Robert Guthridge's Blog

So much for learning from history.  Once again Americans are tapping into their inflated home equity as if it were an ATM.  Of course we heard from housing cheerleaders that everything is different this time and that people were being very cautious with buying crap shacks.  That lasted only a few short years!  Now people […] from RSSMix.com Mix ID 8230700 https://ift.tt/2NHPtd9 via IFTTT

So, Where Are All the Garages?? Guess which of the following statements about the Country Club district in Edina are true: A. Fruit trees may not be planted on the boulevards. B. Country Club is known for relatively small lots. C. Front-loading garages were originally prohibited (and are still rare). D. Homes in Country Club cost (well) more than $1 million. Answers : all true except “D.” While the majority of Country Club homes do sell for more than $1 million, there are now 6 (out of 18) on the market for less than that. Bonus question: what was the putative reason for the relatively small lots? (developers always have an economic incentive to build more house on less land). Answer: so that residents would congregate at the neighborhood country club to socialize, not in their backyards. Thanks to Edina Realty’s Andrew Olive for the above. P.S.: if you are a non-Minnesotan reading this blog, Country Club is one of the Twin Cities’ toniest neighborhoods, known for its gorg...

So much for learning from history.  Once again Americans are tapping into their inflated home equity as if it were an ATM.  Of course we heard from housing cheerleaders that everything is different this time and that people were being very cautious with buying crap shacks.  That lasted only a few short years!  Now people […] from RSSMix.com Mix ID 8230700 https://ift.tt/2NHPtd9 via IFTTT

“For Sale” Signs vs. “ NOT For Sale” Signs I’ve got my own definition of what Realtors do. See , “ Realtor Job Description 2019 .” But, I’m mostly OK** with the one offered by standup comedian (and social critic) Colin Quinn, in his Netflix special “Red State Blue State”: “That was the genius of the Founding Fathers: they said “middlemen!” That’s what they came up with — politicians, lawyers, cops. People you could focus your anger on so that you didn’t end up chasing each other around the town square all day with hammers. Because if there was no real estate agent, in the old days — no middleman — people would just walk up, knock on your door: Stranger : “Hey! What’s up?” I like your house, I want to live here.” Homeowner : “Well, I live here; I like it.” Stranger : “Do you like it enough to die for it? Because that’s where this is going.” You have to go, “Excuse me!”, go in the back, get a sharpened object, come out and slice their head off, put it on a stake outside your h...

Quality > Quantity The (Realtor) conventional wisdom about showing activity on holiday weekends, like the one coming up? That it’s a microcosm of the slower, Thanksgiving-to-New Year’s period. Namely, while there is a noticeable drop in traffic, the Buyers out there tend to be more serious and motivated. Call it “quality over quantity.” Practically, with all the real estate offices closed on Monday and people off work, it’ll be tough to request and get confirmed showings (although nothing prevents you from requesting a Monday showing on Saturday or Sunday). from RSSMix.com Mix ID 8230700 https://ift.tt/2L51MPi via IFTTT

Caution:  Only Use if True Want to know the single most compelling pitch a Buyer can make to a prospective home Seller, especially if negotiations are at an impasse? This one: “I’d love to buy your home for $___ .  If that’s acceptable, please let me know by [time].  Otherwise, I plan to make an offer on [address of competing home].”  Of course, that only works if the Buyer truly has a runner-up home that they like nearly as much, and is genuinely prepared to move on.** Seller (and Buyer) Psychology That tactic is powerful because the strongest motive in real estate — or anything else — is fear of loss. Buyers fear losing a house they really want to another Buyer. So, what do Sellers fear? Losing a motivated, financially qualified Buyer — at a price they’re not sure they may see again (at least not without enduring more market time, showings, showing prep , etc.). **The trick for Buyers — especially in a strong Seller’s market — often is finding even one ...

