Hot Property

“Home needs some cleaning, painting and small repairs.  Nice neighborhood and backyard.”

–Agent Remarks; MLS

Does a “For Sale” home’s condition matter?

The short answer:  yes — but price matters even more.

Exhbit A

Witness this 3 Bedroom/2 Bath Bloomington rambler, listed last week for $130,000.

That compares with a 2011 tax assessed value of $205,700.

The home had 41(!) showings in only six days of market time — and the owner is weighing multiple offers now (note:  the average Twin Cities home sells after 3-4 months and approximately 15 showings). 

Bank Veto

That Buyer frenzy was even though the home is a short sale, i.e., once the Seller and Buyer agree to terms, the deal will happen only if the bank(s) holding the mortgage(s) agree to take a haircut.

Edna Herlitz and Alexander Bauer, in Edina Realty’s City Lakes office, are representing the Seller.

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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