“An Bird Offer in Hand is Worth Two in the Bush” It certainly seems like a reasonable request over Thanksgiving — or any other long holiday weekend, for that matter: a Buyer’s agent who connects with the listing agent (representing the Seller) to make sure that the Seller is available and able to respond to an...Read More
Thanks, Keith!** From my Realtor’s perspective, credit consumers — specifically, home Buyers looking for a mortgage — place FAR too much emphasis on fees, and WAY too little on service, and the very real financial value of same. Call it, “missing the forest for the trees.” So, on average, to originate a $200k mortgage, a top...Read More
“Nice Try” Department “Lake Wobegone . . . where all the women are strong, all the men are good looking, and all the children are above average.” –Garrison Keillor I certainly understand what the listing agent is trying to accomplish by including the line, “Strong pre-approval letter requested with offers” in the “Financial Remarks” section of the MLS...Read More
Housing Deal Deadlines & Other Key Terms No, I don’t recall ever handling a real estate deal where the Buyer or Seller omitted to fill in the purchase price or the closing date. But, I have handled multiple deals where the other side left blank something almost as significant. The three biggest — and most...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
The most important date in a residential real estate deal? Easy — closing. So, what’s the second most important date? At least in Minnesota, the date that the Buyer’s Written Statement is due. See, “You Mean There’s No Deal, AND the Buyer Gets Their Earnest Money Back?!?” Significance Up until that date, all the home Seller...Read More
