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Community Corner

Sold: One Property Changed Hands in the Mendota Area

Sometimes, a lowball offer works.

Sometimes, a buyer simply has to take a chance and lowball an offer. Usually,  a home of any type – single family, town home or condo – will sell for anywhere from 12 percent below list to above the list in multiple offer situations. Exceptions are bank owned, short sales and fixer-upper properties.

This week’s one closing in the Mendota area sold for more than $50,000 below the original list price, almost 30 percent below the asking price. This was a traditional sale of a large condo in an association with a lot of amenities.

It could be that when someone saw it had been on the market for 311 days, one buyer took a chance and made an outrageous offer. There is a risk, though. A low ball offer may insult the seller who will then refuse to ever negociate or even look at another offer from a lowball buyer.

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1.) 1830 Eagle Ridge Dr. #1008, Mendota Heights

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Listed by: Edina Realty

Low rise condo

Two bedroom, two baths

Days on Market: 311

Closed: June 1, 2011

Original List Price: $179,900

List Price at Time of Offer: $174,900

Sold Price: $128,175

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