“I Know What You Meant” Department: Contingent Offer Confusion Residential real estate is full of confusing, non-intuitive (if not counter-intuitive) terms. Like, the Realtor that the industry calls “the Selling agent,” once a deal closes, actually represents the Buyer (the agent representing the Seller is known as “the listing agent”). See, “Quick! Who Does the...Read More
Backup Offers As high school seniors (and their parents) are acutely aware this time of year, colleges have waiting lists. But so does residential real estate. It’s just that the real estate version is called a “backup offer.” The usual scenario: a runner-up Buyer is very interested in a property that is now under contract, and wants...Read More
Parsing a “5-2-1” Timeline in the Buyer’s Inspection Contingency [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. If you need legal advice, please consult an attorney.] One of the trickiest clauses in the standard Minnesota housing purchase agreement...Read More
Disclosure Standard: “To the Best of Seller’s Knowledge” [Editor’s Note: if you’re tired of Halloween-themed posts . . . skip this. Back to non-Halloween subject matter soon, promise. The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.] Do a cursory search...Read More
Allowing Enough Time Test your knowledge of the residential mortgage process, and answer the following question: For lenders underwriting a mortgage, what is the key date in a transaction? A. When the Purchase Agreement is finally accepted (it’s officially a “done deal”). B. When the Inspection Contingency is removed. C. The Written Statement deadline specified...Read More
When “Less” Can Be More Every time of year has pluses and minuses for home Buyers and Sellers. The lead-up to a long holiday weekend — in this case, July 4 — is no different. Pluses, from the Buyers’ perspective: –Less competition for homes; less chance of a home that a Buyer wants to see...Read More