Letting Buyers — and Sellers — Off the Hook What do you do as a Buyer if you really like the first (or second) house you see, only to be told a couple hours after you went through that it’s in multiple offers, and that you have until 8 p.m. that night to make an offer? Scenario #2: you need a bigger house, but you’re expecting your first (or another) child imminently. Last one: you’re about to have back surgery, and will be convalescing for a couple months. I don’t know about other Realtors, but my advice in such situations is:  ‘the right house at the wrong time . . . equals the wrong house.’ Realtor Advice I say that because I know — better  than my clients — what goes into a home sale and/or purchase. Namely, half-heartedly prepping a home for sale virtually ensures that it will take longer to sell, fetch a lower price — or both. And even though the sales process is front-loaded, once a home is on the market, the owner must still keep ...

Real estate can be a great investment thanks to cash flow, buying below market value, leverage, and appreciation. However, one of the best reasons to invest in real estate is the tax advantages. There are advantages to buying rental properties and a personal house when dealing with taxes. House flipping is usually treated as a ... Read more The post The Tax Advantages and Benefits of Investing in Real Estate appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/2ZnnG48 via IFTTT

Somebody has to keep the George Carlin spirit alive. In that vein, I offer up the inherent contradiction between “collaboration” (“They all collaborated on the winning science project”), and at least one accepted definition of “collaborator” (“He was a collaborator during the occupation”). Maybe it’s just a generational thing(?) . . . See also , “You’re  . . . You’re . . . Such an Almond (Huh??) “; “ What’s the Past Tense of Sight See ?”;  “Landmark — or Watermark ?”; “ Dried vs. MORE Dried Apricots “; “Wild and Crazy” (vs. Conventional) Fruit ; and “ What’s the Opposite of ‘Untold Riches? from RSSMix.com Mix ID 8230700 https://ift.tt/33YvJrp via IFTTT

“Just Sign Here” Which sounds less intimidating (at least if you’re not a lawyer): “let’s meet at my office at 6:30 p.m. to go over the paperwork.” Or, “let’ s meet at 6:30 p.m tonight to review and sign the contracts.” At least to my ear, Option #1 — which is what I tell prospective Buyers. First Things First When I first meet with new clients, I usually open with the standard Minnesota “Agency Relationships” form, for two reasons: One . State law. Minnesota stipulates that state Realtors are to review “Agency Relationships” with prospective clients at the “first substantive contact.” Rather than parse exactly what constitutes “first substantive contact”, it’s smartest and simplest to get it out of the way first. Two . Buyer psychology (also known as “easing into things”). Of course, it’s also the case that having someone sign a less significant form is a good warm-up for the main course. That would be the Buyer Representation contract. Contract Terms Unlike “Agency Rela...

Undermining Seller Credibility Either the Kitchen in the photo above has a walk-in, commercial-sized freezer. Or, something’s not quite right about the photo dimensions. Based on the other Kitchen photos accompanying the listing, the answer is option #2. Never Just One Cockroach So, what is the other reason not to use a wide-angle lens or otherwise exaggerate room features? It undermines the owner’s credibility on other matters, like the Seller’s Disclosure or the home’s finished square feet — not to mention the veracity of the other photos. As I tell clients, there’s seldom just one cockroach . . . P.S. Too-flattering photos also guarantee that Buyers will be disappointed when they see the home in person. from RSSMix.com Mix ID 8230700 https://ift.tt/2ZeRDIk via IFTTT

Definition, Please OK, so my guess is that the garden in question is growing flowers or vegetables, and the butterflies are merely a nice fringe benefit. But, I like the imagery — and I give the listing agent (Edina Realty’s Pam Bandy) credit for creativity! from RSSMix.com Mix ID 8230700 https://ift.tt/2ZoeHDM via IFTTT

Grant Cardone has talked over and over about why buying a house is a horrible idea. He says that no one should ever buy a house to live in and that you should never buy a single-family home as an investment to rent out either. Is buying a home to live in a good idea? ... Read more The post Is Grant Cardone Right When He Says No One Should Buy a House? appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/2TMUO3T via IFTTT

