Minnehaha Falls Deal
Where: 45xx 47th South (just north of Minnehaha Falls in Minneapolis)
How much: list price: $224,800; tax assessed value: $379,500
What: 3 BR/2BA 1948 two-story with 2,150 FSF
Who: listed by Almost Free Realty
When: came on market 10/22/09
No matter how cheap the asking price, it’s not necessarily available at that price if it’s a short sale.
That’s because the bank(s) that hold the mortgage are in the driver’s seat: unless they agree to accept less than what they’re owed, there’s no deal. Then, the home progresses to foreclosure.
Which is in fact what happens something like 75% of the time with short sales.
So, what’s eye-catching about the home pictured above is an asking price more than 40% below tax assessed value — plus the fact that it’s not a foreclosure or short sale (loudly trumpeted on MLS).