Robert Guthridge's Blog

Three Benefits Listing agents (representing home sellers) are big fans of home warranties. Personally, I love them. That’s because listing agents know — even if their clients don’t — that a home warranty can help smooth over inspection issues, and make a dated home more attractive to first-time home Buyers, especially at lower price points. They also make eminent financial sense. Put it this way: there aren’t many inspection issues that are resolved for less than $500 — the cost of a typical one year policy. Post-Closing Benefit Of course, once the deal has concluded, a home warranty can also help insulate the Seller from a Buyer who may be irate about any unexpected, post-closing home repairs. How do listing agents know there’s been a problem (or several) at the now-sold house? The home warranty company typically notifies them — but not the blissfully ignorant Seller** — of any Buyer claims. Over the years, I’ve received multiple such notices, easily totaling > $25k on h...

One Sure Thing When it Comes to Investing (Really) “Federal Reserve Cuts Interest Rates for Third Time in 2019” –Headline, The NYT (10/30/19). Let me see if I’ve got this straight: If the economy is strong, corporate earnings are growing, unemployment low, etc. . . . the market goes up because the fundamentals are good. However, if the fundamentals appear to weaken, the Fed steps in, either to lower interest rates — as they just did for a third time this year — or, if that doesn’t do the trick, by undertaking more aggressive action ( see , “Quantitative Easing”).** Then, the market goes up because of the Fed (stock market mavens will recognize this as “the Fed put”). Bottom line: either way, the stock market goes up. Sure thing, right? Over a couple decades in the stock market, I’ve learned that there’s only one sure thing: “there’s no sure thing” ( sorry ). **Stock market mavens will recognize this as “the Fed put.” from RSSMix.com Mix ID 8230700 https://ift.tt/2BT3...

Quick! Test your home maintenance IQ, and answer this question: Which of the following items should Minnesota homeowners do each Fall? A. Blow out their sprinkler system (if they have one). B. Remove their window screens. C. Adjust their HVAC dampers for winter (if they have a forced air systems with ducts). D. Reverse the direction of their ceiling fans (if they have). E. All of the above. Answer: “E.” While items A. – C. are (or should be) common knowledge, “D.” might come as a surprise. Redirecting Warm Air The explanation? Unbeknownst to many homeowners, ceiling fans have two directions: one setting draws air upwards, the other pushes it down. In Summer, the goal is to draw warm air towards the ceiling (and away from the home’s inhabitants). By contrast, in Winter, the goal is the reverse: to redirect all the naturally rising heat to the home’s chillier lower level(s). Since few people want to sit under a whirring fan in Winter, the usual m.o. is to operate them dur...

Who Qualifies as a “Relative?” At least in Minnesota, licensed real estate agents must disclose if they’re related to their client. The logic, I assume, is that agents have a negotiating and knowledge edge over non-Realtor “civilians” — and therefore anyone closely aligned with them does, too. Definition Ahh , but that just begs the question: “what constitutes ‘related?’” Answer: one’s spouse, siblings, parents, grandparents, children, aunts, uncles, nieces and nephews. Can’t keep track of all that? Here’s a shorthand I heard at a continuing ed class the other week:  “If you can’t marry ’em . . . you’d better disclose that you’re related to them .” The line got a few “Eww’s!” . . . but mostly laughs. “Tiger Moms” (and Dads) — Real Estate Version As an agent, I’ve found that negotiating with a Realtor who’s related to their client can be more challenging. That’s because, instead of being dispassionate and objective, an agent who’s (too?) close to their client c...

