April 17, 2018

“Broker Tour Cancelled!” (Is That Good or Bad?!?)

Is it good news or bad news that a home scheduled to be on “Broker Tour” — essentially, open houses for local Realtors each Tuesday in the Twin Cities — abruptly cancelled? Answer:  it depends. It’s good news if the reason is that the home received multiple offers, and sold at 11 p.m. Monday night. It’s bad if...
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Legal Pitfalls of “Coming Soon!” Listings (at least, for Buyers’ Agents)

Contractual Void [Editor’s Note:  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.  If you need legal advice, please consult an attorney.] With more listing agents incorporating “Coming Soon!” into their marketing campaigns, Buyers’ agents need to be ever-more vigilant. And...
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Why Homes That Sell in Multiple Offers Should Always Appraise

The REAL Purpose of Appraisals What is the purpose of an appraisal, in the context of a residential real estate sale? To make sure that, if the Buyer defaults on their loan and the lender ultimately forecloses, the value of the collateral is sufficient to make the lender whole. Or, in plain English:  if the...
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