Test: ‘Reasonableness’ To recover from their Seller for a home defect, Buyers must satisfy a two-part test. Namely, they must prove that: 1) the defect existed at the time the Seller sold them the home; and 2) the Seller either knew of the defect, or should have known. Which begs the question, “what should sellers...Read More
Duty to Disclose, Duty to Update If you’re not actively in the housing market, the following subject ain’t for you. And even if you are, it’s technical (= dry = boring). So, read on at your own peril. Still with me? Here goes: One of the most important-yet-subtle obligations in residential real estate is the duty...Read More
What Did the Seller Know? Newlyweds Scott Strand and KK Thomson were delighted to close last fall on a modest rambler in Edina, where they both grew up and wanted to live after they got married. At the end of the year, though, the young couple got what Strand calls “a New Year’s surprise” —...Read More
How About Calling it a “Wine Shelter?” A colleague of mine has an upcoming listing with . . . yup, a bomb shelter, and is wrestling with how — or whether — to market that to prospective Buyers. Just out of curiosity, I did a quick search on MLS to see how many Twin Cities listings...Read More
Telling Buyers What They Know About Their Home’s Condition “Treat people the way you’d like them to treat you.” –The Golden Rule “Home Sellers should tell prospective Buyers anything that they would want to know if they were buying the home.” –The Golden Rule, real estate version Given that 90%-plus of all residential real estate...Read More
Just as Concerning as Too Messy The only thing worse than biting into an apple with a worm is . . . biting into an apple with half a worm! –Saying Is there really such a thing as a too-clean Seller’s Home Disclosure (required in Minnesota and many other states)? Absolutely. Even the best-built homes...Read More
