Losing $100k(?) to Save $21k
Rule #1 in real estate is that everything’s negotiable.
Rule #2: there are times when it’s best to forget Rule #1, and preemptively take care of an issue before it threatens to torpedo a deal.
That would certainly have been true in the case of a certain upper bracket Wayzata home seller recently, who reportedly negotiated for the Buyer to assume a $21k pending city assessment . . . but only after accepting a $100k discount from their asking price.
While that discount included some other items, it’s safe to say that getting the Buyer to assume the home’s $21k assessment — technically, the Seller assigned it to them — cost the Seller at least 2x – 3x that.
Can you say, “penny wise, pound foolish?”
See also, “Pending” vs. “Assessed” vs. “Payable” vs. “Levied” . . . Huh?!?” ; “Hail From Sunny Skies, Assessments From Thin Air(?)”; “Real Estate’s OTHER Acceleration Clause” ; and “Seller Disclosure — and Lack Thereof.”
