. The second thing is, that's not telling us who can sign that just tells us the name of the company. So what about who can sign? Well, that document usually for a company is gonna be called a company resolution, or for corporation is gonna be called a corporate resolution. And so before somebody can sign for a company, we need to make sure as agents that that person has the right to sign it. So let's say Tracy, you and I, in the SE are in the same company, we own a company, you and I consign if we're having an LLC, a company resolution, before an eight, we can sign a corporate resolution that says, Tracy or Gary can sign for any time to buy or sell property. But if we don't have that company resolution, and I show up and tell the agent, I want to sell our property, and you have no idea and I don't have authority to sign it, I can be trying to scam you out of the property. And now the agents gonna be in a lot of hot water for not confirming the person has the right to sign. The pushback I generally get from agents when they say this is like, Well, isn't that the attorneys job? Yes, it is at closing to make sure that the person selling the property you're buying is a proper entity and has a proper authority to sign. But if they're not a proper entity or not, don't have the proper authority to sign at contract, you're getting contracts on that have no authority and no not binding on anybody. So here we are to close it before we even get to closing within valid contracts. And you want to show my opinion that I'm a smart agent, I know what I'm doing. And so what I'm sitting here working with an LLC, or a company, whether they're buying or selling, as a smart, good, thorough agent, I'm going to ask that next question, can you present me with a copy of the resolution that authorizes you to start to sign now they'll say, Well, I don't have one, well, you're going to have to have it for the attorney. So they can't just skate through the closing without doing it. So go ahead and get this up front. It also eliminate a need for the attorney to contact you or to contact your plan after the contract signed, you just submit that with your contract. Yeah, that is something that I bring up to my agents all the time is at the beginning of the transaction is when it is easiest to get the documents you need to get a lot less pushback when they're trying to get that contract ratified. You're 100% correct. Cuz a lot of clients think that once the contract sign, they'll have to do anything. Oh, they're off the hook or don't get the contract. And you know, as a great agent, that's not the case as an agent, you're now having to deal with addendums you're now having to deal with the repairs, you have to deal with inspections. You got to deal with the whether they're gonna close or not whether we get anything But wait, what's going on with the lender, they don't qualify. So the most of your work comes at that point. And so getting your 100% correct if your agents would start getting this when they On the listings, and weather get ready to sign the contract. Quite frankly, I don't like to work for free. So I'm not sure why an agent would want to go ahead and have a contract signed without making sure that the company has given the authority to somebody to sign. Because we have found and unfortunately, as the economy is changing like it is right now, we see a lot of fraudsters out there. And the last thing you want to be as part of a fraud, where somebody is trying to sell property, they have no authority to sell, that could be a big problem. On another note, very similar to that is partnerships. If you ever find yourself dealing with a partnership, there's a little bit different. There's a Limited Liability Partnership, limited partnership and a general partnership. And with a Limited Liability Partnership, which is typically lawyers and doctors and other professional groups, they can name a appointed partner, which would be a resolution or some type of agreement with a limited partnership has got to be signed by the general partner. And with general partnerships, it's usually best to get them all. I know, that's a lot to take in. But what I would suggest if you're dealing with a partnership, they're not as common as they used to be pick up the phone and call your closing attorney and say, Hey, what do I need to do up front to get this taken care of? Yeah, and another thing, you know, we're asking for this paperwork on our own clients, I get pushback from agents saying that they don't feel like they should ask for the other party's information. And it's like, well, don't you want to make sure that before you accept a contract from someone that that person is legally allowed to sign for that company before you go under contract. And so I think agents, I don't know if they get embarrassed, or what it is that they're afraid to ask the other side for this extra information. I think that's an excellent point. Because if I'm sitting here with 20, offers that I'm trying to go over with my client. And I don't even know for sure this person making this offer for this investment company has the authority to sign for the investment company. But I've got three other equal offers. I mean, am I doing the best service for my client to make sure that this is a valid contract? And that we're not gonna be sitting here months down the road? When they're like, Oh, well, he didn't have authority. But I do. But I don't like the deal. I want to change some of the terms. I mean, that's an excellent thing I do think agents need to work on. You also, talk to me about a trust issue that you had on your desk that day. So what was going on with that trust? There was, it was every vocable family trust. And I was asking, like, what does that really mean? The person that was supposed to sign it? We had done this up and DocuSign in my agent put in the trust instead of the person's name. So I had no idea who was actually signing, if that was illegal, or if they needed to put the name and then put the trust next to it. So it was kind of confusing on what name goes on the contract when it's a trust. Well, the good news is y'all aren't alone, because lawyers screwed this up for many, many years. I've been practicing law for 26 years. And I can tell you for about the first 10 or 12 years I practice law, lawyers completely did this wrong. And today in 2021, we lawyers are