Comparing Honey Crisps to Braeburns One of the more quizzical looks Realtors get is when they (try to) explain to a prospective home Seller that their neighbor’s house isn’t a “Comp” (Comparable Sold Property). In plain English: it isn’t relevant — at least directly — for pricing their home. For the uninitiated, a Comp is...Read More
“Only 61 53 49(!) Shopping Days Till Christmas!” Yeah, I know: there are still officially 57 days left in 2020. But, that’s cutting it pretty close for would-be home buyers and sellers who want to close by the end of the year. Here’s my math: Thanksgiving week: subtract Thursday and Friday (Nov. 26 and 27). Christmas:...Read More
He Who Adjusts Least Adjusts Best” When it comes to pricing a home off of Comp’s (“Comparable Sold Properties”), the trick is to minimize both the number and absolute magnitude of the adjustments. The ideal would be a condo identical to its peers in every respect ” floor plan, size, condition, location, market conditions, etc....Read More
“In Buyer’s Sole Discretion” Seller has agreed to sell the Property to Buyer for the sum of ($____________ ), which Buyer agrees to pay in the following manner: 1) _____ percent (%) of the sale price in CASH, or more in Buyer’s sole discretion, including earnest money . . . ” —Lines 38. – 41., standard Minnesota Purchase...Read More
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...Read More
. . . . Or One [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.] Realtors representing Sellers (better known as “listing agents”) tend to be a lot more...Read More