Is it Halloween Yet? I’m a big fan of dramatically lit homes. And with the seasonal change, we’re heading into ever-shorter Fall days. And yet, the technique doesn’t work all the time — and can even backfire: especially for smaller homes, interior lighting at night can produce an (unhelpful) “Jack-o-Lantern effect.” The (kind of) scientific explanation? The ratio of (orange) interior lights to (white) exterior is lopsided in a small house with lots of windows, making it seem like a back-lit pumpkin. A back-lit pumpkin, of course, is the reverse combination, i.e., interior white and exterior orange (dyslexia helps with that one). See also , “ Great Idea for Fall Listings: “Virtual Twilight.” from RSSMix.com Mix ID 8230700 https://ift.tt/2PBfHiP via IFTTT

TWO Duties to Disclose:  Owner’s . . . and the Agent’s [ 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.] At least in Minnesota, it’s permissible for Sellers to tell Buyers nothing at all about the home they’re selling. Called a “waiver,” that’s an alternative to: a) completing the standard Minnesota Seller Disclosure; or b) hiring a qualified third-party** to do a home inspection (and yes , Sellers should expect Buyers to discount for buying “as is”). Pre-Closing Confessions But, Sellers opting to waive their disclosure need to be consistent. So, if the Seller isn’t telling Buyers anything  about the house, they don’t have an obligation to later report that something broke. Or flooded. Or leaked. Or was damaged in a storm. You get the idea . . . “You Don’t . . . But I Do” The catc...

Finding a real estate agent is not difficult, but finding a great real estate agent takes much more work. The difference between a mediocre agent and a great agent can mean thousands or tens of thousands of dollars to a buyer or seller. While it may not seem like real estate agents do much, real ... Read more The post How to Find a Great Real Estate Agent Who Is Investor Friendly appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/2WrN4WE via IFTTT

May people say that investing in REITs (real estate investment trusts) is a great way to invest in real estate. Investing in REITs is much easier than investing in real estate, and I have invested in REITs in the past. However, I do not think investing in an REIT is anything close to investing in ... Read more The post Are REITs a Good Way to Invest in Real Estate? appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/2Pw9kxb via IFTTT

RPR offers REALTORS® tools, data and reports that can help them “wow” their clients and close more deals. These “wow” moments are experienced by many REALTORS® and we’ve gathered up a few real life examples to share with you. from RSSMix.com Mix ID 8230700 https://ift.tt/2BHMc6q via IFTTT

The Great Wall of . . . Colorado(?!?) “That’s right: [The Trump Administration is] building a border wall in Colorado. Once they’re done with that, they’re building a naval base in Idaho.” –Stephen Colbert, “The Late Show With Stephen Colbert” (10/24/19). Believe it or not, only one of those things is farfetched. Wanna guess which one? During World War II, the U.S. Navy operated a training facility, “Farragut Naval Training Station,” on the south end of Lake Pend Oreille in — yup! — Idaho. The draw? The lake’s 1,150 foot depth, and remote location in northern Idaho (at its peak during the war, Farragut’s 55,000 population made it state’s largest “city”). from RSSMix.com Mix ID 8230700 https://ift.tt/2Nfmg7E via IFTTT

How Big a Premium for Higher Floors? If Eskimos supposedly have 38 words for snow, leave it to New Yorkers to coin the most and best words for anything relating to skyscrapers, views, and the like. Words like “view-break,” defined as: “The price-point at which views in a building clear the treetops or crest above the brick-and-mortar horizon of neighboring buildings.” —“The Stratospherians”; The NYT. “View-break” explains why there are actually two scales for determining the premium associated with increasing height in a building: One . An incremental scale for each successively higher floor in a building. Such an increment is typically considered to be 1% to 2% per floor. Two . Above or below the “view-break.” (In theory, I suppose it’s possible for a skyscraper in a thicket of other skyscrapers to have multiple “view-breaks.”) As opposed to the first premium, the premium associated with being above the view-break is very much not incremental. Price Bump . . . or Jump? What...

When One Size Definitely Doesn’t Fit All What makes a good closing gift for home buyers? Anything the client really wants (within limits). “Know Your Client” (Again) In that vein . . . it’s hard to top the Buyer’s agent who popped for a new dryer (or so I recently heard). Apparently, the agent found out that the Buyer’s dad was buying a washing machine for the newly purchased home, and the agent arranged to buy a matching dryer. P.S.:  to all my clients:  before you send me an indignant email asking me where your new dryer is, the home in question was $1.5M. from RSSMix.com Mix ID 8230700 https://ift.tt/2MHup5V via IFTTT

