Considerations for Auctioning Real Estate

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It is the middle of 2011 and sellers of commercial real estate are still facing significant obstacles in selling their properties. Many owners are having trouble attracting potential buyers, and even when they do, such potential sellers are not getting the price or selling their properties within the time frames desired. As a result, owners have begun to look for alternative ways to sell a property. One alternative gaining favor is the auction process.

Auctions offer sellers a way to dispose of their properties within a specific time frame and with a certainty of closing. They also might attract potential buyers who may not otherwise have been interested in the property or known about it being for sale. An auction is, however, very different than a typical sale transaction, and anyone considering auctioning a property should be aware of the various nuances of an auction sale process, including the following...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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