Real Estate Auctions for REO Managers

Florida Auctioneers & Realty, LLC Announces REO Disposition Program.

Florida Auctioneers & Realty, LLC a real estate auction firm based in Sarasota, Florida is pleased to announce a comprehensive turn key real estate disposition program for Loss Mitigation, Foreclosure, Bankruptcy, and REO asset managers.

Today REO managers have their hands full of bulging real estate portfolios filled with nonperforming assets. These REO properties represent a sellable asset on their balance sheets; however, unsold, these properties generate expenses and expose shareholders to risks from destruction, holding costs, and lost opportunities.

In the past banks would experience substantial profit drain while these Real Estate Owned properties remained unsold and nonperforming for 4 to 12 months or longer. All the time incurring cost such as: sale preparation, maintenance, management, utilities, insurance, fees and commissions. This is why we developed a timely cost effective method of disposition with a focus on maximizing shareholder return.

Our auctions require less than 60 days from initial marketing to settlement.  This full service marketing, sales, and settlement program provides property preservation and security, from eviction through closing, to include all title work further enhancing the banks ability to meet fiduciary obligations to shareholders.

To begin with all offers are cash and without financing, inspection or appraisal contingencies. This lets sellers avoid the loss and risk associated with the old method of accepting non-binding contingent laden offers. Also by bringing multiple buyers together simultaneously, the auction method advantages the seller by creating a competitive bidding environment. I am always astonished when a property brings more at auction than the previously published and unsuccessful list price. 

“But what I find REO managers really enjoy about auctions is the seven day seller approval period, giving them the necessary time to evaluate the entire packet of offers at once. Really any bank department with real estate can apply the auction approach, Trust, Loss Mitigation, Bankruptcy, or Foreclosure.”

Our program is used very successfully in short sales (pre-foreclosure). Achieving resolution out of court with financially distressed borrowers, mortgage holders may avoid the expense and hazard of a foreclosure. The benefit here is a quick and equitable closing which avoids the risks of carrying the property through foreclosure proceedings and the deep discounting often required of vacant foreclosed properties.

Another advantage over traditional real estate sales methods is the ability to clear up entire real estate portfolios in a single day or over a few days depending on the volume. So whether you have 5 or 500 properties they can be sold concurrently but to different individual buyers avoiding the deep discounts required by a wholesale buyer.

William Perin, Managing Member of Florida Auctioneers & Realty, LLC has extensive experience working with sellers, buyers,  banks and lending institutions in converting nonperforming assets into cash. He is a licensed Auctioneer and Real Estate Broker.

For more information, contact Florida Auctioneers & Realty, LLC at 941-927-8108, or by visiting us on the web at www.AuctionsSellProperty.com