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
Lender-Speak, Translated What they said: “the check’s in the mail.’ Translation: “I’m late paying the bills.’ What they said: “The dog ate my homework.’ Translation: “I didn’t do the assignment.’ What they said: “I have been holding off on submitting the file until we are within 60 days of closing (for both the rate lock and because the...Read More
Not to Be Confused With “Dumpster Diving” “Dumpster diving” is when bargain hunters look for something salvageable (or edible — blechh!) in a dumpster. So, what’s “dumpster chasing?” When bargain hunters target the owner of the home behind the dumpster. Specifically, “dumpster chasers” solicit homeowners to find out if all that emptying out/updating is in anticipation of going...Read More
Thanks, Keith!** From my Realtor’s perspective, credit consumers — specifically, home Buyers looking for a mortgage — place FAR too much emphasis on fees, and WAY too little on service, and the very real financial value of same. Call it, “missing the forest for the trees.” So, on average, to originate a $200k mortgage, a top...Read More
[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.] As I tell clients, the second most important date in a residential Purchase Agreement is the Written Statement deadline (the most...Read More
“Nice Try” Department “Lake Wobegone . . . where all the women are strong, all the men are good looking, and all the children are above average.” –Garrison Keillor I certainly understand what the listing agent is trying to accomplish by including the line, “Strong pre-approval letter requested with offers” in the “Financial Remarks” section of the MLS...Read More
