A decade ago, housing experts warned — incorrectly, it turns out — of a Tsunami of “shadow” inventory waiting to flood the then-moribund housing market, and drag prices still lower. See, “Barry Ritholtz Issues Mea Culpa on Housing.” The source of all those homes? Banks sitting on millions of foreclosures nationally. Fortunately, it never happened: banks bundled...Read More
Gargantuan State + Local Tax Incentives = Pyrrhic Victory for “Winning” Bidder “Amazon Narrows Down List for HQ2 to 20 Cities” —Headline, Bloomberg.com (1/18/2018). Anyone hearing the news that Amazon had “narrowed” the list of contenders down to 20 cities might properly comment, “Good Lord! How many cities were on the original list??” (answer: 238). While...Read More
Edina Realty’s 2016 Realtor Continuing Education, Cont. [Editor’s Note: 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.] What does a former corporate attorney who’s been selling real estate for over 14...Read More
The Consequences of “Highest & Best” in Multiple Offers, or, “Woulda Coulda Shoulda” With tight inventory and the prospect of multiple offers returning to various Twin Cities neighborhoods, it’s a certainty that at least one local home Buyer this Spring — upon hearing they came up short in multiple offers — will protest, “But, I...Read More
A Short Brief Short Sale Q&A Question #1: When doesn’t a homeowner care what their home sells for? Answer: When they’re not receiving the proceeds. Question #2: When does a homeowner not care what the Realtor’s commission is? Answer: When they’re not paying it. Question #3: When do both of the above apply? Answer: In...Read More
A: When it’s a short sale You’d think that a Seller who received a full-price offer on their home would automatically say “yes,” and the Buyer and Seller would be well on their way to a consummated deal. And in most situations, you’d be correct. However, with a short sale — that is, a home...Read More