12th(!) Straight Year on the List I’m happy to report that the 2019 list of “Super Real Estate Agents” is out — and that I’m on it. For the twelfth year in a row! Jointly compiled by Mpls. St. Paul magazine, Twin Cities Business, and Crescendo Business Services, the annual list identifies the top 5% of Twin Cities real estate agents. Their selection process: “Tens of thousands of home buyers who have purchased a home for $250,000 or more are asked to name and evaluate agents they’ve worked with directly. From there, a panel of industry experts reviews each agent on the preliminary list. The agents who are ultimately selected represent the top 5 percent of Twin Cities real estate agents.” – Mpls. St. Paul magazine (Nov., 2019). The only thing I’d add is that, if you count all the agents who’ve made the list the last twelve years in a row, you’re no longer talking about the top 5% of all Twin Cities agents, but something like the top .50%. Which means that only about 50 Twin Ci...

Accounting for That Déjà Vu Feeling 1,200 Miles From Home If you’re a Minnesota Vikings fan walking around the French Quarter in New Orleans in the Fall (I visited with my daughter recently), it seems like you’re inexplicably surrounded by fellow Vikings fans. Lots and lots of Vikings fans. At least, that’s until you realize that the Louisiana State University (“LSU”) Tigers — located about 80 miles away in Baton Rouge — sport almost identical team colors. For the record, that’s the Vikings’ jersey above, and LSU’s at left (“Thielen” — as in Vikings’ receiver Adam Thielen — should have given it away). P.S.: LSU and the Vikings share one other thing: the Mississippi River runs through both Baton Rouge and the Twin Cities. from RSSMix.com Mix ID 8230700 https://ift.tt/2BuUz5l via IFTTT

Man Bites Dog — Real Estate Edition One of the odder anecdotes from a continuing ed class the other week was the hapless home seller who got sued not because their house was haunted — but because it wasn’t. Apparently, the Seller had disclosed in their Minnesota Seller’s Disclosure that the home had experienced “paranormal activity.” The Buyer bought relying on that. When the promised ghosts (ghouls? goblins? witches?) didn’t, umm . . . materialize, post-closing, they sued. I’ve got to believe the Buyer and Seller either settled — and for a (very) small amount — or the suit was tossed by the judge (see analysis, below). Too bad. Just imagine the TV audience — let alone the competition for gallery seats — for THAT one (“as its next witness, the plaintiff calls to the stand . . . “). “In Re Haunted House” — the Lawsuit I suppose the Buyer’s argument would be that they bought the house intending to use it as a (commercial) haunted house. Presumably, their damages would then be ...

When you get a loan on a house, most lenders will require an appraisal. An appraisal is a report that assigns a value to the home and tells the lender that the house is worth what you’re paying for it. If the appraisal comes in lower than the contract price or the appraiser requires repairs ... Read more The post What Is a Home Appraisal and How Much Does One Cost? appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 https://ift.tt/2pHsGEn via IFTTT

Sunday Open House < Vikings’ Game, or, Sunday Open House > Vikings’ Game He (or she) who ignores the first rule of Sunday open houses — “thou shalt not compete head-to-head with a Vikings game” — is likely to regret it. Or at least, have a sparsely attended open house, with only one of the decision makers present (the non-football watching one). Which is why savvy agents take care to check the Vikings’ schedule — today’s home game against the Eagles starts at noon — and plan their open house around the game. Role of Weather Good weather helps too, of course. It’s just that, in order to maximize the number of Buyers who see it, it’s important to schedule the open house by mid-week, when Sunday weather forecasts are still iffy. Given this weekend’s wet, snowy conditions, my guess is that turnout today is subpar. from RSSMix.com Mix ID 8230700 https://ift.tt/2M9JPj0 via IFTTT

“No, Really:  Bring . . the . . Cake!” Thanks to popular culture, some perfectly innocuous phrases have been ruined. To pick just one example, son #2 and I were bringing his birthday cake, ice cream, etc. to the party room where we were hosting his friends the other weekend. My hands were full, so I casually told him, “you take the cake” (I’m sure he had no idea that the phrase has another meaning). Example #2:  good luck telling a vendor who hasn’t received your payment that you already sent it (“the check’s in the mail . . . really!” ). P.S.:  One of my favorite Mad Magazine cartoons shows a food stand advertising every kind of burger known to man: ‘Buffalo burgers,’ ‘Chicken burgers,’ Turkey burgers,’ ‘Veggie burgers,’ and on and on. The caption: ‘we have some with ham, too, but we don’t know what to call them.’ See also , “ Synonyms for ‘the check’s in the mail “; “ Non-Traditional” vs. “Regular” Sales ; “ What’s the Past Tense of Sight See ?”;  “Landmar...

