Resource Library

What is the purpose of this disclosure? In general, this is meant to provide details about a property’s condition that might affect its value. Sellers who willfully conceal information can be sued for non-disclosure if a buyer believes that a seller withheld information they should have shared with the buyer.

Examples of when a seller might use TNAS? - Homeowner or someone in the household is sick and can't have showings for a period of time

- New flooring is being installed, interior is being painted, etc and showings are on hold while the work is being completed.

- Sellers don't want showings over the holidays, while having overnight guests, in the dead of winter, etc

This type of disclosure is required by *some* cities in Minnesota and there are variations to what this report or disclosure is called. If you’re thinking about selling, your realtor will help you learn if the TISH is required.

Is a Pre-approval the same as a Pre-Qualification? No. A pre-qualification is an ESTIMATE. For a pre-qualification, there is no verification of your finances and no guarantee that the pre-approval is accurate. It's for that reason, that you are not able to begin making offers on homes with a pre-qualification.

How does the MLS compare to other home search sites? It's actually quite the same. In fact, sites like Zillow, Trulia, and Realtor.com all pull their data from the MLS. The benefit of having direct access to the MLS via your realtor is that you will always have the most up to date and accurate information for your search.

It is important to pay attention to rates because it directly affects your buying power. If you are under contract to purchase a home, make sure to speak to your lender about locking your rate because your rate is not guaranteed until it is locked. The last thing you want is to do the work to win an agreed purchase and then lose it because of a change in interest that suddenly disqualifies you.

Take note! Not all HOAs are created equal. Different fees cover different things so while the title is the same, the comparisons won’t be apples to apples. Make sure to take your time to review association documents and coverage.

Do all sellers do this? No! Although it's common, there is no rule saying that the seller has to give everyone a chance to make an offer. If they want to accept the first offer they receive, it's up to them. That's why you should talk to your agent about the best strategy for making offers with each house because the best option is not always the same.

How does this play into negotiations? Generally, most lenders require at least $1,000 in earnest money but this is an area where buyers can use this as a negotiation tool without affecting their total spend. More EM shows a seller that a buyer is serious because if the buyer BREAKS their contract, the seller keeps it as damages. However, if a buyer offers 20k in earnest money and would have owed 15k at closing, they would recieve a check for 5k on closing day.

Here’s a quick appurtenance test. If you were to take the house, flip it on its head and shake it a little, would the thing come off? If yes, it is not an appurtenance and is not included unless expressly stated otherwise.

Appraisals are an opinion of value. What’s the difference between an appraisal and a CMA? The main difference is who is putting the report together. Both of these are price opinions. A CMA (current market analysis) is conducted by a real estate agent. An appraisal is carried out by a licensed appraiser on behalf of the bank.

Generally, you will see that having conversations about appraisal gaps is more common when we are in a market where home values are quickly increasing. This causes competition with multiple offers above asking price and those offers aren’t always easy to support using past market information.

Seller paid closing costs are most commonly found in markets that are not highly competitive. In hot markets, sellers don’t have as much need to negotiate but in less competitive markets, buyers have more leverage to negotiate seller paid closing costs.