Getting the Warts Out of the Way, aka Setting Buyer Expectations Appropriately “ATTN REHABBERS: THIS NEEDS WORK; NOT FOR THE TIMID. SOLD IN “AS IS” CONDITION.” –excerpt, MLS Listing for 4-plex in Minneapolis’ Wedge neighborhood You can certainly overdo it, but I actually endorse what this listing agent is up to: namely, announcing (literally in...Read More
Not Getting What You Don’t Pay For It won’t show up in my 2012 sales statistics (or my bank account), but one of the more protracted deals I was involved with this past year was helping a good friend (and repeat client) buy a $63,000 St. Paul foreclosure. Why no record of the deal? Because I...Read More
Seller Disclosure Looms Larger The big 2012-2013 change in Minnesota contracts to buy or sell residential real estate — effective Oct. 1 — is the omission of a clause whereby Sellers formerly warranted that the home’s mechanical systems would be in working order as of the date of closing. The primary reason? The language effectively served as...Read More
“As Is” . . . As of When?? True or false: Buyers purchasing a home “As Is” typically skip a final walk-through inspection. Answer: false. It may seem counter-intuitive — doesn’t “As Is” mean the Seller isn’t obliged to fix anything? — but, at least in Minnesota, it still behooves Buyers purchasing a property “As Is” to do a final...Read More
Buyer’s Temperament — and Timetable Are you a good candidate to buy a foreclosure? To find out, ask yourself these five questions: One. Will you be willing to sign the bank’s “As Is” Addendum and various waivers? That comes with the territory. Which means . . . you’d better have your arms around the property’s condition. Depending on how...Read More
Just as Concerning as Too Messy The only thing worse than biting into an apple with a worm is . . . biting into an apple with half a worm! –Saying Is there really such a thing as a too-clean Seller’s Home Disclosure (required in Minnesota and many other states)? Absolutely. Even the best-built homes...Read More
