Resources for Home Buyers

June 10, 2021

In-bounds or Out? The Standard for Buyers’ Walk-Through Inspection

“Substantially the Condition,” Defined (Sort of) [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.] “Buyer has the right to a walk-through review of the property prior to closing...

June 9, 2021

“What You Get For $200,000” Feature in The New York Times: A Minneapolis Condo Near Bde Maka Ska

Minneapolis condos for $200k normally don’t get national exposure — in this case, in The New York Times’ Real Estate section. So, kudos to Edina Realty’s Stephanie Chandler, for scoring the publicity for her listing at 3150 Excelsior Boulevard in Minneapolis, just west of Bde Maka Ska (formerly “Lake Calhoun”). The two-bedroom, two-bathroom condo is actually listed...

June 8, 2021

Paying Attention to What the Listing DOESN’T Say

MLS: “3rd Bedroom on Upper Level is Large & Has Lots of Storage” There’s certainly nothing wrong with an Upper Level Bedroom (pictured above) that’s large and has lots of storage. But, what’s notable — at least to me — is what’s omitted. Errors of (C)omission Namely, any mention of a Bathroom, or whether the...

May 26, 2021

Uh-Oh! What Happens When a Tornado (or Earthquake, or Flood) Damages a “For Sale” Home Before Closing??

Short Answer: Buyer’s Call [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.] RISK OF LOSS: If there is any loss or damage to the Property between the Date...

May 25, 2021

Will Soaring Home Building Costs End Up in Consumers’ Lap??

Lumber Prices Are Through the Roof, Punishing Apartment Builders.” —The Wall Street Journal (5/25/2021). [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.] Home builders nationally are facing soaring costs....

May 21, 2021

Determining the Discount (Premium??) for Homes Located Across From a School

Key Variables: Type of School, Buyer Characteristics Homes on busy streets typically fetch a discount. Is there an equivalent discount for homes located across from a school? (which, in a way, is really just a subset of “busy street” — call it, an “intermittently busy street”). I’ve never seen formal data on this, but I’d guess...

May 12, 2021

“Sold?” No, “Spoken For” (or if you prefer, “Under Contract”)

When “Sold” Doesn’t Mean “Sold” At least in Minnesota, when you see a “Sold” rider above a “For Sale” sign in front of a house, it doesn’t mean “Sold” — it means “Pending.” Huh?? The (admittedly confusing) convention is to pronounce a home that’s under contract and past Inspection — but not yet closed —...

May 12, 2021

4-Season Porches in a 2-Season Climate (“Winter” & “Road Construction”) 🙂

“Screened Porches” vs. “3-Season Porches” vs. “4-Season Porches” [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.]. Quick! Which kinds of porches are included in a home’s finished square...

May 11, 2021

Getting the “Homestead” Disclosure Wrong

Closing Headaches — Exhibit A [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.] It’s not the biggest mistake Sellers can make — the maximum exposure is typically “only”...

May 10, 2021

“Mid-Century Modern?” Or Just “Mid-Century?”

The “You Know it When You See it” Test While it’s true that every Mid-Century Modern home was built in the 1950’s (or thereabouts), it’s decidedly NOT the case that every home built in the 1950’s is a “Mid-Century Modern.” In fact, in real life, very few are. On MLS, for every home that I...