I have been a real estate investor and agent for almost 20 years and it took me most of those years to learn some of these terms. Do not feel bad if you don’t all the lingo in real estate! Glossary of real estate terms: 1 Percent Rule: A rule of thumb used to determine ... Read more The post Real Estate Investing Glossary and Terms appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/2KzXW02 via IFTTT

Years ago, I remember asking an electrician working on a client’s home how a layman like me could tell if the electrician was any good. He shrugged:  “Well, the really bad ones  . . . are dead.” “OK,” I pressed him, “But, how does a non-expert find at least a (very) good electrician?  For that matter, how do you — as an experienced electrician — tell if a colleague knows their stuff?” “I watch ’em work,” he said. Specifically, he explained, he watches how the electrician analyzes the home’s electrical system and wiring, how efficiently they move about, and generally, how they tackle the project at hand. Makes sense to me . . .  P.S.: Why not simply go by reputation when choosing a contractor? That’s always a good start, but it simply begs the (circular) question, “what is the reputation based on? (i.e., how do individual customers know that their contractor did a good job?”). With house painters, the work product is evident; with electrician...

The Gold Standard for Staging Advice “Nice listing . . . Congrats! ” –Uttered by exiting Buyers’ agents at a broker open; when the listing agent knows the price is right and the home is likely to sell quickly.   See , “ Realtor Compliments. “ The equivalent for a staging job well done is when the client appreciatively remarks at the end, “My house looks so good, now I don’t want to move!” When the listing agent hears that, they know two things:  1) the stager did a (very) nice job; and 2) the client “gets” it. Emotional Tug Especially for older, long-in-place Sellers, it can be emotional to allow a stranger to come into their home and rearrange things — sometimes, dramatically. So, it’s always a relief to hear, after the fact, that they’re receptive and appreciative of the stager’s efforts — which in turn indicates that the owner is actually ready to sell. Even if they say otherwise . . . P.S.:  Thanks to ace stager Mary Amlaw, who consistently elicits such comm...

Grant Cardone has talked about why buying a house is a horrible idea over and over. He says that no one should ever buy a house to live in and that you should never buy a single family home as an investment to rent out either. Is buying a home to live in a good ... Read more The post Is Grant Cardone Right When He Says No One Should Buy a House? appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/2TMUO3T via IFTTT

The Problem(s) With Blind Solicitations In a housing market characterized by still-scarce inventory and frustrated Buyers (especially at lower price points), it seems like an obvious tactic if not smart Realtor marketing:  proactive Buyers’ agents who send a blind letter to a targeted block or neighborhood inquiring whether anyone is contemplating selling. While I know colleagues who claim this has worked, personally, I haven’t had any success the 4-5 times I’ve done it over the years. The problem? (besides warranted Seller skepticism). In a word, motivation. “Make Me an Offer” If the homeowner is indeed open to selling, their timetable is months (or years) in the future. Or . . . surprise, surprise , their asking price is 25% (or 100%) over market value.** Making that aggressive price especially unpalatable:  unmotivated Sellers seldom see the need to stage or otherwise prep their homes, and can balk at such routine tasks as completing the Seller’s Disclosure, or arr...

  Surprising Skyline Test your mastery of U.S. geography, and guess which city is host to the skyline above: A. San Jose B. Phoenix C. Nashville D. Portland Answer: none of the above. Give up? It’s Seattle suburb Bellevue, home to over two dozen skyscrapers — roughly equivalent to San Jose and Phoenix (my family visited the area recently). Combine Bellevue and Seattle’s downtowns, and you’d have a skyline rivaling Houston’s. P.S.: the mountains (Cascades) in the background rule out Nashville. Meanwhile, there ARE mountains ringing Phoenix — it’s located in the “Valley of the Sun” — but they’re only around 3,000 feet. Ditto San Jose, which sits in another well-known valley ( as in , “Silicon”) . . . from RSSMix.com Mix ID 8230700 https://ift.tt/2Z7wACN via IFTTT

