Estate Sale

Business Challenge

This single family home located in a North Shore Chicago suburb was built by its only owner in 1972. Set on a nearly one acre lot, it is surrounded by much larger, newer construction homes. After the owner passed away, his three adult children (two of whom lived in other states) wanted to sell the home quickly and minimize the hassle for the one sibling who lived nearby. They also wanted to determine the highest price the market would bear for an older home they believed most buyers would deem in need of extensive renovation.

Solution

The AW team recommended an online auction of the property with a suggested opening bid of $295,000 (a little less than the estimated land value of the home’s lot). The client concurred and the AW team extensively marketed the home to local brokers and developers.

Results

In a pre-auction bidding war that included 9 buyers, the AW team ultimately sold the home to a cash buyer who intended to renovate the home and flip it. Through this competitive bidding process, the AW team was able to sell the home in less than 30 days, minimize the hassle for the sibling who lived nearby, and achieve a sale price of $525,000 ($25,000 over the unpublished reserve price).