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cancel Purchase Agreement

Housing Market’s Waiting List: “The Backup Offer”

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...
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“Back on the Market” . . . Why Exactly?!?

Putting a (Too) Good Face on Things?  It’s a fact of (real estate) life: sales fall through. Buyers change their minds. Inspection issues come up. Buyers can’t get financing** (the honest explanation at least 80% of the time). When any of those (or other) unhappy events occur, listing agents have the demoralizing task of switching...
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“Get Me Out of the Deal!”: Statutory Cancellation for Beginners

“Subject to” . . . “Statutory” . .  . “Cancellation” . . . Huh?!? [Note to Readers: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.] Once in a while, Buyers will encounter...
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Post-Inspection Home Seller (& Listing Agent) Lament: “Why Haven’t I Heard from the Buyer??”

Deafening Silence: When Hours Seem Like Days The inspection was completed, but the Buyer has been uncharacteristically incommunicado. What’s the likeliest explanation? A. The inspection was a disaster, and the Buyer intends to back out. B. The inspection went fine, but the Buyer got cold feet anyways  . . . and intends to back out. C.  The...
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Post-Inspection Home Seller (& Listing Agent) Lament: “Why Haven’t I Heard from the Buyer??”

Deafening Silence: When Hours Seem Like Days The inspection was completed, but the Buyer has been uncharacteristically incommunicado. What’s the likeliest explanation? A. The inspection was a disaster, and the Buyer intends to back out. B. The inspection went fine, but the Buyer got cold feet anyways  . . . and intends to back out. C.  The...
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“It’s 11:55 p.m. on Day #10** of the Inspection Period. Do the Buyer and Seller Still Have a Deal?”

Dangerous Default Language (at least for Buyers) [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.] Once upon at time (OK, till 2016), Minnesota home buyers who discovered inspection issues that required...
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