In-Bounds or Out-of-Bounds? The Buyer finished their professional home inspection, and just delivered a long list of issues to resolve with the Seller including this one: “New future back and side doors: (large amount).” Such a demand is clearly outside the scope of the inspection, and not properly raised with the Seller. Why? A. The item is prospective, not a here-and-now...Read More
Volatile Stocks, Slow-Changing Housing At the beginning of the year, I remarked on home buyers who worried that housing may be in a new bubble — a bubble that would inevitably burst the minute they bought something. See, “Anxious 2017 Buyers Fret: Is Another Housing Bubble Brewing?” Entering the 2nd half of 2017, there seems to be...Read More
“Force Majeure” Clauses [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.] RISK OF LOSS: If there is any loss or damage to the Property between the Final Acceptance Date...Read More
Should Buyers and Sellers Waive Arbitration? Hopefully, It’s a Moot Point [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.] Unbeknownst to most home buyers and sellers, modern residential real estate...Read More
30-Year Mortgages Below 4% for 1st Time Since Election According to Edina Mortgage’s Steve Mohabir, long-term interest rates for well-qualified Buyers are once again below 4%. So much for the fear of skyrocketing rates derailing the housing market any time soon (the bond market has also rallied as interest rates have dropped — repeat, dropped — the...Read More
Included By Whom?? “A Home Protection/Warranty Plan will be obtained by __ Buyer __ Seller.” –Standard Minnesota Purchase Agreement, line 238. One of my favorite 1960’s-era cartoons shows a gas station with a big sign in front promising “Free Mug with Fill.” Down the street, the attendant (another anachronism) is chasing after a car that...Read More
