Where: 41xx Pillsbury Ave. South, in Minneapolis’ Kingfield neighborhood
What: 3BR/1BA, two-story built in 1910. Condition: rough
How much: asking $155k
When: originally on market Aug, ’08
Most homes, when they don’t sell, eventually drop their price.
Not this one.
After coming on the market exactly one year(!) ago at $150k, the Seller raised their price this June, to $155k.
Why?
It’s a short sale, unless the owner gets $155k.
Yup, after almost a year on the market, the asking price went up, presumably because the owner’s mortgage balance did, too.
Which captures at least one of the problems with short sales in a nutshell:
Too often, the asking price has nothing to do with fair market value, and everything to do with what the Seller owes the bank(s).
You'd really think that the bank would have done their due dillegence before allowing the short sale to be listed. Why go through all the hassle when the price isn't realistic to begin with?
**SIGH**
Buyers must do thorough research on some info about short sale for lenders may not disclose all necessary details. There maybe some delay on the approval process due to the condition of the documents.