PRO-TIP for Multiple Offers

If you are a buyer and you are in a multiple offer situation, ask your agent to ask the listing agent if any of the multiple offers are the listing agents. If the answer is yes, you will also want to know if the listing agent and the seller have possibly agreed to a “Variable Rate" commission, that should be disclosed in the RMLS.

A variable rate commission arrangement between the listing agent and the seller can put your offer at a disadvantage because the commission paid to the listing agent may be less than paid to a selling agent therefore even if your offer is for more money, it may not be enough to offset the difference in commission paid to the listing agent.

Learn more at Section 6.2 of this link - https://static1.squarespace.com/static/56c4eea9d51cd483819dae7b/t/56cbe5c4d51cd4c47520bade/1456203204779/Rules-and-Regs-10-15.pdf   

How much do you think you need to make in order to afford a median-priced home in our area? You may be surprised.

https://www.bizjournals.com/twincities/news/2017/12/04/what-salary-do-you-need-to-afford-an-average-home.html

Potential Home Buyers Taking Photos and or Videos of Your Home!

Did you know it has been common for potential home buyers to take photos and or videos of homes they are looking at?

I did not because only a very few buyers of mine over the years who wanted too I would not allow because I did not think it was ethical without the listing agent’s permission!

Now, as of 8/1/2017 there is new language in the listing contract that gives the potential buyers (and others who have authorized access) permission to take photos and videos unless the sellers do not agree then this language can be deleted. If a seller does not allow for photos and or videos to be taken by potential buyers, this must be conveyed to all agents showing the property. Keep this in mind when you are considering listing your home for sale.

There has also been a trend of sellers recording showings and open houses, often with hidden cameras. While it may be legal to videotape what is happening in one’s home, there is a Minnesota law that makes it a crime to intercept a conversation without the permission of at least one party to the conversation. The revised listing contract contains new language that warns the seller about this law.

Minneapolis "Truth in Sale of Housing" Report

Do you know for a Minneapolis “Truth in Sale of Housing” report to be valid this box on page 1 must be filled out and signed by the property owner or the representative of the owner!

 Read more here - http://www.ci.minneapolis.mn.us/ccs/TISH/index.htm

And here - https://www.municode.com/library/mn/minneapolis/codes/code_of_ordinances?nodeId=COOR_TIT12HO_CH248TRSAHO&searchText=