[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.] As I tell clients, the second most important date in a residential Purchase Agreement is the Written Statement deadline (the most...Read More
Weighing Defensive Clauses, Offensive Clauses — & No Clauses [Editor’s Note: Nothing in this post or on this blog should be construed as offering legal counsel. If you require legal advice, please consult an attorney.] “Home must appraise at or above sale price. If appraisal is below that amount, Buyer shall have the right to renegotiate this...Read More
Strong Lender = Strong Deal Normally, when Realtors think about financially qualifying a home Buyer, they think about what the listing agent — representing the Seller — does. Stuff like vetting the Buyer’s Pre-approval Letter (and making sure there is one!); interviewing the Buyer’s lender once an offer comes in; making sure the Buyer’s earnest...Read More
The most important date in a residential real estate deal? Easy — closing. So, what’s the second most important date? At least in Minnesota, the date that the Buyer’s Written Statement is due. See, “You Mean There’s No Deal, AND the Buyer Gets Their Earnest Money Back?!?” Significance Up until that date, all the home Seller...Read More
. . . . Or One Realtors representing Sellers (better known as “listing agents”) tend to be a lot more focused on Written Statements — and specifically, Written Statement deadlines — than their clients. There are two reasons for that: 1) it can be a technical subject (see below); and 2) most Buyers’ lenders meet...Read More
Buyers’ Lenders . . . & Sellers’ (Huh??) What’s better than a Pre-Approval Letter from the home Buyer’s lender? A Pre-Approval Letter from the home Seller’s lender. Huh??? In fact, I really should say, “a lender known and trusted by the Seller’s listing agent.” Protecting the Seller When a Buyer shows up with a shaky Pre-Approval...Read More
