New Bank Disclaimer Chinese drywall may not have made its way to Minnesota yet — but Chinese dry wall disclosures have. I’m currently representing a Buyer interested in a bank-owned property where, in addition to the usual “As Is” disclaimers, there’s a separate disclaimer addressing Chinese drywall. If you didn’t know, tainted Chinese drywall has...Read More
Stopping the Runaway Foreclosure Train The [mortgage modification] rules now being applied . . . have a Goldilocks quality. To get a modification a borrower has to need it a lot, but not too much. If the home is “underwater” ” worth less than the balance of the loan securing it ” but the borrower...Read More
Sold! (For 1/3 of Tax Assessed Value) What: 3BR/3BA walkout rambler with almost 2,600 FSF Where: 2625 Quentin Ave. South, in St. Louis Park’s Fern Hill neighborhood How much: originally listed for $226,800 on Aug. 5. When: closed Nov. 18 (Thursday); just posted on MLS this morning. “Exhibit A” under the category, “don’t go by...Read More
“Botttom’s Up” Real Estate Recovery You don’t know who’s swimming naked until the tides goes out.–Warren Buffett 3,500 FSF is the new 5,000 FSF.–Ross Kaplan The housing recovery is happening from the bottom up. As any active Realtor can readily report, the lower the price bracket, the stronger the housing market; the higher, the weaker....Read More
“X” Factor: Realtor’s Credibility First there was the “Dear Seller” letter, drafted by the Buyer (“We loved your home from the minute we walked in . . .”) Then came the “experienced short-sale agent” claims on MLS, dangled by listing agents trying to convince prospective Buyers that the odds of a deal will be better...Read More
‘Non-Distressed,’ ‘Unforced,’ ‘Optional’ A continuing thread on this blog has been the so-far lurching efforts to label key features of today’s economic landscape (“We Have Some With Ham, Too”) So, while it’s certainly not a household term yet, “The Great Recession” looks increasingly likely to be what we collectively call what’s happened the last two...Read More
