But Watch Out For That Clawback Provision If you want to get the attention of Buyers’ agents, offer to pay them more. Or faster. That’s the strategy of at least one local (Golden Valley) builder, whose yet-to-be built new construction homes are listed on MLS now, but won’t be ready for occupancy until closer to...Read More
Step #2: Agree on Terms Step #1: Agree Which Terms to Use With updated real estate forms taking effect August 1, Realtors drafting — and receiving — offers this Fall run the risk of using dated forms. So, is that a problem? Actually . . . not usually. Unless the old form contradicts (changed) state...Read More
True (Non)Confessions First, my definition of “dumb”: something that adds nothing to the contract — or worse, confuses things. In the former category? The line on the Financing Addendum where the Buyer is supposed to fill in the maximum interest rate on the mortgage they’re applying for (to buy the home). Too low an interest...Read More
“Thanks for Nothing” (Literally) Department “Please note Buyer/Broker representation agreement for commission.” –Excerpt, MLS Agent Remarks I call the disclosure (above) the, “you’re going to get stiffed — but at least I told you so” strategy. That would be as opposed to the, “you’re going to get stiffed — but I’ll let you discover that...Read More
“After You” . . . “No, After You” . . . “No, After You” Combine tight inventory in many Twin Cities neighborhoods with frustrated Buyers, and what do you get? Multiple buyers chasing the same property, including some making offers with what Realtors call an “asterisk clause.” Background For the uninitiated, a Buyer employing an “asterisk clause”...Read More
Looking for a Size 47 1/2 How is drafting a real estate contract — or almost any contract, for that matter — like picking a men’s suit? In both cases, the usual starting point is to select the closest-fitting, existing garment — er, legal boilerplate — you can find. Step #2: altering (“customizing”) it to fit...Read More
