East Drive Home Hits Auction Block This Weekend

This weekend house hunters will be able to try something new and take to the auction block for a four bedroom, three full and two half bathrooms Colonial on East Drive in Oradell.

The home which has been on the market for over a year now due to overpricing and in need of renovations will be open to viewers Saturday and Sunday, 1 to 3pm. While priced at $629,000 the bidding will start at $396,000 to get to fair market value. Nearby homes on East Drive have a selling cost between $800,000 to $1 million.

"I expect it will go for about market value; we should land in the $600,000 to $630,000 range," listing agent at Keller Williams Realty in Ridgewood told Northjersey.com. "The goal is to get it down to the last three bidders and see which offer is the best."

The single-family home also comes with a two-car garage, a fireplace and deck overlooking a patio. It is located not far from the , and several office buildings on Kinderkamack Road. It is approximately .7 miles from the center of Oradell and 1.1 miles to the Emerson border.

Bidders will be allowed into the house over the weekend and will make initial offers at that time. Then, on Sunday night, a series of phone calls will go out to the bidders at approximately 7pm, informing them of the latest bid and asking if they want to top it. If the seller accepts a bid, the buyer and seller will then sign a contract.

Interested buyers must be available to be reached by phone on Sunday evening for multiple calls during the auction. All bids must be in a minimum of $1,000 increments. If there is more that one bid at a level, the earlier bid will be honored.

The seller may decline any and all bids not acceptable to them. Once the auction has wound down to the final two bids, Elsaesser and her office will begin to inquire as to your financing and any contingency terms (all cash, contingent on bank financing, approval letter, etc.). The winning bidder must supply a $1,000 deposit following the end of the auction. 

For questions and additional information, contact Maryanne Elsaesser, (551) 206-9264 or Maryanne.Elsaesser@gmail.com.

Have a question or news tip? Contact editor Eamon Harbord at Eamon.Harbord@patch.com, or find us on  Facebook  and  Twitter . For news straight to your inbox every morning, sign up for our daily newsletter.