But, the Seller (Understandably) May Not Go For It Show me a listing agent (representing the Seller) who’s supremely confident that their client’s home will appraise . . . and I’ll show you a home that sold for too little. Huh?? I only know of two ways to absolutely, positively eliminate the risk of a...Read More
When the Inspection is Really the First Showing If it hadn’t just happened to my own client, I would have thought it was something straight out of Florida or Southern California, circa 2005 — not Minnesota in 2013. Namely, without so much as viewing my client’s home, an apparently “big bucks,” out-of-state corporate Buyer showed...Read More
Can You Say, “Legal Mess?” Buyer is aware that property may be currently occupied & financing must be cash only. Seller may not be able to convey possession at the time of closing. Eviction proceedings may have begun. –Excerpt, MLS There’s one too many “may” and “maybe’s” in the foregoing MLS excerpt for my clients....Read More
Vetting the Buyer’s Finances Prior to closing, at least, the best evidence that a (non-cash) Buyer can financially perform is a Written Statement from a reputable lender. Typically given by the Buyer to the Seller a couple weeks after the deal has been struck, it says that the lender has: a) completed vetting the Buyer’s finances,...Read More
How Well-Insured Were the Homes? Will a property owner, handed a $100,000 insurance check for major repairs, invest it in a house worth maybe $50,000? Owners will ask “do I walk away with the money?” This is a huge, huge issue. –State Rep. Joe Mullery, whose district includes the North side, and who resides there; The...Read More
Contrary to popular perception, cash deals are not without their perils for Sellers. Issue #1? (and #2 and #3): Where is the Buyer’s cash parked — and will it still be there at closing? However, assuming that the Buyer’s proof of funds is from a reputable bank or broker, and the Buyer doesn’t suffer any sudden...Read More
