An alternative approach to selling higher-end homes has paid off for the head of a local auction house.
The Henrico County home of auctioneer Mark Motley landed a buyer last month through an accelerated sale that attracted offers from eight interested parties.
The winning offer, $1.3 million, was above the sale’s asking price of $1.1 million as well as the county’s latest assessment, which valued the 7,000-square-foot house in the Barrington West neighborhood at $1.17 million.
Motley, president of Motley’s Asset Disposition Group, had put up the lakefront, French Tudor-style house at 11801 Oak Point Court to kick off his company’s new high-end real estate division, Masterpiece by Motleys. The division has two other homes outside Richmond that are slated for accelerated sales.
Offers on Motley’s home, at $10,000 increments, were accepted over the span of one week in early August. Motley said the winning offer came in as all-cash and the sale closed within 30 days with no contingencies, which Motley said is a reflection of the accelerated sale process.
“One of the proactive things that we do with this (process) is we do a home inspection so we can disclose all items that need to be repaired,” Motley said. “The purchaser knew that going into the contract, so we didn’t have to make any of those repairs, and they made offers accordingly taking that into consideration.”
County property records list the sale date as Aug. 31. The buyers are listed as Barbara R. Peskin and Mindy Peskin Guyer. They were represented in the deal by Susan Cullen of Long & Foster.
Cullen declined to discuss the transaction, other than to say the accelerated sale process was “different.”
“It’s not your traditional method of buying,” she said.
Motley said the process appeals to buyers because they are given a set time to submit offers based on home appraisals and inspections that are completed before the property is listed. He said it also benefits sellers by attracting multiple offers and providing enough time to review and consider them.
Motley stressed that the process is different from the auctions his company is better known for.
“(This) is a process where we manage incoming offers and allow interested parties the opportunity to increase their offer, so that they’re not in a situation where, even with escalation clauses, they lose it for $1,000,” Motley said. “We like to say the accelerated sale method has the control of a brokerage scenario without the distress of an auction.”
Totaling six bedrooms, five bathrooms and two half-baths, the three-story house was built and purchased in 2004 for $1.27 million, according to county records. Motley said it is the fourth property he has listed and sold the same way, including a river cottage and his previous residence.
“I think it’s a much more efficient way to handle the sale of a piece of property,” Motley said. “I think the way that it’s currently being done – the ‘It’s always the way we’ve done it’ mentality – I just don’t think that works anymore.”
With its first sale completed as an established division, Masterpiece by Motleys is continuing with two other properties slated for accelerated sales: a nearly $550,000 listing at Ingram Bay in Northumberland County, and a 6,100-square-foot home in Kinsale assessed at just over $1.5 million. An accelerated sale for the Kinsale home is scheduled to start this Friday, with a minimum opening offer of $300,000.