IRVINE, CA—Auction.com plans to bring more than $2 billion in real estate assets to sale at auctions over the next two months. In addition to its regularly-scheduled commercial and residential real estate auctions, the company will hold a $300 million custom auction event on July 22^nd and 23^rd that includes a $100 million office complex located in Southern California and three multifamily assets located in Florida, Nevada and Arizona. Auction.com's custom two-step process, typically conducted on higher-priced properties, allows interested bidders to first qualify for a "short list" by submitting a sealed indicative offer prior to the live auction. Indicative offers are due June 25.
"July's custom auction is the latest example of how the market is accepting Auction.com as a reliable partner for moving high quality, traditional CRE properties," said Auction.com's executive vice president Rick Sharga. "Almost 50% of the properties we bring to auction today are non-distressed, desirable assets. It's gratifying to see building owners and forward-thinking CRE brokers recognize that we can help them move their best properties more quickly, efficiently and profitably by leveraging internet technology."
Auction.com custom auctions are single-property/portfolio events for high value properties. The process provides a more flexible experience in often complex institutional property sales. Once the short list is selected, qualified buyers are given about four weeks to perform due diligence on the property before the online auction begins.
Adding this step prior to the live auction benefits both the seller and the buyer. Through viewing the indicative offers, a seller gains insight into the number of bidders whose initial valuation of the property is in line with its own. In addition, by first requesting an indicative offer, the process ensures that the buyers on the "short list" are within striking distance of the seller's expectation, saving bidders time and money as they move forward in the process.

Instant Insights /

Upwards of $2B in Assets About to Move Through Auction.com

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