Seller Goal: Fast But Not TOO Fast After years of seeing lengthening timetables for the Buyer’s Inspection and Underwriting approval, the pendulum is now swinging the other way — at least on some deals this Spring. Which ones? Homes in multiple offers. Unrealistic Deadline(s)? That’s the word from Edina Mortgage’s Steve Mohabir, who’s noted the...Read More
Inspection Contingency Catch-22 Like any contract, the Inspection Contingency — which governs the Buyer’s inspection timetable — can be amended if both parties agree. The most common amendment: a time extension to allow both sides to get more info about an inspection-related issue. The catch, though — especially if turnaround time is an issue with...Read More
Bluffing — or Not — About a Backup Buyer True or false: if a home Seller receives and accepts a more attractive backup offer from another Buyer (“Buyer #2”), they’ll tell Buyer #1 about it. Answer: false (usually). 2+ Birds in Hand In my experience, when the Seller has a more attractive backup offer already in hand,...Read More
“Business Days” The exact reasons are a bit of a mystery, but there’s no question that Buyers’ home inspections have become more drawn out in recent years. So, once upon a time, it was customary to allow Buyers three days to perform the inspection; one more day to provide the Seller with a written list...Read More
From “3-1-1” to “5-2-1” The primary reason Buyers have a finite amount of time to do their home inspection is because Sellers want to know where they stand. So, if the Buyer and Seller can’t agree on resolving any issues that come up, the Seller wants to be able to go back on the market, with...Read More
One of the trickier — yet crucial — set of deadlines in a housing transaction involves the Buyer’s Inspection Contingency. At least in Minnesota, it consists of the following three intervals: 1) how long the Buyer has to perform the inspection; 2) how long thereafter they have to deliver — in writing — any issues...Read More