“The race is not to the swift, nor the battle to the strong — but that’s the way to bet.” –Ecclesiastes (with an assist from Damon Runyon). For the benefit of non-Realtors, here’s a “Top Ten” List of ways that Realtors know that a home Buyer is serious. 10. They’re represented by a good, experienced Realtor (vs. their part-time Realtor buddy . . . or no one ). 9. They’ve been qualified by a lender, and know what their budget is. 8. They ask germane questions (“How old is the furnace?” “What work has the homeowner done to the house?”) vs. irrelevant ones (“where did the owner get their artwork?”). 7. The Buyer’s home search has “traction”: their home search progressively tightens around a specific location, style of home, and price point. 6. They adjust their schedule(s) to learn the market in a concentrated time period, and block out 2-3 hours, minimum, to see multiple homes per outing. 5. All ultimate decision makers are “on board” and present for showings (vs. partners who a...

In a supposedly paperless world, why does anyone still need something to correct paper mistakes? I know at least one, non-standard application: touch-up paint for Realtor sign riders. It’s not as good as white nail polish, and not as water-repellent (or long-lived) as oil-based paint, but in a pinch . . . it’ll do! from RSSMix.com Mix ID 8230700 https://ift.tt/2KQ7FOW via IFTTT

Corporate structures can help you lower taxes and limit your liability when investing in real estate. I use Limited Liability Companies (LLCs) and S corporations in my businesses. I have a separate LLC for each of my 20 rental properties, but an LLC is not the right choice for everyone. The main reason I put ... Read more The post Should You Use an LLC or Corporation When Investing in Real Estate? appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/31tDy6u via IFTTT

“Well, it’s not as if we’re running a hospital for sick children down here.” –James “Hobie” Hobart in “The Goldfinch.” Ahhh , but repair — spiritual repair — is exactly what is being practiced by the exceptionally kind, decent supporting character named “Hobie” in Donna Tartt’s sprawling “The Goldfinch.” It’s just that Hobie ministers to only two people: Theodore “Theo” Decker, the story’s protagonist, and “Pippa” — both exceptionally bright, self-aware 13 years old’s who are bonded by a shared, tragic experience. In fact, spiritual repair is just Hobie’s sideline: he invests the rest of his energy on restoring a literal Noah’s ark of injured, mistreated, or simply neglected fine furniture (don’t call them “antiques”) spanning three centuries and a host of countries. Near the end of the book, Theo finally understands the symbolism of an especially prized, ensemble piece in Hobie’s collection, that distills his purpose in life: “From my chair I had a clear of of Hobie’s Noah’s ar...

Definition, Please Realtors use the term “Chef Kitchen” all the time (sometimes further embellished with the adjective, “Gourmet” — as in , “Gourmet Chef Kitchen”). But, after more than 17 years selling homes, I’m still not sure that I have a good definition, except that: a) it’s big; and b) it’s full of high-end features and appliances. Design + Function That said, here a (partial) list of features and attributes common to many so-called “Chef’s Kitchens”: –Design/layout: Big! Large enough to accommodate multiple workers, simultaneous meal prep. Facilitates flow of people, food . . and activity! Room size can vary, but ideally > 250 square feet (approx. 18′ x 14′). –Countertops: granite, quartz, stainless steel or similarly high-end; –Appliances: Subzero or Wolf — often doubled up (e.g., two fridges, two dishwashers, etc.); double sinks. –Ventilation: Commercial-quality exhaust hood and fan (or several of them). –A separate stove top with 6 or even 8(!) gas burners;...

Glossary of real estate terms: 1 Percent Rule: A rule of thumb used to determine if the monthly rent earned from a piece of investment property will exceed that property’s monthly mortgage payment. 2 Percent Rule: Is a general guideline many investors use to determine if a rental property is a good deal. The basics ... Read more The post The Top Real Estate Investing Terms You Should Know appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/2KzXW02 via IFTTT

Ala Carte Disclosure vs. “All or Nothing” [ 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.] Unlike, say , Minnesota’s mandatory Seller Disclosure, home sellers in multiple offers have complete discretion over whom they tell. To be sure, the default is telling everyone :  the more Buyers competing for a home, the higher the price (at least usually). That’s why Edina Realty’s standard listing contract states that listing agents (representing Sellers) will inform Buyers of the existence of multiple offers unless the Seller explicitly directs them not to. Opting NOT to Disclose Multiple Offers Why would a Seller instruct their agent not to disclose multiple offers to a Buyer? I can think of at least three situations: One . The listing agent knows one of the Buyers is already at the top of their price range. ...

