Post-Closing Buyer “Surprises” & Other Issues It doesn’t happen often**, but I’d estimate that 99% of the time when a Realtor fields an emergency phone call the day after closing, it’s the Buyer calling their agent — who then calls the listing agent (representing the Seller) — to relate a newly-discovered problem with the home (note: problems that...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
Human vs. Wildlife Squatters Why do a walk-thru inspection of a (very) vacant Minnetonka home that the Buyer intends to tear down after closing? After all, the primary purpose(s) of a walk-thru — usually done within 48 hours of closing — is to make sure there have been no material changes in the home’s condition...Read More
Pre-Closing Checklist Test your mastery of real estate minutiae, and answer the following multiple choice question: What’s the last (if not most important) pre-closing detail to get right? A. The client’s net number on the HUD-1. B. Still-needed signature(s) on any last-minute Purchase Agreement Amendments. C. The listing agent’s sign riders from the “For Sale” sign (once the...Read More
Moot Unless Something’s Happened to the Home It’s not what I recommend to my Buyer clients, but there are plenty of Buyers who put off doing their walk-thru inspection until just before closing. Like, on the way. At least in theory, the Owner has an ongoing duty to update their Seller’s Disclosure up to and...Read More
The Too-Good-to-Be-True Home Equity Loan When is a home equity line of credit (“HELOC”) — offered at a 2.99%, six month teaser rate — too good to be true? When, four months after the would-be Borrower first applied for the loan, the very big (and very overwhelmed) national lender still hasn’t approved it. Ticking Clock Usually,...Read More
