Always on the lookout for opportunity, I spotted a beautiful home coming to the auction block on July 27, 2010. Grand Estates is selling this home at an “ Absolute Auction” with “No Minimum or Reserve – Regardless of Price”; that is, free and clear of all liens. Basically, you can name your own price to get this home. If you think you are interested in bidding on this home, below are a few things you need to know/do.
- Schedule an appointment to look at the home during the preview period which starts July 23rd.
- Review the extensive Property Purchase Package™ (PPP™) booklet that has been prepared to assist the buyers in evaluating and bidding on this property. The PPP™ is available for $75.
- Register for the auction. To register to bid, one must submit a $50k certified check made payable to the bidder or personal check along with bank letter of guarantee.
- 10% down payment will be due immediately after being declared the buyer. (The registration fee is applied against the ten percent down payment)
- The balance is due in cash at closing within 30 days
- A “Buyer’s Premium” is added to your bid. How much? 7.5% will be added to the winning bid price. So basically, in this case, the BUYER and not the seller is paying the real estate commission, marketing costs, etc. in this transaction. The auction house is kind enough to offer a cooperating commission of 3%. Of course, if you work with us on the purchase we would rebate you over $25K from our commission!
More about the house…..
Built in 2003 and originally listed on the MLS in 2007 at $3.85mm, this Orren Pickell designed and built home offers a breathtaking mixture of imported stone,wrought-iron works and one-of-a kind architectural detailing. Six bedroom suites, great room, media room, family workshop, dual utility rooms and wine cellar are coupled with state-of-the-art media and electrical components. Despite all that it brags, the home sat on the market for over four years.
- 6 Bedrooms
- 7 full and 2 half Bathrooms
- Heated Freeform Pool with Waterfall Spa
- Gourmet Kitchen with Viking & Sub-Zero Appliances
- SmartHome System w/8 Programmable LCD - Displays Control: Lighting, HVAC, Security, Audio/Video, Pool/Spa
- Home Theater
- Wine Cellar w/ Tasting Area
- Gameroom w/ Kitchenette
- Home Gym
- Oversized, Heated 3.5 Car Garage
The most expensive listing on the MLS in the town of Riverside is a $1.35mm - 13 room home with 5 bedrooms and 4.5 baths. The most expensive sale in Riverside is 1.725mm in September of 2006 and that home has 11 rooms with 5 bedrooms and 4.5 baths.
It will be interesting to see how much this home fetches. My guess is that someone will be happy to snap it up at $1.5mm. Before jumping in to purchase, be aware that the current tax bill is $56k per year.