The owner of this magnificent 15-year-old English Gothic Revival estate home in Malvern has spent the last four years trying to find a buyer for it.
Now that owner has decided it’s time to get the whole thing over with.
That means that sometime after 4 p.m. on July 31st, you could walk away with a beautiful traditional home filled with all the modern conveniences if you play your cards right. And if you play them right before the bidding starts, you could even get a break on the price.
Listing agent Lisa Yakulis of Kurfiss Sotheby’s International Realty, working on the owner’s behalf, has teamed up with Concierge Auctions to sell this home at a public online auction.
To participate, all you need to do is prove you have the cash to close the transaction within 60 days of conclusion and a $100,000 deposit, refundable if you don’t win.
And you don’t have to go to an auction house to participate. Instead, you just download your paddle to your smartphone.
“We have an app,” says project sales manager Christian French. “It’s a great visual aid, as it includes a web browser, and there’s a tap-to-bid feature on the app.” For those who’d rather raise their voices, French says, “on the day of the auction, everyone gets a teleconference line so they can call in and bid verbally.”
If they’re smart, the bidders will submit their target prices before the bidding begins, for the buyer has built an incentive into the auction. The registration form includes a space where bidders can submit an opening bid. Should that bid win the auction, the bidder will get a discount of 12 percent of the amount of the bid. That’s equal to the buyer’s premium the winning bidder is required to pay. (The buyer’s premium covers auction costs and brokers’ commissions.)
(If the winning bid is higher than the one the winner originally submitted, the discount is based on the amount of the opening bid.)
“So if you see value up to a certain number, put that number down on your registration, for you will be leaving money on the table if you don’t,” French says.
Take a look at the photos below to get an idea of the value you might be getting. Let’s just say that the materials, finishes and fixtures in this home are all first-class and that this luxurious home sparkles like new.
French explains that this process offers several advantages for the seller. One is broader exposure: “We will pull buyers from all over the world.” Another is a definite end to the sale process: “The seller knows that on the 31st of this month, this home will sell.”
If you live in this area, you can check out this home in person any day between now and the 31st. French and Yakulis hold daily open houses and have been reaching out to other top agents in the area to market the home. “This is the period for buyers to do due diligence and figure out what their top bid will be,” French says. “Everyone’s competitive juices will be flowing, and people will either go off their opening bid or bid fresh.”
The seller offers documents on the auction listing site to assist with that due diligence.
Even though this is a “no reserve” auction, which means there’s no minimum opening bid, don’t expect to get this home for a song. It was most recently listed for $2.14 million, and it should sell for somewhere around that amount when the bidding ends.
THE FINE PRINT
BATHS: 6 full, 4 half
SQUARE FEET: 8,000
SALE PRICE: See above
OTHER STUFF: The home is situated on an 18.8-acre lot. The house is being sold as is, where is, and as noted above, the winning buyer must be able to close the sale with cash within 60 days of the auction.
2137 Union Hill Rd., Malvern, Pa. 19355
2137 Union Hill Rd., Malvern, Pa. 19355 [Lisa Yakulis | Kurfiss Sotheby’s International Realty via Concierge Auctions]