Glenview Foreclosure Sparks a Bidding War

List Price: $990,000
Sale Price: $1,355,000
The Property: In another sign that homebuyers may be turning their attention to the bargains available on the foreclosure market, the bank that had control of this 16-room Glenview house received seven offers…

List Price: $990,000
Sale Price: $1,355,000
The Property: In another sign that homebuyers may be turning their attention to the bargains available on the foreclosure market, the bank that had control of this 16-room Glenview house received seven offers on the place after it had been up for sale for only 72 hours. In the end, it was sold for $365,000 more than its $990,000 asking price, a 36-percent increase.

Naomi Campbell, the Coldwell Banker agent who represented the house, says that she had 72 showings of the property in the first day and a half it was on the market. “We could have sold it then, but the bank requires its foreclosures to be on the market for 72 hours,” she says. While she would not identify the bank, documents from the Cook County Recorder of Deeds show that Chase took title to the house in February after a two-year foreclosure process against the builder, who had bought the lot—and the house that this one replaced—in 2005 for $650,000.

Campbell, who has been specializing in foreclosures, short sales, and other distressed properties, touts her ability to “sell a home as fast as a cheetah” But even she was surprised by the quickness of this transaction. “This is my prized sale,” Campbell says. “The bidding war had you on the edge of your seat.” One of her own buyers was leading the pack until just 20 minutes before the bank’s deadline, she says. That’s when another buyer came in with $1,335,000 in cash. (Five of the six other offers were all-cash as well.) “Everybody is ecstatic about this,” she said. “I am, the bank is, the buyers are.”

While the house is large and has lots of custom finishes, it was missing many components by the time it hit the market as a foreclosure. They included kitchen appliances, bathtubs and sinks, cabinetry in the basement, a chandelier, and many doorknobs and light fixtures, Campbell says. Appraisers estimated that the buyers would have to spend about $265,000 to get the place back in shape.

The buyers are not yet identified in public records. Campbell says that they plan to live in the house, not resell it, but that they and many of the other potential buyers appeared to be concentrating on foreclosures in their house hunting.

Price Points: The house—which has six bedrooms, six-plus baths, and sits on about two-thirds of an acre on a quiet street near a commercial district—went on the market on March 16th. The final offer was accepted March 18th, and the sale closed April 10th. The builder had first priced the house at $2.875 million—which means that, despite the bidding war, the recent buyers paid less than half the builder’s original asking price.

Listing Agent: Naomi Campbell of Coldwell Banker; 847 370-5065 or Naomi.campbell@cbexchange.com

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