Corporate vs. Individual Homeowner
Owner: National Residential Nominee Services Inc, 7500 Dallas Pkwy Ste 100, Plano , TX
Taxpayer: National Residential Nominee Services Inc, 7500 Dallas Pkwy Ste 100, Plano , TX
–Property tax statement, Hennepin County
One of the first questions I try to answer when checking out a listing is, “who owns it?”
A close second: ‘when did they buy it — and for how much?”
So, in the case of this Sunset Gables home (pictured above) just southwest of Minneapolis’ Cedar Lake, the county tax records indicate that an outfit called “National Residential Nominee Services” purchased the home in July.
Buyout “Loss Leader”
What’s going on?
The owner was relocated, and when the home didn’t sell after three months on the market this Spring, the relocation company bought it from them.
Why does that matter?
Relocation companies are usually motivated sellers.
Equally important: they have deep enough pockets that they can take a loss — the case here, because the current listing price is already almost $50k below what they paid the relocating homeowner (called the “buyout price”).