Test your knowledge of modern residential real estate practice, and answer the following multiple choice question: Q:  Who should the listing agent (representing the Seller) meet at the home? A. The appraiser working for the Buyer’s lender; B. The home inspector doing the city Truth-in-Sale-of-Housing (“TISH”) inspection; C. The photographer; D. The Buyer’s home inspector. Correct answer(s):  “A.” and “C.” Here are the explanations: A. Yes. Especially if the home sold in multiples above the asking price, it’s imperative that the listing agent support the sales price for the subsequent appraisal. The Realtor does  that by documenting the existence of multiples; explaining why Buyers found the “subject” home so attractive; and sharing any relevant details about nearby Comp’s, Pending’s, and Active’s. B. No. City inspectors do have some discretion, but in general their scope is limited and well-defined (Note: depending on whether the inspector is a city emp...

Three Steps — Then, in Reverse I don’t recall ever being confronted with 3(!) deadbolt locks before — the case at an Edina duplex I showed recently. Figuring out which one worked is just one of the challenges that Buyers’ agents face.** First, they need to pop open the lockbox that contains all those keys. Step #2: once they’ve opened the building’s outer door, figure out which key(s) open each of the units. Next, the agent needs to figure out how to get in the garage, if it’s detached (the case here). Finally, they need to perform steps #1 – #3 in reverse, to make sure the property is locked up afterwards. All the while chatting with their client. Can you say , “multi-task??” Of course, the very first step is getting to the right address, after navigating the various detours and road construction projects clogging Twin Cities roads now. P.S.: Fortunately, in this case the top deadbolt did the trick. **Good listing agents (representing the Seller) use the MLS...

Not Exactly a Non-Issue, But . . . [ 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 your knowledge, have any of the following previously existed or do they currently exist on the property? Check ‘Yes’ or ‘No’” (Note:  list includes asbestos, lead, mold, and animal/insect/pest infestation). –Minnesota Seller Disclosure; page 6, line 262. One of the most common Buyer questions that can arise after a first showing  — especially for older homes in Minneapolis and the first-ring suburbs — is whether the tiles in the basement contain asbestos. My sentiments on the subject: 1) for homes built between roughly between the 1920’s and 1960’s, the surprise would be if the basement tiles weren’t made of asbestos; and 2) that said, unless the owner has had the tiles tested, they’re legitimately allowed ...

Inbounds or Out? Test your real estate (and social) IQ, and see if you know which subjects are inbounds — and out-of-bounds — for home Buyers and Sellers to discuss at closing: A.  The home’s selling price. B.  Any walk-thru inspection issues. C. The Buyer’s plans to remodel — or raze(!) — the home post-closing. D. Who the Seller uses for lawn care, snow removal, etc. E. The ages and genders of the Buyer’s children. F. Historical information about the block, neighborhood, etc. G. Which replacement filters the forced air furnace uses. Here’s the answer key: A. BIG no-no. Whether the ultimate selling price is perceived to be high (Buyers), low (Sellers), or just right (no one, ever ), once the Buyer’s Inspection Contingency has been removed, it’s water under the bridge. Especially if the negotiations were protracted or contentious, revisiting price can only serve to re-open (not-so-old) wounds. B. Unh-unh . While walk-thru inspection issue...