still paying the price for this, because we're having to go back and fix a lot of these issues. And what I'm getting at is exactly what you're bringing up is who owns the property who does the trust on the property does the beneficiary on the property, the trustees on the property, and in South Carolina, the trust does not own the property, the trustee holds title. So if the Gary picker and family trust, if we're talking about property owned by a lot, but that trust is technically the trustee, so it'd be Gary Pickering as trustee for the Gary picker and family trust. So when you're writing the contract, do not write the contract buyer or seller name as the Gary picker and trust, there's no such thing, you would have to write Gary picker and as trustee for the Gary Pickering trust. On the signature line, I have the trustee sign their name and then write comma trustee so that they are not signing in their individual note name. They're signing in the trust as the trustee, to go back to our earlier point. Now that we know how they sign the documents correctly, what should we be looking for, the agent should ask the trustee for the first page of the trust, the signature page of the trust and any pages in the trust that names the person as the trustee as well as the power to sign. That's where they get their authority to sign and to act as a trustee from the trust. Now those are the four documents that the trustee is going to have to give the closing attorney, I don't need to see their 50 page trust. But I do need to see the first page the last page and any or signature page and any pages that name the trustee and give them powers because remember, just because you have a trust does not mean the Trust has powers to buy and sell property or the trustee does rather. And so you need to make sure that the trustees instead of doing the trust will give you what's called a memorandum of trust, which will be a one page document which will say I'm the trustee the trustee was set out this day I'm still the trustee I haven't been removed and I have the powers to sign and sell property as shown on this page. Very important that agents understand properties held by trustees and for the trust and that you get a copy of either the trust those pages of the trust or get apart page of that Memorandum of trust. So that brings up a good point, you know, these days with everything being electronic, we have DocuSign dotloop, to the agents put the person's name for signature and then maybe put a text box next to it. Because what you're saying is they would have the whole press named the long trust name on page one of the contract, right on the signature page, it would just be their name. And then it might be their name, it should be a minimum, their name comma, trustee. But if there was, the better practices, everything's being done through like you said, dotloop. But maybe maybe you put their name comma trustee of the so and so trust if there's enough space to put that in there. But you're right, when you show as a seller, Gary picker and family trust, and then on the signature page, it says Emily, pick run and you're like, oh, what I don't understand this What's going on? So it would certainly be better in that situation. I've Emily Pickering, comma trustee of the Gary Pickering family trust? Yeah, so adding some text boxes? Yes, better information we give the other agent the better off we are. The other thing you mentioned, is state issues. I think you've talked about how you've seen a lot of estates come across and how those are being signs or how are you seeing your agents handled estates? on page one for the contract? are they putting these state of pequin? How specific do they need to be and then put the initials and signature again, are you asking for their actual ones or the estate of Okay, so on page one under party, it should be named the estate of Jane Doe as the seller. And so and then under the signature line, the there's two ways you can do it, you could have the personal representative sign it, and then write com a personal representative, or the better way of doing is having the inside out the estate of Jane Doe, by john doe, her personal representative. So that would be the best way to get him to sign up. But for sake of your line, I understand there's a there's a limitation which you can do in DocuSign. And some of the other options. So it'll minimum I have john doe personal representative, and then have the party name is the estate of Jane Doe. Now the main thing to understand what the states that within a state is there has to be a certificate of appointment by the court until the certificate of appointment signed, the state does not have the authority or the purse representative and have the authority. So what you're going to be doing when you are a seller agent, and you're sitting down with the seller agent, they said, hey, my husband on this property, and I'm the personal representative, and I want to sell the house or I wanna sell the property, you need to be asking immediately Can I see a copy of the certificate of appointment appointing as personal representative, if that person has been truly pointed, as a personal representative, they'll know exactly what you're talking about. With a state you got to be very careful because you may have You'll never believe this. But people fight when people die. It's unbelievable. That avocado green lamp that nobody loved. Everybody is now fighting over who gets to own it. And so you may have a situation where multiple people want to be in control of this estate, but the only person in control is personal representative. So if somebody approaches you to sell the property, but they're not personal representative, you shouldn't be dealing with them until the certificate of appointments done. Anything less than a certificate appointment in your file, you need to be calling your closing attorney say hey, here's the issue we have. And they sell the house. With the appointment without the estate actually being closed out yet. The personal representative will always sell the property from the estate before the estate is closed. So any property they have they have to disperse before it can be closed out. My suggestion is when you're dealing with these situations, just pick up the phone and give us a call or send us an email at Gary at Blair Cato calm and we can help walk you