Is it good news or bad news that a home scheduled to be on “Broker Tour” — essentially, open houses for local Realtors each Tuesday in the Twin Cities — abruptly cancelled? Answer: it depends. It’s good news if the reason is that the home received multiple offers, and sold at 11 p.m. Monday night. It’s bad if...Read More
The REAL Purpose of Appraisals What is the purpose of an appraisal, in the context of a residential real estate sale? To make sure that, if the Buyer defaults on their loan and the lender ultimately forecloses, the value of the collateral is sufficient to make the lender whole. Or, in plain English: if the...Read More
“Highest & Best,” Defined [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.] If this Spring housing market is like any other, it’s guaranteed that at least a few home...Read More
Walk to Cedar Lake! Where: 2521 Kipling Avenue South, just west of Minneapolis’ Cedar Lake. What: True 1.5 Story, 3 Bedroom/3 Bath home with over 2,200 finished square feet on a huge lot (75′ x 138′). When: open tomorrow (Sunday, March 25) from 1:30 p.m. to 3:30 p.m.; offers due by noon, Monday. How much: $439,900. Who: listed by Ross Kaplan,...Read More
[Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] If you don’t know the difference between St. Louis Park’s “Fern Hill” neighborhood and Wayzata’s “Ferndale” neighborhood . . . you may not...Read More
“TNAS” vs. “Active, Subject to Inspection” “Seller Shall/Shall Not have the right to continue to offer the Property for sale until this Inspection Contingency is removed” (check one). –Standard Minnesota Purchase Agreement, lines 192. – 193. [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire...Read More