Test your knowledge of modern residential real estate practice, and answer the following multiple choice question: Q:  Who should the listing agent (representing the Seller) meet at the home? A. The appraiser working for the Buyer’s lender; B. The home inspector doing the city Truth-in-Sale-of-Housing (“TISH”) inspection; C. The photographer; D. The Buyer’s home inspector. Correct answer(s):  “A.” and “C.” Here are the explanations: A. Yes. Especially if the home sold in multiples above the asking price, it’s imperative that the listing agent support the sales price for the subsequent appraisal. The Realtor does  that by documenting the existence of multiples; explaining why Buyers found the “subject” home so attractive; and sharing any relevant details about nearby Comp’s, Pending’s, and Active’s. B. No. City inspectors do have some discretion, but in general their scope is limited and well-defined (Note: depending on whether the inspector is a city emp...

Three Steps — Then, in Reverse I don’t recall ever being confronted with 3(!) deadbolt locks before — the case at an Edina duplex I showed recently. Figuring out which one worked is just one of the challenges that Buyers’ agents face.** First, they need to pop open the lockbox that contains all those keys. Step #2: once they’ve opened the building’s outer door, figure out which key(s) open each of the units. Next, the agent needs to figure out how to get in the garage, if it’s detached (the case here). Finally, they need to perform steps #1 – #3 in reverse, to make sure the property is locked up afterwards. All the while chatting with their client. Can you say , “multi-task??” Of course, the very first step is getting to the right address, after navigating the various detours and road construction projects clogging Twin Cities roads now. P.S.: Fortunately, in this case the top deadbolt did the trick. **Good listing agents (representing the Seller) use the MLS...

+70 Degree Drop in 24 Hours Even for winter-hardened Minnesotans, a 70° degree(!) change in temps — from 82° to 11° — in scarcely 24 hours would be whiplash-inducing. Yet, that’s exactly what Denver just experienced. Unfortunately, Minnesota (and especially the Dakotas) hardly catch a pass on the scary system: it’s headed this way . . . See also , “ Winter Humor: Minnesota vs. Miami (& Elsewhere) .” from RSSMix.com Mix ID 8230700 https://ift.tt/2B2Uo0N via IFTTT

The last row reads, “Ticket for Ross Kaplan.” [ Editor’s Note : The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] Against the instant (and unanimous) protestations from my immediate family, I will be at President (for now) Trump’s “MAGA” rally at Target Center in Downtown Minneapolis tonight. I have two motives: One . I want to witness the vibe at a Trump rally in person. Two . I want to see for myself — in “neutral, U.N. observer mode” — what the actual crowd size is (vs. what the Trump camp and fake news main stream media say it is the next day). Credible Witness, or, “1-for-1” I happened to be in Seattle in late August, and caught Elizabeth Warren’s rally at the Seattle Center. I texted my older son from the live event my guestimate that it “looked like about 15,000 people” . . . and that’s exactly the number that was sub...

Seasoned vs. Green Buyers; The Role of Pre-List Networking It’s accepted wisdom amongst veteran Realtors — which I happen to agree with — that “the first Buyer is (often) the best Buyer.” Why’s that? The explanation has to do with the nature of the pool of home Buyers at any given moment, plus Buyer behavior in a Seller’s market with too-little inventory (true of many housing markets nationally right now, including the Twin Cities). Jumping the Gun Think of it this way: when new listings come on the market, who knows about them first? Answer:  serious, “seasoned” Buyers represented by top agents at the biggest, most-connected Brokers. Such Buyers have already done their homework; are financially well-qualified; and both know the market and what they’re looking for. Thanks to modern technology, such Buyers learn in real-time when something meeting their criteria hits the market. They may even know a couple weeks in advance , if their agent is aggressively doing what’...

Waiting (and Waiting) For the “Perfect” Home** Every veteran Realtor at one point has them:  Buyers who are looking for a home — just, shall we say . . . very casually. Which is fine and good:  the only timetable that matters in real estate sales is the client’s. Plus, as I like to tell prospective Buyers and Sellers, I need closed sales next year (and the year after) just as much as I need them this year. How Motivated? Where problems result is if the Buyer and their agent are on different burners er , pages. Here are the four scenarios: One . “Front Burner” search for both Buyer and their agent:  the simplest, most common scenario. The Buyer is motivated; knows the relevant slice of the housing market they’re interested in; and is ready, willing, and able to write a credible offer if something that meets their (realistic) criteria becomes available. Meanwhile, their Realtor has multiple, saved searches reflecting the Buyer’s criteria; is activ...

