Home Buyers

Housing Market’s Waiting List: “The Backup Offer”

As expectant high school seniors (and their anxious parents) know all too well this time of year, colleges have waiting lists. But so, too, does residential real estate. They’re called “backup offers.” First in Line Such offers are increasingly popular in a screaming Seller’s market, for several reasons. For Sellers, a backup offer ensures that...
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Pundits Who Completely Whiffed on Current Housing Market Confidently Forecast Next 6-8 Months

Opaque Crystal Balls No, the title of this post (above) isn’t the real headline of a recent article forecasting what’s next for the U.S. housing market — or a send-up by The Onion. This is the article’s actual title, from The New York Times (4/22/2021): U.S. Home Sales Are Surging. When Does the Music Stop?” So, when...
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Tudor Pros (Mostly) and Cons

Tudors aren’t everyone’s cup of tea. The knocks? For starters, at least in the Twin Cities, many Tudors date to the 1920’s and 1930’s. Translation: even if they’re in magnificent condition . . . they’re old. Such Tudors often have formal (vs. open concept) floor plans typical of that era, and — unless their original...
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The Case for the 1.25 Bath — or the 1.375(!) Bath

What’s More Than a Full Bath? By convention, Realtors call a Bathroom with a sink, toilet, bathtub and shower a “full” Bath. Because each of those items counts as .25, a Bathroom missing one or more of them is considered a fractional Bath. So, a Bathroom with a sink, toilet, and shower (but no tub)...
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Remind Buyer to Do Their Walk-Thru Inspection? Depends on Who You’re Representing

Dual Agency Dilemma #14 [Note to Readers: 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.] Never having represented both the Buyer and Seller in the same transaction (I consider it a...
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“Multiple Offer” Multiple Choice: Can You Guess the Tiebreaker??

See if you can guess which of the following contractual terms reportedly clinched the sale for the winning bidder in a recent Twin Cities multiple offer battle: A. Purchase price was $10k higher. B. Closing date was flexible. C. They waived the Buyer’s home inspection. D. They assumed a $600 pending city assessment. Correct answer:...
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