Housing Deal Deadlines & Other Key Terms No, I don’t recall ever handling a real estate deal where the Buyer or Seller omitted to fill in the purchase price or the closing date. But, I have handled multiple deals where the other side left blank something almost as significant. The three biggest — and most...Read More
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
Strong Lender = Strong Deal Normally, when Realtors think about financially qualifying a home Buyer, they think about what the listing agent — representing the Seller — does. Stuff like vetting the Buyer’s Pre-approval Letter (and making sure there is one!); interviewing the Buyer’s lender once an offer comes in; making sure the Buyer’s earnest...Read More
The most important date in a residential real estate deal? Easy — closing. So, what’s the second most important date? At least in Minnesota, the date that the Buyer’s Written Statement is due. See, “You Mean There’s No Deal, AND the Buyer Gets Their Earnest Money Back?!?” Significance Up until that date, all the home Seller...Read More
. . . . Or One Realtors representing Sellers (better known as “listing agents”) tend to be a lot more focused on Written Statements — and specifically, Written Statement deadlines — than their clients. There are two reasons for that: 1) it can be a technical subject (see below); and 2) most Buyers’ lenders meet...Read More
. . . & Written Statements via Text Message I’ve never had a client buy or sell a home using the back of an envelope (though they could). But, my client just sold a home where the Buyer’s Written Statement — signifying final underwriting approval — was delivered at 5 p.m. on a Friday, before...Read More
