Contingent Offer Multiple Choice [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.] Test your knowledge of the Summer, 2015 housing market and field this question: Contingent offers — when a Buyer buys contingent on being able to...Read More
Contingency Complications [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.] “Lake Wobegon, where all the women are strong, all the men are good-looking, and all the children are above average.” –Garrison Keillor It can be hard enough shepherding one...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
Reason(s) Not to Go With the Cheapest Loan/Lender By definition, all real estate is unique. Money isn’t. (In economists’ lingo, money — and other commodities like aluminum, corn, and lumber — are what’s called “fungible”). So, is there a reason for prospective home Buyers (and mortgage borrowers) not to simply get the cheapest loan they can...Read More
Making a Catch — or a Closing “Save” — Look Easy “Paul Blair never made a great catch because he never had to; he was always standing under the ball when it came down.” –Earl Weaver, Baltimore Orioles manager; “Paul Blair, Center for Champions, Dies at 69.” The New York Times (12/27/2013). How are great...Read More
Three (and one half) Theories One of the more confounding things about today’s — shall we say — “unusual” housing market is the conspicuous absence of what Realtors used to call the “sweat equity” Buyer. In no particular order, here are the three explanations I hear most often — and find most credible. One. Soft...Read More
