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...Read More
“TNAS” vs. “Active, Subject to Inspection” “Seller Shall/Shall Not have the right to continue to offer the Property for sale until this Inspection Contingency is removed” (check one). –Standard Minnesota Purchase Agreement, lines 192. – 193. [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire...Read More
Deal Insurance for Home Sellers, or, “The Art of the Backup Offer” [Editor’s Note: one of the perks — and pleasures — of working for a Berkshire Hathaway affiliate like Edina Realty is having office privileges in hundreds of locations around the U.S. Like in Scottsdale, AZ, where I recently visited. The post below was...Read More
Barring the Door . . . to Everyone; 2 Pro’s — & (at Least) 1 Big Con Once upon a time, homes that were under contract, but not yet past inspection, were flagged on MLS with the suffix, “Sold, subject to inspection” (“SSI” for short). Then, that got truncated to just “i” — as in...Read More
Backup Offers As high school seniors (and their parents) are acutely aware this time of year, colleges have waiting lists. But so does residential real estate. It’s just that the real estate version is called a “backup offer.” The usual scenario: a runner-up Buyer is very interested in a property that is now under contract, and wants...Read More
The OTHER Reason to See a Home That’s “Sold, Subject to Inspection” The usual reason for prospective Buyers to see a “For Sale” home is . . . they’re interested in buying it. But, if the home in question is “Sold, Subject to Inspection” — that is, it’s already under contract, but not past inspection...Read More
