Writing on the Wall For Realtors still adjusting to last year’s beefed-up radon disclosure — Minnesota’s Seller Disclosure now includes a mandatory section on radon — there are more such changes on the horizon in 2016 and beyond. Such as: –A Minnesota state licensing requirement for radon inspectors and contractors. –A “system tag” indicating that a radon...Read More
Post-Closing Buyer “Surprises” & Other Issues It doesn’t happen often**, but I’d estimate that 99% of the time when a Realtor fields an emergency phone call the day after closing, it’s the Buyer calling their agent — who then calls the listing agent (representing the Seller) — to relate a newly-discovered problem with the home (note: problems that...Read More
Why Most Buyers Skip Seeing Homes Under Contract But Not Past Inspection For the benefit of home buyers, sellers, and at least a few Realtors, herewith is a key explaining when home showings are still allowed under various MLS statuses (abbreviations in parentheses): “Active” (“A”): showings allowed (the more, the better!). “Active, Subject to Inspection” (“A,i”): depends...Read More
Real estate agents putting together deals this week have an extra challenge: getting the timeline in the Inspection Contingency right. The convention is for Buyers to do their inspection within five business days of Final Acceptance (when the Purchase Agreement is officially “signed, sealed, and delivered”). But with July 4 on Saturday this year, that...Read More
Seller Goal: Fast But Not TOO Fast After years of seeing lengthening timetables for the Buyer’s Inspection and Underwriting approval, the pendulum is now swinging the other way — at least on some deals this Spring. Which ones? Homes in multiple offers. Unrealistic Deadline(s)? That’s the word from Edina Mortgage’s Steve Mohabir, who’s noted the...Read More
Not Necessarily “Open & Shut” One of the issues that can come up during the Buyer’s inspection is a loose thread — or several — concerning previous work done on the home. Exhibit A: an open permit pertaining to a past remodeling project or home addition. For the Buyer, the approach is easy: stipulate that...Read More
