Blast From the Past**
[Note to Readers: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.]
So . . . exactly how do you get multiple offers for a home in today’s housing market?
Just follow these three, easy steps:
One. Acquire title to a property with a tax assessed value of $500k, in a hot, high-demand neighborhood.
Two. List it for $350k.
Three. Wait.
At least, that’s the formula followed by the owner of 4624 W. 28th Street in Fern Hill’s St. Louis Park neighborhood (pictured above).
$150k Below Tax Assessed Value
The only wrinkle in this case was step #1: the bank-owner got title by foreclosing on the previous owner, who presumably stopped making payments on their mortgage.
According to MLS, the deadline for offers was noon today . . .
**Back in the 2009-2012 heyday of foreclosures, banks would routinely price foreclosed homes 25% to 50% below their fair market value, to foment the predictable feeding frenzy — and attract a slew of offers WAY above asking price.
To know for sure whether that’s going on here, you’d have to know the home’s condition (I don’t).
See also, “Did the Home Seller Get a Good Price? The Absolutely, Positively Single Best Way to Tell.”
