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Market Rebound Transforming RE Auctions

CHICAGO—Once considered a tool to dispense with bank-owned and distressed assets, many are now using auctions for higher-quality properties.

By Brian J. Rogal | Updated on January 24, 2015

CHICAGO—The economic recovery is having some surprising effects. The auction process, for example, has long been considered a way to unload distressed properties. But as such properties have become less common, auctions have continued, but now frequently offer prime real estate, even luxury properties.

“Last year was when we started to see the shift,” Mary Fran Gill, operations manager, Auctions by ATG, tells GlobeSt.com. She estimates that about 60% to 70% of the properties that her firm puts on the block these days are stable but the owners chose an auction to perhaps avoid brokers’ fees or get a date certain sale.

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