High Profile Agents (and Their Business Models) If working with a Realtor with a huge ego is a deal breaker, you’re in luck: there’s an easy way to identify such agents. Just look up when you’re out and about driving (but only for a second ). Hands Off (or is that, “Hand Off??”) At least in my experience, the local agents with the highest profiles seldom touch a file — or talk to a client. Instead, they hand off to their legions of assistants. Or, they refer the business generated by all their advertising to other agents, who pay them a referral fee. Now you know . . . P.S.: One of my all-time favorite billboards was an ad years ago for a Pittsburgh synagogue that I saw driving to New York. The message: “Consider this a sign from God.” See also , “ Why (Some) Realtors Have Big Egos .” from RSSMix.com Mix ID 8230700 https://ift.tt/2ZY58Zj via IFTTT

To find out how Opportunity Zones work in the real world, RPR Commercial Director Nathan Graham sits down for an informative Q & A with Chad Gleason, the Managing Director of PENTAVIRATE Commercial Investments. from RSSMix.com Mix ID 8230700 https://ift.tt/2YOr904 via IFTTT

Putting (Too) Good a Face on Things?  It’s a fact of (real estate) life: sales fall through. Buyers change their minds. Inspection issues come up. Buyers can’t get financing* (the honest explanation at least 80% of the time). When any of those (or other) unhappy events occur, listing agents have the demoralizing task of switching the home’s MLS status from “TNAS” or “A, i” back to simply “Active” — no suffixes. Best Defense = Good Offense To deflect the usual Buyer (and Buyer’s agent) questions, many listing agents will seek to proactively address the issue by offering an explanation in the MLS “Agent Remarks” field. Most common: “Back on Market. Buyer’s financing fell through.” Occasionally, you’ll even see a more candid “Buyer Walked” admission. Somehow, however, the explanations are always benign ( surprise, surprise ). Put it this way: I’ve yet to see the listing agent proclaim, “Back on Market! Wet Basement!,” or “Back on Market: Leaky Roof!” 2nd Bite a...

Want to Check Out a Community?  Go to the Public Library Whenever my parents traveled, to get to a feel for the local community — cultural, historical, religious (they’re Jewish), architecture, etc. — they would always visit the local synagogue(s). Me? I go to the local library. I head there not just to check email and draft blog posts (like this one), but to get a sense of the local community. Rorschach Test At least to me, places with new(er), inviting public libraries have their priorities right. That is, they value (and can pay for) education, and value public spaces** where anyone interested in learning can feel at home (note:  strong public schools are an even better sign.  But, determining that takes more than a quick, 30 minute visit). Scoring high on this scale:  Carbondale, Colorado, where I briefly visited earlier this past Summer with son #2. Framed in the wall of windows in the photo above: almost 13,000 foot Mount Sopris, about 20 miles ...

When the Realtor Likes a Home More Than Their Client Does To a non-Realtor, the idiom, “I’m not buying it” roughly translates to, “I don’t believe your [obviously bogus] explanation.” To Realtors, however, the phrase means something much more literal. Namely — at least when uttered by a Buyer’s agent — “I’m not buying it” translates as, “I’m not buying the home . . . my client is .” Showing Feedback The typical context:  post-showing feedback from the buyer’s agent to the listing agent (representing the Seller), which goes something like the following:  ‘the home showed great, had wonderful curb appeal, and is well-priced . . . but I’m not buying it , my client is (and they weren’t crazy about it).” If there’s a silver lining for Sellers, it’s that complimentary feedback from a showing agent — at least one with experience and a good eye — is a good omen. P.S.: To avoid confusing what the Realtor  thought of the property vs. what their client thought, som...

