The Buyer’s Inspection on a Cancelled Deal One of the knottiest issues in real estate for awhile now is, “what does the listing agent do with the Buyer’s inspection on a deal that ultimately falls apart?” The question is problematic because — at least in Minnesota — home sellers and their agents have an independent duty to disclose any defects...Read More
“No Stairs to Basement” “Use caution, stairs removed leading to lowest level. Be sure to turn off all lights and lock all doors.” –Showing instructions, MLS listing Showing instructions are usually pretty mundane: besides telling the Buyer’s agent the access code and lockbox location, they typically just request that the showing agent “please remove shoes,...Read More
Gap Between Last Ask, Sold Price One clue that a just-sold home had major inspection issues is when the sales price represents a big discount from the last asking price. So, for example, a house that was listed at $500k, was “Pending” on MLS for six weeks (give or take), then closed for . . ....Read More
How Strong is the Condo Association? I’ll discuss this year’s legal and forms changes (exciting stuff, I know!) in another post. But one of the things that did not change this year — and I predict will next year, if not sooner — is the timing of Condo and Townhouse Association disclosures. At least in Minnesota,...Read More
Buying Trouble Would you consider it material that a building’s Condo Association had recently sued — and just recovered $500,000 from — the developer in connection with leaky windows in the building (located by Lake Calhoun)? And that no sales had taken place for almost two years, while the lawsuit was pending? I sure would —...Read More
Smoking Guns & Yellow Flags I think it’s fair to say that — as a rule — compared to “laymen,” Realtors put much less stock in things like Seller motivation; historical information like what the owner paid (unless it raises the prospect of a short sale); and even representations (or lack thereof) in the Seller’s Disclosure....Read More