Doesn’t “FD” Stand for “Fire Department?” “Things should be made as simple as possible — but not simpler.” –Albert Einstein I’m all for making things simpler when it comes to real estate terminology. But, there comes a point where it . . . becomes kind of silly. Exhibit A:  showing instructions that refer to the front door — as in, the location of the lockbox — as “FD.” No , Realtors don’t commonly abbreviate “Front Door” with “FD.” Here’s a key to the other, genuine real estate abbreviations: “FSF”:  finished square feet. “FSZ”:  foundation size. “FR”: family room. “FP”:  fireplace. P.S.:  Why did the names of some Presidents (FDR, LBJ, JFK) get abbreviated, but not others (Harry Truman, Jimmy Carter, Bill Clinton)? It was based purely on length — specifically, newspaper editors’ need to fit the President’s name in a headline. In real estate, the limiting factor is the length of each field on MLS. from RSSMix.com Mix ID 8230700 https://ift.tt/...

Quick!  Guess where neighbors are likelier to have boundary disputes, typically involving the location of a fence? In the high-density city, where homes are close(r) to together, or in the relatively wide-open ‘burbs? Wrong :  it’s the ‘burbs. At least, that’s according to two different fence contractors I worked with recently, both of whom said that — while disputes are uncommon — they’re more likely to occur where space is relatively abundant, not scarce. Two Theories What could account for that? My hunch:  self-selection. People who are more comfortable in the denser city have a more relaxed attitude about such things. Meanwhile, people who gravitate to the ‘burbs value their space — and define it more exactingly. Theory #2:  it’s easier to get the boundaries wrong on an irregular-shaped .45 acre than on a 40′ x 120’ city lot (less than one-quarter the size). from RSSMix.com Mix ID 8230700 https://ift.tt/2VTcmg9 via IFTTT

When it comes to the best time of year to wash a home’s windows in the Upper Midwest, there seem to be (at least) two schools of thought: School #1 : Spring-Summer is best (the most popular view). That’s because that’s when there is the most daylight — over 15 1/2 hours locally on June 21 — and sparkling clean windows are most noticeable. Which of course leads to the exact opposite argument . . . School #2 : late Fall/Winter is best. The rationale? You’ll appreciate clean windows the most precisely when natural light is in scarcest supply (personally, I’m in that camp). Which leaves alternative #3, also popular with ever-pragmatic Minnesotans: clean your home’s windows . . . when they’re dirty. P.S.: the Kaplan household strategy? I pay a professional to do the upper level, outside windows. Then, I conscript able-bodied family members to do the rest. See also , “ The Easiest Way to Lighten a Home in Minnesota (at least 6 months a year, anyway) “; “ Winter Humor: Minnesota v...

Sunday Open House < Vikings’ Game, or, Sunday Open House > Vikings’ Game He (or she) who ignores the first rule of Sunday open houses — “thou shalt not compete head-to-head with a Vikings game” — is likely to regret it. Or at least, have a sparsely attended open house, with only one of the decision makers present (the non-football watching one). Which is why savvy agents take care to check the Vikings’ schedule — today’s home game against the Eagles starts at noon — and plan their open house around the game. Role of Weather Good weather helps too, of course. It’s just that, in order to maximize the number of Buyers who see it, it’s important to schedule the open house by mid-week, when Sunday weather forecasts are still iffy. Given this weekend’s wet, snowy conditions, my guess is that turnout today is subpar. from RSSMix.com Mix ID 8230700 https://ift.tt/2M9JPj0 via IFTTT

“Animal/Insect/Pest Infestation? Check ‘Yes’ or ‘No’” [ 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.] Do a cursory search online for “animal control,” “bat removal,” or similar, and you’ll find at least a dozen Twin Cities contractors advertising their services. Meanwhile, something like 40,000+ Twin Cities homes sell each year. Even if bats inhabit less than 1% of Twin Cities homes, there should be at least a couple hundred area “For Sale” homes that have had them. And yet, I’ve never once seen a prospective home seller disclose that. And that includes “For Sale” homes where inspections done by my buying clients have found bat droppings in the attic or crawl space under the roof rafters. Two Explanations What’s going on? Two things: One . The threshold for disclosure on the Minnesota Seller’s Disclosure...