Corporate structures can help you lower taxes and limit your liability when investing in real estate. I use Limited Liability Companies (LLCs) and S corporations in my businesses. I have a separate LLC for each of my 20 rental properties, but an LLC is not the right choice for everyone. The main reason I put ... Read more The post Should You Use an LLC or Corporation When Investing in Real Estate? appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/31tDy6u via IFTTT

Many people consider renting out their home instead of selling it. They may not be able to get the price they want, or they may want to get into the real estate investment business. While renting out a home may seem simple, it takes work, and there are many things to consider: taxes, maintenance, vacancies, ... Read more The post How to Decide If You Should You Sell or Rent Out Your House appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/2ZzfQW4 via IFTTT

Corporate structures can help you lower taxes and limit your liability when investing in real estate. I use Limited Liability Companies (LLCs) and S corporations in my businesses. I have a separate LLC for each of my 20 rental properties, but an LLC is not the right choice for everyone. The main reason I put ... Read more The post Should You Use an LLC or Corporation When Investing in Real Estate? appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/31tDy6u via IFTTT

Built for Baby Boomers — By Their Parents! Like narrow ties and bell bottoms, wait long enough and the most dated fashions come back in style. The same is true in real estate. As Baby Boomers age, the unheralded, ’50’s-era rambler** is making a comeback. I can think of (at least) four reasons why. One . One-level living. Once you hit 50, stairs suddenly matter. Depending on their health, baby boomers in two story houses need to start thinking about downsizing well before retirement. By contrast, people in ramblers . . . can stay put . In fact, spend $10k or so to move the laundry room to the first floor, and — Voila! — everything’s on one level. The basement then becomes the province of the grandkids (or guests). Two . Construction quality. Realtors aren’t supposed to play favorites, but I (kind of) do: I’ll take a well-built, ’50’s rambler over virtually anything other era or architectural style. I’ve sold any number of these, and while some were dated or even suffered from d...

Many people consider renting their home instead of selling it. They may not be able to get the price they want or they may want to get into the real estate investment business. While it may seem simple to rent a home it takes work and there are many things to consider; taxes, maintenance, vacancies, ... Read more The post How to Decide if You Should You Sell or Rent Your House appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/2ZzfQW4 via IFTTT

“Starter home “:  a relatively small, economical house or condominium that meets the requirements of young people buying their first home. While there’s no precise definition, I have two associations with “starter home”: One. Price Point. Starter homes are (well) below the average price for homes in the local market — whatever that may be. So, a starter home in San Francisco may be $800k, while one in Omaha might be $150k. Two. Attributes. Most common profile: a small house, usually two Bedrooms (or three very small ones), that may (or may not) be in rough condition. Other popular adjectives:  “cute,” “cozy,” and “adorable.” Because of those attributes, it’s presumed that starter homes are temporary abodes, eventually traded in for bigger, nicer “family homes.” Avoiding Clichés (and Negative Buyer Associations) Perhaps those (mostly) negative connotations are why you don’t hear the term that much. Of course, in a continued Seller’s market with s...

The Easy Way . . . and the Hard Way The Buyer’s inspection revealed a material defect in the home that the Seller doesn’t dispute. Both parties want to stay in the deal. What are their options? Option #1 : the Seller fixes the problem, prior to closing. Here are the related steps: Buyer and Seller negotiate an Amendment to the Purchase Agreement describing the work to be done — typically, by a licensed contractor — and further providing that, post-completion, the Buyer is to receive copies of the related invoice showing that it was paid in full.  If the issue requires a re-test — for example, radon remediation — Seller is to provide Buyer with documentation that the re-test results are satisfactory. [Optional]:  The Buyer checks out the reputation (or tries to) of the contractor hired by the Seller; The Buyer reviews the work performed, often as part of the walk-thru inspection just before closing.  If there are any issues regarding work...

