How Much Did That Minneapolis Duplex Sell For?

There are several questions I get asked repeatedly in my job. One of the most common is, “What did it sell for?”

I usually hear this when a client was interested in and missed out on a property that just went from “Active” status on the MLS to “Pending”.

The trouble is, I can’t answer this question. At least not right away.

When a property owner has accepted an offer, there is a gap between his or her signing the document and the sale closing. Unless the buyer is purchasing with cash or a contract-for-deed, it usually takes 30 to 60 days for the a loan to be readied in order for the property to change hands.

In this waiting period (which is called “escrow” in states like California), there is still a possibility that the sale may not come together. The buyer may be unable to obtain financing, suddenly receive notice of a job transfer…while not necessarily common, things do happen.

Were either the buyer or seller’s agent to share what the final negotiated sales price was during this time, and the transaction not close, the seller’s position in the marketplace could be seriously compromised.

How so?

Well, it would be public knowledge what the seller “would take” for the property. If he then needed to put his duplex back on the market, he would not be able to do so at a price higher than the one he had just agreed to; at least not without looking greedy.

I can eventually tell you what that duplex sold for…just as soon as the keys change hands.