through that time we have left. There's two other ones I want to hit on one was a power of attorney you had a great military power of attorney situation the other day. Yeah, well, you know, we're in Port Jackson is here. So we get a lot of military buyers and sellers. Some of them have been deployed or overseas wherever they're at, and they leave a loved one behind to handle buying or selling a house. And it just seems like the military power returning doesn't always encompass what it needs to. And I think there's a lot of buyers and sellers don't realize that the number one thing I tell you about a power of attorney with US military or or a civilian is if you think there's any chance that a power of attorney is going to be needed go ahead and get it drafted early, instead of waiting the last minute, we've had situations where mothers had expecting mothers had the baby come early, so they're in the hospital earlier than they thought if you have a family member who's gonna have been sick, and they might be in and out of the hospital. And we also had a contractor one time who was in Afghanistan, and he left the United States and went to Afghanistan and just figured he could sign the documents online didn't realize we needed his original signature on his deed. But he was so far in country that the only way he get to a power get a power of attorney from the military or anywhere else was he had to take a helicopter back to a base and that happens once a week. So first of all, if there's any indication there might be a need for power of attorney. Let's go and get it done right. Luckily, with military power attorneys, they are protected by federal law. And federal law says if we have a military power of attorney, then the states have to accept them regardless whatever form they are. So we can get by with a military power of attorney in South Carolina, even though it's not going to have two witnesses, like we require in South Carolina, South Carolina, we require two witnesses and a notary. But we can get by on a military power of attorney, we cannot get by on a non military power of attorney if it's not not witnessed by two witnesses and notarized. The problem you're seeing a lot with the military power of attorneys is they get a military power of attorney for the sale of their house, but not for the purchase of their house and the language in their will say, for the sale of the property at such and such. But it doesn't say they can buy property with it situate and that situation, we're having to get the military service member to go to a jag officer and get a new power of attorney done and sit here and that's easy, you know, if they've transferred to Fort Borden or Fort Hood, but that's not so easy. If they're on a on a deployment to Afghanistan or Iraq. It's good idea to get those power attorneys in whether the military power attorney or civilian power attorney and get those to your lawyer early and say, Hey, can you take a look at this and make sure that this has actually been drafted correctly. And so we get a lot of agents who will send us power attorneys and say this is for a seller, this is for a buyer will this work or not? When you do have those power attorney situations or the name of the contract, you're still writing that person's name on the contract. But when you're signing as a power of attorney, you assign Tracy stutler by Gary picker and her agent. That's how you would sign for that person. Same way, if it's a military person, let's say our military service member, let's say Tracy is in the military. And she's been deployed to Afghanistan. And she wants me to sign for avonside Tracy's tell her by Gary Pickering, her agent, we can even accept a copy of a military power of attorney. But we usually record that as an exhibit to the deed, because some counties won't let you record the copy. But regardless of the format, the 10 laws that makes the military statute statute they have to accept that. You know, another question I think that you and I both probably get a lot are from agents who asked, hey, my sellers going to be out of town and they asked if I could be a PA away for them. Wow. Yeah. And I like jump out of my seat. How about you? Well, every office should have in their office policy, what the company's policy is, is whether they let you serve as power of attorney. Luckily, your company's very smart has decided that's not a wise thing to do. I do not believe it's a wise thing to do. I think if you're it can breach on your fiduciary duty as an agent. And what I don't want to have happen is you close the property as the power of attorney. And then they say, well, you should not assign it to the power of attorney is not right. And had you not been the agent expecting a real estate commission, you never would have signed it. So you breached your fiduciary duty to me. And those situations, particularly if they're in the military, somebody from their unit can come over inside, if they simply cannot. There's ways that Blair Cato, we can work around that we can send the documents out to the service member, we can send the documents out to the civilian and say, here's the documents Before closing, can you assign them, if they're on the seller side, if they're a buyer and get to get them notarize, a witness where they are incentive back, if they're a buyer, we can do zoom closing, or we can do a meltaway closing and they just get the document signed and notarized wherever they are. It's never a good idea, in my opinion, to be Doa for anybody as a real estate. So the last topic, let's talk about chart. So what kind of messes Have you seen with churches? Recently, I had an agent that had a buyer that was buying a piece of property. And next door to it was a church. And he was like, hey, that would be great if we could get that property too, because the church wasn't active anymore. So he reached out to the pastor trying to find out, Hey, would you guys consider selling that property with the church on it? It's like, what rules are in place for buying church properties? churches are very difficult because each church is different. You might have a hierarchical chart. So if you think about the Catholic Church, obviously, at the head of the Catholic church would be the Pope. And then we go down to bishops and so forth. And you have diocese, and the same thing with Episcopal Church. They're all hierarchical. So