Real Estate Terminology 101 “Final acceptance” sounds like something that happens in a hospice, or perhaps what Woody Allen has been seeking in therapy all these years. Fortunately, the real estate version is not so macabre: it’s just a fancy way of saying, “Done Deal!” “Signed, Sealed, & (Constructively) Delivered” Specifically, “Final Acceptance” refers to...Read More
The Last Refuge of a Scoundrel Desperate Listing Agent When you see a Realtor trumpeting a home’s price per square foot, you can surmise which of the following? A. The home’s a bargain; B. It lacks emotional appeal; C. It’s big; D. The agent is desperate, inexperienced — or both. Correct answer: “B.” (the others are...Read More
“Who’s on First?” — Real Estate Edition Exactly what role(s) do licensees, principals, agents, subagents, brokers, dual agents, and facilitators play in residential real estate in Minnesota? Consumers, I’m sure, have no idea. But their Realtor does. Moreover, it’s incumbent upon their Realtor to (briefly) explain it to them, at the beginning of the relationship. Step #2: document that they’ve...Read More
(Top) Ten Commandments (“#6. No Free Samples”) You wouldn’t think Realtors hosting Sunday open houses would have to instruct parents to tell their kids not to jump on the beds in the owner’s home. Unfortunately . . . you’d be wrong. While the vast majority of open house visitors are respectful of the “For Sale”...Read More
Loss Leader Cooperating Broker Compensation Buyer Broker Comp: $ 100 Sub-Agent Comp: 0 % Facilitator Comp: 0 % Variable Rate: N List Type: Exclusive Right In Foreclosure?: No Lender Owned?: No Owner is an Agent?: No –Excerpt, MLS Rental Listing I know a (very) few Twin Cities agents who handle rentals — but I’m not...Read More
“Turtles All the Way Down” (Also Known as “Infinite Regress”) As a faithful agent, I’ll always do what my principal — the client — instructs me to do. But, that doesn’t mean I necessarily endorse their chosen strategy. Two cases in point: 1) so-called “asterisk clause” offers, in which a Buyer in multiple offers promises...Read More
