How to Tell, Early On, if a Home is Likely to Appraise The listing agent (representing the Seller) is meeting the Appraiser — representing the Buyer’s mortgage lender — at the house (note: the listing agent should always meet the Appraiser at the house). What should they have with them, to provide to the Appraiser? A. Hard...Read More
Alternative Headlines, or, Putting Financial Penalties in Context “Royal Bank of Scotland Group PLC on Wednesday agreed to pay $5.5 billion to the U.S. Federal Housing Finance Agency to settle a probe into its sale of toxic mortgage-backed securities in the run up to the financial crisis.” —The Wall Street Journal (July 12, 2017). Shelling...Read More
MLS Shorthand for “Potential Tear-Down” Test your knowledge of today’s housing market, and field this question: How can you determine that a “For Sale” home on MLS is a potential tear-down? A. The MLS photos show a home in decrepit condition — or, there are no photos. B. In the “Seller Terms” field on MLS,...Read More
Ongoing Seller’s Market Tests Buyers’ Resolve, Patience Every housing market poses its own “gut check” question. In a Seller’s market like today’s, the “gut check” question Buyers must wrestle with is, “how much do I really want this particular house?” That’s especially true if there are multiple offers, and the winning offer is likely to...Read More
Four Logistical Hurdles Of course, the prospective Buyer still has to like the house enough to want to make an offer. But, over very long holiday weekends — like this year’s July 4th-on-a-Tuesday — there are a couple extra hurdles as well. Specifically, these four: One. Can you get in? If the house is vacant,...Read More
The “I Decline to Initial” Buyer’s Initial Form: “Agency Relationships in Real Estate Transactions” Date signed by Buyer: June 22, 2017 Form: Purchase Agreement Date signed by Buyer: June 22, 2017 What’s wrong with this picture? It runs afoul of Minnesota Department of Commerce guidelines, which provide that prospective Buyers’ agents are supposed to discuss...Read More
