- No reserve
- Property sells to the highest bidder regardless of the price
- HIGH URGENCY
- Seller sets undisclosed price
- Price may be lowered by seller, but not raised
- Property sells to the highest bidder once reserve is met
- Seller sets a minimum bid which is advertised (bidding starts at advertised minimum)
- Property sells to the highest bidder above minimum
- Potential buyers submit their sealed bids to auctioneer
- Sells chooses most desirable offer
- HIGH VALUATION
- Exposes the property to a large number of pre-qualified prospects.
- Assurance that property will be sold at true market value.
- Accelerated sale price can exceed the price of a negotiated sale.
- Creates urgency to buy and competition among informed buyers.
- Accelerates the sale. The seller knows exactly when the property will sell.
- Quick sale reduces carrying costs, including taxes and maintenance.
- Requires potential buyers to pre-qualify for financing.
- The seller sets terms and conditions of the sale.
- All due diligence, inspections and testing performed prior to sale.
- 30-45 day unconditional all cash closing.
- Properties sold “as is, where is”.
- Ensures an aggressive marketing program that increases interest and visibility.
- 40,000+ compiled regional database of prospects with a propensity to buy at public
- Target marketing-direct mail, brochures, display ads, proactive telemarketing, and
- Instant access to property information on www.northco.com/ &
https://svnacceleratedsales.com/ plus the property specific website.
Yes. We will analyze your property and consult with you on a minimum or reserve price prior to the sale. This price is not advertised or disclosed to the bidders.
The term “absolute” or unreserved means the property will sell to the highest bidder regardless of price. It is important to note that many more bidders will attend an absolute sale and typically bid a higher price.
Effective advertising and promotion is absolutely the key to a successful accelerated sale. The “laser focused” advertising will bring the attention of the entire area on your property. We target the market utilizing direct mail brochures, newspaper display ads, trade journals, periodicals, radio and if appropriate even television advertising.
In addition, we notify top buyers and real estate agents by broadcast e-mail. Ad campaigns are expanded regionally. When warranted national, or even international campaigns will be run, depending on the property. This method “smokes out” prospects who would never present themselves under the conventional method. Strong accelerated sales don’t just happen – they are orchestrated. Our expertise and know how in advertising assures you of getting the highest dollar value for your property.
If the final price is below the agreed upon “reserve” or “minimum” then the seller can choose to reject or accept the bid or we can try to negotiate a sale with the winning bidder. Alternatively, we have the option to pursue negotiations with the other qualified bidders. We will also continue to market the property.
Absolutely Not! In recent years the popularity of competitive bidding has exploded to an estimated $28 billion in annual sales. Fortune 500 companies including McDonald’s, K-Mart, Chevron and Exxon utilize competitive bidding because they know it is the best way to achieve the highest price in the shortest time. Estimates show that over 30% of all real estate in the U.S. will be sold using accelerated marketing by the turn of the century. Government agencies such as the RTC, FDIC, U.S. Customs, U.S. Marshals Service and the SBA all use the accelerated sales method.
Yes. Contracts typically are an unconditional all cash contract that calls for a non-refundable deposit and an up to 45 day closing period. All property is sold in “As is, Where is” condition. This relieves you, the seller, of any and all liabilities concerning condition. Under our system, the seller’s closing costs are kept to a minimum.
Our sales attract a good mix of investors and end-users. In addition, our method of sale creates the urgency to buy or miss a golden opportunity. The buyer can no longer “think it over”. They have to act now! Our sales usually attract prospects from hundreds and even thousands of miles away. Competitive bidding creates excitement! It’s contagious! People like to buy this way. They get caught up in the bidding and enjoy it!
Make sure we have all pertinent information for the prospects to review BEFORE the sale. Plus many other “key” issues we’ll advise you of on an individual basis. Be sure not to discuss the price of the property you’re selling with anyone prior to the accelerated sale. That’s our job; let us do that.
Sellers choose accelerated marketing methods due to the costs of owning a property (e.g. real estate taxes, insurance, association dues, etc.) are mitigated by a quick sale. The process of an accelerated sale provides an environment in which sellers can enjoy an expedited transaction.
Extensive property information, as available, is posted online in the property data vault for that particular asset. This information can assist interested prospects and brokers with beginning their due diligence and buyer momentum process. For further information contact our accelerated sales team.
