“Sold, Subject to Inspection”

I don’t do it that often, but today I showed clients a home that already sold.

With their knowledge and consent.

Why waste time showing a home that’s already spoken for?

Because this particular home — in East Edina and listed at $300k — sold in multiple offers after all of two days of market time.

“Pending” vs. “Sold”

Normally, only homes that have sold and actually closed establish prevailing prices, because the actual sales price isn’t known until closing.

However, when an affordable Edina home in good condition sells in multiples right away, it’s a pretty safe assumption that the Seller got their asking price (if not higher).

Because my client is looking for a similar home, they wanted to see what they can expect to pay (in truth, the next home similar to this one to come on the market is likely to sell for more, because the runners-up Buyers are likely to compete for it).

*Whether or not a home that’s under contract can still be shown is governed by the Inspection Contingency Addendum.

It’s quite common for the Seller to have that right until the Buyer has removed their Inspection Contingency.

In practice, however, other prospective Buyers typically decline to see a home once it’s flagged on MLS as “Sold, subject to inspection.”

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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