in those types of churches, you have to find who in that church in that hierarchy of level has the authority and most of the cases, that's a Episcopalian church or a Catholic Church, you're going to the diocese and somebody at the diocese, diocese level things how you say it would be the one who signs it. And hopefully somebody you're dealing with knows that when you're dealing with churches, like a lot of the Baptist churches, Southern Baptist churches, particularly I think some of the AMA churches, they're what's called congregational and what that means. And I noticed the same way my Presbyterian Church, the congregation runs the charge. And that's why if you're in one of those churches at the end of charge, they'll say okay, churches over everybody, stay. Everybody, do we have a quorum? We have a quorum. Can y'all please vote on this issue? And then minutes are done and you gotta have a congregational vote, the congregation has to approve it, and then a congregation will name somebody with the authority to sign. You also have some churches that are simply nonprofit. A lot of these non congregational churches are nonprofit organization. And so you have to look at the nonprofit, how it's set up as a set up with a board of directors and so forth. And you're looking at that. And then lastly, you also some have old school churches that are just pastoral, in which the pastor basically is the charge. And the pastor has the authority. Basically, the answer is, whenever you're dealing with a church, pick up the phone, call the lawyer and say, This is a church I have, this is a nomination we have, and this is the contact of the person I know, let's let that attorney try to figure out who it is that has that authority, we're going to need to get some type of resolution from either the hierarchy the congregation, the board, or whatever, saying who has the authority. That's one of those situations when you're dealing with charges. I think you just got to slow down and ask somebody, an attorney, what do we need to do in this situation? But Tracy, I really do appreciate you being with us today, we covered a lot. The bottom line is I think agents simply need to do like you said, slow down, make sure you're doing these correctly. ask the questions. Don't be fearful of asking for resolutions and paperwork to make sure that you got the correct party, the correct name of the party, and you get the right person with the right authority to sign because you don't want a lawsuit or a grievance for doing it the wrong way. Thank you very much, Tracy. And hope you'll come back and join us again another week. Thank you. Now it's time for a quick take an agent the other day reached out to me and asked me why builders typically only pay commission on base price contracts, and not on the add ons argument that the add on increases the value of the house. So the builders I spoke to say that when pricing the add ons for the client, the builder looks at the cost of the add on as well as a small profit margin. So let's say they take the price of the add on and add maybe a 5% profit margin, they have not added the five or six or 7% to cover the real estate commission, they would have to pay on that. So if they did, they would have to add that additional price. On to the add on does costing the client more money, which would then often price the add on out of the market, they would have to take the price for example, add their 5% and say add 6% for the real estate agent commission. And now we're talking the cost of the item plus another 11% to cover the 5% profit the builder wants in the 6% the real estate agents getting paid. That's why the builder said they don't pay for Adam. I'm not taking a position here. I'm just passing on this information for you. To Gary's good news only New York Times lumber prices and future markets are down more than 45% from their peak slipping below $1,000 for the first time in months still have between 2009 2019 price average less than $400 per 1000 board feet. But the sell off has begun and has begun to get momentum over the last few weeks 11 of the last 12 trading sessions have seen a price fall point 5% drop as settled at $900.80 on Friday according to fact sheet data. Now Yahoo Finance says mortgage rates have plunged to the lowest level in four months adding even more fear fuel to this housing market. A popular survey puts average rates around 3% a little under 3% for the fourth week in a row motivating Americans to refinance mortgages or buy homes before borrowing costs rise. That's good news. Now my favorite part of Gary's good news only Coronavirus. So Phil kerpen reports at 42% of students K through 12 have already recovered from COVID by the end of March per CDC is best estimates that population was probably already at herd immunity ever already without even having to get the vaccine. This means that all this nonsense that we were teaching our kids to such as mask and close schools really did nothing to stop the spread and their immune systems and ailments with no disease at all. Now Alex bernsen reports about the Indian variant. We've always talked about these different variants from India. Well, that variant cases are down 80% in a month. Now you're gonna say Well, it's because of the vaccines not 4% of their populations vaccinated. So it's really just run its course anyway. Minnesota lifted their mass mandate last month, their health commissioner expressed major concerns and when things are no longer a rule or a mandate. They think forever. That is everything is safe. He wanted to have separate rules for the unvaccinated Well, since he made these silly words, cases are down 80% 86% so these experts are always wrong. Now as of 6am 140 of June 20 150 million Americans fully vaccinated that's 45.1% of the entire population. We have in South Carolina 36.87%. The seven day current average cases are down another 6% down to 13,009 97. That is a decrease of almost 95%. Since the peak seven day average of positivity of cases are down to only 1.8% people are testing positive or getting tested that means 99 point or 98.2% are testing negative 12.8% decrease from the seven day average on hospitalizations. That's your Gary's good news only I hope everybody enjoyed this week's show and if you like this, please like it, subscribe to us and share us but most importantly come back and listen to us again next week.