” . . . and Your Dog’s Ugly!” I recently heard about an agent who shows up at every listing presentation — essentially, a job interview for Realtors — with a conspicuous “Sold” sign that they leave in plain view of the prospective Seller. Apparently, the agent thinks it projects confidence, “go-getter” hustle, etc.** However, it backfired with an elderly Seller when the sign slipped just a little too deeply into the agent’s briefcase. I guess that would make it a “malaprop” (sorry, I couldn’t resist). P.S.: I took the liberty of reenacting the goof — that’s actually my briefcase in the two photos. **I think the tactic could just as easily be construed as off-puttingly presumptuous — which is why I don’t do it. See also , “ Realtor Gaffes & Bloopers “; “ Stealth Realtor Job Skill: Interviewing Well “; “How’s THAT For Seller Candor ”; “ The Listing Agent-Cum-Investigative Reporter “; “ Realtors, Standup Comedy, and Listing Presentations “; and “ Sensitive Listing Presentation...

Silicon Valley vs. Twin Cities Housing Prices Yeah, Yeah , California has mountains, the ocean, and a (too-nice?**) sunny, mild climate. But, it’s also got a ton of people, earthquakes, sky-high gas prices, and even crazier housing prices — at least in the heart of Silicon Valley (note: I visited my college sophomore son there recently). (Unaffordable) Housing Exhibit A for obscenely high housing prices: the 2 BR/2 Bath home in Palo Alto (pictured at top) that’s listed for $2.488 million. For that kind of dough, you could buy the palatial Minnetonka estate shown at left — and have almost $200k(!) left over. Yup: it’s listed for “only” $2.3 million. Go figure . . . literally.  **One of my favorites quotes — undoubtedly uttered by a Midwesterner — is, “Everyone should live in California, but leave before they get soft.  And everyone should live in Manhattan, but leave before they get hard.” from RSSMix.com Mix ID 8230700 https://ift.tt/35gGWnT via IFTTT

“No, Really:  Bring . . the . . Cake!” Thanks to popular culture, some perfectly innocuous phrases have been ruined. To pick just one example, son #2 and I were bringing his birthday cake, ice cream, etc. to the party room where we were hosting his friends the other weekend. My hands were full, so I casually told him, “you take the cake” (I’m sure he had no idea that the phrase has another meaning). Example #2:  good luck telling a vendor who hasn’t received your payment that you already sent it (“the check’s in the mail . . . really!” ). P.S.:  One of my favorite Mad Magazine cartoons shows a food stand advertising every kind of burger known to man: ‘Buffalo burgers,’ ‘Chicken burgers,’ Turkey burgers,’ ‘Veggie burgers,’ and on and on. The caption: ‘we have some with ham, too, but we don’t know what to call them.’ See also , “ Synonyms for ‘the check’s in the mail “; “ Non-Traditional” vs. “Regular” Sales ; “ What’s the Past Tense of Sight See ?”;  “Landmar...

Test your knowledge of modern residential real estate practice, and answer the following multiple choice question: Q:  Who should the listing agent (representing the Seller) meet at the home? A. The appraiser working for the Buyer’s lender; B. The home inspector doing the city Truth-in-Sale-of-Housing (“TISH”) inspection; C. The photographer; D. The Buyer’s home inspector. Correct answer(s):  “A.” and “C.” Here are the explanations: A. Yes. Especially if the home sold in multiples above the asking price, it’s imperative that the listing agent support the sales price for the subsequent appraisal. The Realtor does  that by documenting the existence of multiples; explaining why Buyers found the “subject” home so attractive; and sharing any relevant details about nearby Comp’s, Pending’s, and Active’s. B. No. City inspectors do have some discretion, but in general their scope is limited and well-defined (Note: depending on whether the inspector is a city emp...