Everything You Wanted to Know About Ceiling Finishes As best I can tell, the reason it’s called a “knockdown ceiling” is because calling it a “knock- off  ceiling” would have been too confusing. What gets knocked off — er , knocked down — is the joint compound that’s first applied to the ceiling, and allowed to partially dry. According to Wikipedia, “the joint compound will begin to form stalactites as it dries. A trowel is then run over the surface of the drywall, knocking off the stalactites and leaving the mottled finish.” It’s Not Popcorn . . . It’s Acoustical!” Knockdown ceilings are distinguished from “flat” and “popcorn” ceilings, the two other most popular ceiling finishes. At least in some circles, popcorn ceilings have a slight stigma, because they’re cheaper and easier to do than flat ceilings. Some people (the same ones??) also consider them less aesthetic. from RSSMix.com Mix ID 8230700 https://ift.tt/2YrqjX6 via IFTTT

Contractual Assent . . . and a Veto Power [ 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.] To successfully change the closing date of a home sale, which of the following must agree? A. The Buyer. B. The Seller. C. The Buyer’s lender. D. The Buyer’s title company. E. The Seller’s title company. F. The Realtors (Listing agent and Buyer’s agent). Answer :  all but “F.” If you think that’s a lot of parties to sign off on a change . . . you’re right! Which is why it seldom happens — especially within 7-10 days of the originally scheduled closing (and especially between April and July, prime time for closings following the super-busy Spring market). Privity of Contract While the title companies don’t get a contractual say in changing the closing — that requires a Purchase Agreement Amendment, signed by both...

Fake News vs. Fake Blogs “Those who know, don’t talk; those who talk, don’t know.” –Wall Street saying. “Those who sell, don’t blog; those who blog, don’t sell.” –Real estate corollary. Yeah, yeah , I know the knock on Realtor-bloggers (Exhibit A: yours truly): they — we –don’t actually sell real estate (or at least, not very much). I don’t know about other Realtor-bloggers, but I have 9 Edina Realty “Circle” awards — and 12 consecutive selections as a Mpls. St. Paul Magazine “Super Real Estate Agent” — that say otherwise. So, what’s the knock on the vast majority of Realtors who clearly sell lots of homes, and also purport to blog? They don’t really blog. Realtor Blogs . . . that Really Aren’t (Blogs) At least in my experience, there are two variations of what I’ll call “non-blog” blogs: One. Syndicated content. Somebody actually writes the posts that appear on the blog — just not the Realtor. Rather, the Realtor pays a monthly fee to license generic, “canned” posts th...

 . . . And Isn’t Likely to Volunteer “Fake it till you make it.” –Career advice to newbie real estate agents. In a hyper-competitive field where sales bluster is an ever-present temptation, real estate agents aren’t exactly the type to betray ignorance or confess a lack of confidence. And even consummate Realtors with years of experience can’t predict the future, any more than Wall Street analysts, economists, or politicians can. Which is why no agent is likely to publish a tell-all with these four confessions: One . “I don’t know who’s going to buy your home.” Combine a highly fragmented market and a big metro area, and there are literally hundreds of active, local real estate agents (out of something like 10,000  licensed Twin Cities Realtors) who could potentially bring the Buyer for any given listing (Note: which agents are likely to show a given home is easier to predict). It wasn’t until after a decade selling homes that I worked on a transaction with the same...

2019-2020 Minnesota Real Estate Contract Changes [ 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.] Every August 1 (today!), the annual changes to Minnesota’s standard real estate forms go into effect. What’s on tap this year? Thankfully (at least to veteran agents), nothing momentous. The big  little change addresses smart devices — specifically, the disposition of any Nest thermostats or Ring doorbells currently in the home (note: Nest and Ring are owned by Google and Amazon, respectively). Apparently, at least a few Minnesota Sellers removed the items prior to closing, much to their Buyer’s chagrin. Now, those items are explicitly included in the list of fixtures that stay with the home. Sellers can still negotiate to remove the items, but now need to contractually exclude them from the Purchase Agre...