Financing Contingency Pitfalls One of the surprises lurking in the standard Minnesota Financing Addendum is the weaker of the two clauses addressing the Buyer’s financing. In layman’s terms, it says that if the closing date arrives and the Buyer’s financing falls through: a) there’s no deal; and b) the Buyer gets their earnest money back. For...Read More
Tying Up Loose Ends & Open Offers Admittedly, there’s usually not much doubt. But if you want absolute, “case-closed” proof that a Buyer’s offer qualifies as a lowball, here it is: when the Seller rebuffs it*, they never even bother to withdraw it. Either the offered price is so preposterously low they know the Seller will never...Read More
[Your Name Here] Award I have no idea for what, or who decided (actually, some organization called “American Registry” emailed this to me, along with a pitch to pay them money). But, it says so in the fine print on a plaque, so it must be right . . . 🙂Read More
$100 Off Weekly, Five Weeks in Row [Editor’s note: if the screen shot above is too hard to decipher, it shows a home that’s dropped $100 each of the last five weeks, from $475,000 to $474,900, then to $474,800, etc. The current price is $474,500.] If you added a zero (or two), you might actually...Read More
New Document Distribution Model: “Come & Get It” “Ransomware Attack Raises Concerns Over Future Assaults” –Headline, The NYT (June 28, 2017). Both professionally (as a Realtor) and as an investor (401k, etc.), it’s apparent to me how big organizations intend to safeguard valuable information from increasingly aggressive and sophisticated hackers. Step #1: lock it up in...Read More
Financial Due Diligence for Home Sellers (and Their Agents) As a former corporate attorney and CPA, one of my strengths selling real estate is helping Sellers “vet” the Buyer’s finances. Before they get to closing. In a nutshell, it comes down to this: “Can the prospective Buyer financially perform?” (legalese for “can they afford the property...Read More
