Don’t Call it a “Traditional” Sale — It’s a “Long” Sale [Note: for the uninitiated, a “short sale” is when the homeowner’s mortgage(s) exceed the home’s fair market value — a condition referred to as being “underwater.” Depending on the specific housing market, short sales have receded from more than 50% of all sales five...Read More
. . . . American Flag (What Did You Think I Meant?!?) [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 find yourself in the vicinity of Palm Beach, FL (like I was very briefly last week), and...Read More
Dangers of Dual Agency: Representing the Seller, and Angling to Represent the Buyer, Too [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.] I just went through a “For Sale” home on high-profile France Avenue near Minneapolis’ Cedar Lake,...Read More
“That About Covers It” Department The line, “owner occupant and investor offers welcome” sounds plausible enough. Then I stopped to think: is there another kind of Buyer?? Short answer: not that I’m aware of. I suppose “2nd home” or “vacation home” Buyer, if the property had been a lake cabin. But in this case the...Read More
Appraisal Reconsideration “True”or “False” Consider the following scenario, then answer “Yes” or “No”: An appraisal on a recent home sale comes in low. The next week, a (very) similar home that had been “Pending” at the time the appraisal was done subsequently closes . . . . for well above asking price. Can the closed...Read More
“Price is What You Pay, Value is What You Get” . . . . When it Comes to Realtors, Too “Price is what you pay, value is what you get.” –Warren Buffett, Berkshire Hathaway Chairman (Note: Edina Realty is a Berkshire Hathaway subsidiary). When someone with a couple blocked arteries needs a heart surgeon, their...Read More
