Dangerous Default Language (at least for Buyers) Up until last August, Minnesota home buyers who discovered inspection issues that required negotiation with their Seller were safe. If they proposed an Amendment reducing the sales price say, $1,500 as a result, and the Seller said “no,” the deal automatically cancelled at the end of the agreed-upon inspection period....Read More
The Easy Way . . . and the Hard Way The Buyer’s inspection revealed a material defect in the home that the Seller doesn’t dispute. Both parties want to stay in the deal. What are their options? Option #1: the Seller fixes the problem, prior to closing. Here are the related steps: Buyer and Seller...Read More
Dated? Or Defective? Don’t know much about history Don’t know much biology Don’t know much about a science book Don’t know much about the french I took –Lyrics, “Wonderful World” Prospective home Buyers — and their Realtors — don’t need to know a lot about electricity. But, they need to know at least a little...Read More
Dealing with a Too-Fussy Home Inspector Yes, there is such a thing as a home inspector who’s too lax. But, there are also home inspectors who are too fussy — mostly to protect themselves in the event that the Buyer later wants to pin some problem on them (good luck with that — most inspectors’ contracts...Read More
“Good,” “Better,” and “Best” Inspection Timetables The best way for a Buyer to prevail in multiple offers? Easy. Come in with the highest price and the lowest financing risk — or none, in the case of a cash offer. See, “Tiebreaker in Multiple Offers: the Buyer’s Loan Officer.” But that doesn’t mean there aren’t other ways Buyers can make...Read More
Calculating the Risk that a Low Appraisal Will Scuttle a Deal In a market with lots of first-time Buyers (like today’s), it’s a question I’ve been fielding a lot this Spring: ‘when should I give notice to my landlord?” The (usually) safe answer: ‘once the Inspection Contingency has been removed.’ That is, after the Buyer’s...Read More
