Multiple Offers and Appraisal Worries (Still) Alice in Wonderland would’ve loved today’s bizzaro housing market. That’s because — in the midst of an unprecedented Buyer feeding frenzy — “up” is often “down,” “in” is “out,” and “down” is “up.” Exhibit A: the Minnetonka home seller who reportedly countered a Buyer $20k below the price offered...Read More
“In Buyer’s Sole Discretion” Seller has agreed to sell the Property to Buyer for the sum of ($____________ ), which Buyer agrees to pay in the following manner: 1) _____ percent (%) of the sale price in CASH, or more in Buyer’s sole discretion, including earnest money . . . ” —Lines 38. – 41., standard Minnesota Purchase...Read More
The REAL Purpose of Appraisals What is the purpose of an appraisal, in the context of a residential real estate sale? To make sure that, if the Buyer defaults on their loan and the lender ultimately forecloses, the value of the collateral is sufficient to make the lender whole. Or, in plain English: if the...Read More
Did the Appraiser Goof? A client trying to refinance his mortgage recently ran into an infrequent but not unheard of problem: a low appraisal. My client was convinced that the appraiser goofed because ” amongst other things ” the appraiser listed the home as only having one Bathroom, not two. Unfortunately, the second Bathroom is...Read More
The REAL Purpose of Appraisals What is the purpose of an appraisal, in the context of a residential real estate sale? To make sure that, if the Buyer defaults on their loan and the lender ultimately forecloses, the value of the collateral is sufficient to make the lender whole. Or, in plain English: if the...Read More
The REAL Purpose of Appraisals What is the purpose of an appraisal, in the context of a residential real estate sale? To make sure that, if the Buyer defaults on their loan and the lender ultimately forecloses, the value of the collateral is sufficient to make the lender whole. Or, in plain English: if the...Read More
