Best Line: “Would it Help?” Can you win an Oscar for a role with perhaps 30 lines of dialogue? (most memorable — and thrice repeated: “would it help?”). If so, Mark Rylance is a lock for his stunning portrayal of Soviet spy Rudolf Abel in Steven Spielberg’s superb “Bridge of Spies” (at least for me,...Read More
Housing Comp’s vs. Lender Comp’s To Realtors, a Comp (“Comparable Sold Property”) is a nearby, recently sold home similar in size, style, and condition to the “subject home” (the home being valued). What’s a “Comp” to a lender? The borrower’s annual income for any given year. Excluding a Harmful Comp Just like the key to...Read More
Plans B Thru Z For Getting Into a Listing Earlier this week, I (momentarily) had a big scare when my electronic lockbox failed to update. Due to host a couple dozen agents for an Edina Realty Exceptional Properties lunch, I had visions of a crowd of Realtors milling around outside while I struggled with my...Read More
Subsuming Ideological Conviction for Constituent Service (They Say) “If you can’t take their money, drink their whiskey, screw their women, and vote against “em anyway, you don’t belong in the Legislature.”** –Jesse Unruh, California politician in the 1950’s and 1960’s. [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not...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
From Steep Premium to Discount In the wake of the 2008 Financial Crash, rates on jumbo mortgages (over $417k in most parts of the country) skyrocketed to 7% or even higher. Assuming you could find one. Fast forward to Fall 2015, when jumbo’s can now be had for as little as 3.75% — a slight discount to...Read More
