John Rosenthal, an experienced real estate auctioneer, is organizing the first court-ordered auction to resolve a dispute over a midcentury house in North Portland. The Oregon state Circuit Court for Multnomah County has ordered the two owners of the 5,000-square-foot property to put it up for auction in the Kenton neighborhood. The minimum bid for the property is set at $527,500, and interested buyers must submit a sealed bid by December 5. The winning bidder will have 30 days to settle the payment in cash.
Unlike typical auctions, this court-ordered auction doesn’t offer online bidding, early bidding, or any incentives for the first bidder. Realty Marketing/Northwest, the company managing the auction, does not accept an escalation clause either. Interested buyers are required to submit their best and final bid.
The advantage of an auction in this case is transparency. The property will be sold at or above the reserve price, ensuring that there is a fair and open process. If the reserve price is not met, the court-appointed referee overseeing the auction will have the authority to accept or reject the highest bid or seek a counter bid.
The 1952 brick house, located at 3526 N. Farragut St., offers 2,403 square feet of living space and includes a self-contained apartment in the finished basement. The property is being sold “as is,” with no repairs or improvements to be made before the transfer of ownership. Interested buyers can view the property on December 2 at 2 p.m.
This court-ordered auction presents an opportunity for the new owner to renovate the property. The house is located near various amenities, including the University of Portland, Peninsula Elementary School, Ockley Green Middle School, Columbia Park, and the North Interstate and North Lombard MAX Station.
1. What is the minimum bid for the property?
– The minimum bid for the property is $527,500.
2. How do interested buyers participate in the auction?
– Interested buyers must submit a sealed bid by December 5.
3. What is the advantage of an auction in this case?
– The advantage of the auction is transparency, ensuring a fair and open process.
4. Is the property being sold “as is”?
– Yes, the property is being sold “as is,” with no repairs or improvements to be made.
– Realty Marketing/Northwest: [email protected]
– Redfin: www.redfin.com