Contrary to popular perception, cash deals are not without their perils for Sellers. Issue #1? (and #2 and #3): Where is the Buyer’s cash parked — and will it still be there at closing? However, assuming that the Buyer’s proof of funds is from a reputable bank or broker, and the Buyer doesn’t suffer any sudden...Read More
Anyone closing on the sale of their home today may be puzzled why the pay-off amount in their HUD-1 (closing statement) exceeds their current (online) mortgage balance. The explanation? Banks assume that they won’t receive the proceeds from closing until the next business day — and therefore keep the “interest meter” running. Ordinarily, that would...Read More
On Golden Pond? Guess Again You’d certainly guess that the rustic-looking home (cabin?) pictured above is somewhere in northern Minnesota, on one of the state’s 10,000 lakes (actually, well over 11,000). Guess again. In fact, the home is located on the northwest corner of Minneapolis’ Cedar Lake, very much in the middle of a 3 million...Read More
What’s the difference? The former is what contractors do to land jobs. The latter is what Buyers and Sellers negotiating a deal need to do to resolve inspection issues (step #2: decide who’s responsible, the Buyer or Seller — unless the lender takes the decision out of their hands). While estimating repairs can lead to actual work,...Read More
Affording the Payment. Just. One of the anomalies in today’s uneven, quirky housing market is the home that — due to relentless price cutting and/or lengthy market time — Buyers can now afford, but which won’t leave them with any leftover money for related expenses. I’m thinking of two situations in particular: One. The Upper Bracket...Read More
