Dangerous Default Language (at least for Buyers) [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.] Once upon at time (OK, till 2016), Minnesota home buyers who discovered inspection issues that required...Read More
A “LIBOR ARM” sounds vaguely related to a frozen shoulder. It’s not. Pronounced “Lee′-bore,” it stands for the “London Inter-bank Offered Rate,” a widely used benchmark (or peg) for setting mortgage rates and other debt. Meanwhile, “ARM” stands for “Adjustable Rate Mortgage.” Definition, Please What does all that mean in practice? A homeowner with a...Read More
Centerpoint Energy “Pipe Protection Plan” Never mind my almost 17(!) years as a Realtor. I’ve been a Minnesota homeowner now stretching back over three decades. During all that time, I’d never been pitched a monthly “(gas) pipe protection plan” — until last week. Here is Centerpoint Energy’s marketing spiel: “As your natural gas utility, CenterPoint...Read More
Gullible Homeowner? Not So Fast . . . It sure sounds like a line: a builder who tells their client that they intentionally put a crack in the foundation floor to alleviate settling-related stress. But, it happens to be true. The two caveats: 1) it should be a small crack, barely more than a hairline; and...Read More
Dangerous Default Language (at least for Buyers) Up until last August, Minnesota home buyers who discovered inspection issues that required negotiation with their Seller were safe. If they proposed an Amendment reducing the sales price say, $1,500 as a result, and the Seller said “no,” the deal automatically cancelled at the end of the agreed-upon inspection period....Read More