September 25, 2018

Purchase Agreement: “Buyer Will Pay $5k More Than Highest Offer” for Home

Is There a Statute of Limitations on Asterisk Clauses? [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.] For the uninitiated, an “asterisk clause” Purchase Agreement — invariably for a home...
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Open-Ended Questions, Closed-Ended Questions & College Freshmen

Good Journalistic — and Realtor — Technique (vs. Parent of New College Student) Good journalists — and Realtors! — know that the key to eliciting information is to pose open-ended questions rather than closed-ended questions. So, savvy listing agents debriefing Buyers’ agents ask, “What did your client like most/least about the home?,” not, “How did...
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What’s in a Name? From “Settlement Statement” to “HUD-1” to “ALTA” Back to “Settlement Statement”

“The More Things Change” Department Once upon a time, when I started selling real estate in 2002, the worksheet that Buyers and Sellers signed at closing was simply known as . . . the settlement statement (or just the closing worksheet, to avoid any jargon). Then it became the “HUD-1” (HUD stands for “Housing and Urban Development,” the federal...
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The Difference Between a Home Inspection Addendum and a Repair List

Loose Door Knobs and Caviar-Stocked Fridges Test your knowledge of today’s housing market, and answer the following question: Which of the following issues are properly raised by a Buyer’s home inspection, and resolved either by a Seller price concession, or the Seller assuming responsibility for repair(s)? A. The dated Kitchen; B. A concrete driveway with multiple...
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