Bloomington Rambler Gets 56(!) Offers, Sells for 25% Over Asking Price

If you’ve never been in multiple offers, here’s a quick shorthand: 2-3 is stressful; 6-8 is a three-ring circus; and more than a dozen is a proverbial zoo.

So, I literally don’t know what to call what just happened at 800 E. 86th Street, where the listing agent informed prospective Buyers that he’d received 56(!) offers earlier this month.

Educated Guesses

With so much competition, you’d guess that the winning offer was: a) well over the $175k list price; b) had little or no financing risk, either because it was a cash offer, or the Buyer assumed any appraisal risk; c) could close fast — desirable for the Seller because the home was vacant (the tipoff: the listing used the code words, “Quick closing possible”); and d) the Buyer limited their home inspection — or waived it altogether.

How many of the above boxes did the winning offer tick?

All of ’em — practically, if not technically.

Winner Terms

The Buyer paid $218k, and closed yesterday (March 10); you know it was cash because a mortgage takes at least 10-12 days to go through underwriting.

And while I don’t know whether the winning offer included an Inspection Contingency, prospective Buyers were required to sign an “As Is” Addendum — effectively agreeing not to renegotiate any terms based on the property’s condition.

P.S.: Thanks to Edina Realty-City Lakes’ Eric Schiller for the “heads up” on this home.

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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