Robert Guthridge's Blog

I have been in the real estate business for many years. I have flipped houses, wholesale properties, been an agent, own my own brokerage, and I have bought single-family rentals, multifamily rentals, college rentals, and even commercial rentals. After almost 20 years in the real estate business, I can tell you that rentals have been ... Read more from RSSMix.com Mix ID 8230700 https://ift.tt/3e33Vrz via IFTTT

Man Bites Dog — Real Estate Edition One of the odder Halloween anecdotes I’ve heard about 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 lost revenue. ...

Life is Inspections are like a box of chocolates. You never know what you’re gonna get.” –Forest Gump (paraphrased). [ Note to Readers : 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.] Why should a Buyer waste $300 or $400 inspecting a condo that doesn’t have a foundation, roof, or other structural elements? Why not just apply roughly the same amount towards a home warranty, that will protect the Buyer in the event that something breaks? Two reasons: 1) home warranties exclude preexisting conditions; and 2) to mangle  paraphrase Forest Gump, you never know what an inspection is going to turn up, even in a condo that is updated and appears to be in pristine condition. Limits of Seller Disclosure So, I’ve seen condo inspections uncover stealth issues relating to windows, plumbing, or other condo features that no one suspec...

Getting (and Wanting) What You Pay For You’d certainly think that $300 a month for Association dues is a better deal than $500, assuming two near-identical units. But, the truth is, the higher fee could be a (much) better value. How so? If it covers a long list of services and building amenities that the cheaper monthly fee doesn’t. How Many Amenities Things like an in-door pool; state-of-the art exercise room; on-site building management and staff; multiple party rooms; rental guest rooms; monthly cable TV, etc. That’s in addition to “the basics”: lawn care and snow removal (at least, in the ‘burbs), and any common area and exterior maintenance. When it comes to Buyers scrutinizing monthly association fees, then, the trick is: 1) making sure the monthly fee is within their budget; 2) determining what the fee includes, and making sure that it reflects good value**; and 3) honestly assessing whether they want and will use all the things they’re paying for. **I’ve had more than...

RPR and Realty Executives have teamed up to provide their agents with a new learning experience titled the “Realty Executives Property Expert” training series. from RSSMix.com Mix ID 8230700 https://ift.tt/3mbTmFn via IFTTT

Other Candidates: Nevada, Wyoming, New Hampshire, Maine, Alaska, South Dakota Reader #1 : “Montana is beautiful. But it’s too red-state for me.” Reader #2 : “Travel out to Missoula and other populated parts of Montana and you’ll see they are generally educated and liberal leaning like anywhere else in the country.” Reader #3 : “Missoula is a blue dot in a red state. And, not totally blue.” Reader #2 : “Nothing is totally blue. All I’m saying is that 100,000 people, or 50,000 households of two persons each can flip the entire state blue given the low population of the state.” –“New homes on the range: Weary city dwellers escape to Montana, creating a property gold rush”; The Washington Post (10/20/2020). The surprise about the conversation above — in the “Comments” section following the Post article — is that Reader #2’s demographic insight doesn’t just apply to to sparsely-populated states like Montana. Adding 100,000 “blue” voters could easily tip a slew of U.S. state...

October 20, 2020: Twin Cities Forecast to Get Up to 7″ Snow Usually in Minnesota in October, an exterior photo showing a home covered in snow would be a sure giveaway of a (very) stale listing (most likely from last Winter). Not today. The Twin Cities is expecting up to 7″(!) of snow, with several inches on the ground already (at least, temporarily). While that’s quite early and very unlikely to last, it’s hardly unprecedented: locals will recall the 1991 Halloween Blizzard, which dumped an astounding 28″ over 3 days. I certainly remember: I was living in Minneapolis’ Bryn Mawr neighborhood (just west of downtown) at the time. No sooner (if that’s the word) than my block finally got plowed out almost a week later, another 16″ snow buried us anew — and was the last we saw of our lawns until the following April . . . See also , “ Out-of-Season Photos on MLS” ; “ Unseasonal Photos on MLS” ; “Realtor Buying & Selling Tricks “; “ Broken Clocks and Stale MLS Photos “; and “ Sudd...