Real Estate Terminology 101 “Final acceptance” sounds like something that happens in a hospice, or perhaps what Woody Allen has been seeking in therapy all these years. Fortunately, the real estate version is not so macabre: it’s just a fancy way of saying, “Done Deal!” “Signed, Sealed, & (Constructively) Delivered” Specifically, “Final Acceptance” refers to...Read More
Ala Carte Disclosure vs. “All or Nothing” Unlike, say, Minnesota’s mandatory Seller Disclosure, home sellers in multiple offers have complete discretion over whom they tell. To be sure, the default is telling everyone: the more Buyers competing for a home, the higher the price (at least usually). That’s why Edina Realty’s standard listing contract states...Read More
Enabling(?) Non-Committal Buyers (aka “Fence-Sitters”) One of the things that invariably happens in the course of representing a Seller is the Listing agent gets a request from a Buyer’s agent to “be kept in the loop.” Translation: ‘let me know if someone else is about to buy the home, so my client at least knows...Read More
Would-Be Home Sellers Beware “If your parents don’t have children, you won’t either.” –old joke. “If your home doesn’t get showings, it won’t get offers, either.” –real estate equivalent Not a few would-be Sellers, arguing for a too-high listing price, rationalize that “Buyers always come in low, so why not leave a little (or a...Read More
“Buy on Bread, Sell on Cheese” In the wine industry (which I otherwise know nothing about), “buy on bread, sell on cheese” means that if you’re a wine buyer, you’d be well-advised to eat a piece of bread in between tastings. Because bread is neutral, it will clear your palate for the next wine. By...Read More
“Mid-Transaction” vs. “Pre-Transaction” Phone Calls If your Buyer is competing in multiple offers, and the Seller was supposed to be back in touch by 7 p.m. Saturday night and it’s now 8:30 p.m, you betcha’ you’re eager to take a phone call to find out exactly what’s going on. On the other hand, when a stranger...Read More