At our accelerated sales, buyers purchase the properties “as is” with regard to the condition of the properties. Buyers must rely entirely on their own information, judgment, and inspection of the properties. The Sellers will provide clear and marketable title to the properties. Buyers purchase the assets in their “as is” state of condition at the time of their purchase. It is important and strongly recommended for all interested prospects to fully inspect the condition of the properties in which they have an interest prior to bidding.
Most of our improved properties are open for inspection on designated dates and times for interested prospects to tour and inspect the property. Additionally, our listing broker representative for that property will be on site to assist and answer any questions regarding the property. Please feel free to bring your consultants with you to the previews.
Buyer’s Premiums are added to the bid price to determine the total purchase price. Example: Six Percent (6%) Buyer’s Premium. If your bid was $1,000,000 on a property, then the total purchase price paid would be $1,060,000 ($1,000,000 plus $60,000 Buyer’s Premium). In order to purchase the property for $1,000,000 you need only to bid $943,396 so when the 6% ($56,604) is applied, your total purchase price paid would be $1,000,000.
If a buyer chooses "special funding" they must pre-qualify with a lender in advance. This provides them with a commitment letter/proof of funds. Remember that the bid deposit on bidding day and full escrow payment you submit is not contingent upon obtaining financing.
Preview dates will be set for each property. At this time, interested buyers should complete their due-diligence. Once you have determined that you wish to bid you will be required to:
a) Register with your full contact name and other important information
b) Sign the terms and conditions of sale
c) Post and make the required bid deposit (earnest money)
d) Visit online bidding site and place your bid
The defaulted bidder loses their full bid deposit (earnest money) per the terms of the asset purchase and sale agreement. We will immediately notify the backup bidder in order to secure a new purchase and sale agreement at the backup bidder’s highest bid amount. If not successful, the property is made available to all other registered bidders and the open market.
Yes. We will write and present on the seller’s pre-approved asset purchase and sale agreement any reasonable presale offers to the owner for consideration. We strongly recommend that you make your best offer at this time.
Absolute Accelerated Sale: An absolute sale means the property is advertised and sold to the highest bidder regardless of price with no minimums and no reserves.
Reserve Accelerated Sale: Seller sets a NON published minimum price in which they are willing to accept. The property sells to the highest bidder once the reserve has been met.
Minimum Bid Accelerated Sale: The published minimum bid is advertised, disclosed and represents the amount at which the seller has committed to sell the property.
Sealed Bid Accelerated sale: Potential buyers submit their sealed bid to agent. The seller then chooses the most desirable offer.
A sealed bid accelerated sale mirrors the same processes as a traditional accelerated sale. The major difference is that all bidders must submit their initial bid in a sealed envelope or online all in accordance with the terms and conditions of the Sealed Bid Accelerated Sale. The initial bids are then opened and reviewed by the seller as to conformity and compliance with the terms and conditions of sale. Frequently, the highest bidders in a competitive price range are invited to a private, live accelerated sale, with the highest “sealed bid” amount received being the opening live bid.
With very few exceptions which would be prominently noted, our accelerated sale properties are sold with good, insurable title having no liens, judgments, mortgages, or back taxes. If for some unforeseen reason a title cannot be cured, the bid deposit (earnest money) is refunded to the Buyer; however, buyers must refer to the terms and conditions for each accelerated sale prior to bidding.
The Terms and Conditions for each accelerated sale govern the sale process. They include and highlight information on the buyers and sellers responsibilities in the transaction such as the required bid deposit (earnest money), the date the property will close, buyer’s premium amount and other key facts. You should always familiarize yourself with the terms and conditions prior to the accelerated sale and placing a bid. The Terms and Conditions are posted with other important information in the document vault for that property or offering. You should also note that at an accelerated sale, any announcements made by the agent on the day of sale take precedence over any previously published information or marketing materials.
Generally, our properties are conveyed to the new purchaser at closing by Warranty Deed, free and clear of liens and encumbrances. Title insurance is available and is usually a cost paid for by the new purchaser unless otherwise noted. Again it is important to read the Terms and Conditions of each accelerated sale for more detailed specifics. Closing costs are primarily governed by the state in which the property is situated.