Sealed Bid Auctions
A Sealed Bid Auction could be the answer to selling your property. Not all Real Estate or Personal Property is sold at a “Public Outcry “Auction event. There are times when it is to the Sellers advantage to Auction their Real Estate or Personal Property in the form of a Sealed Bid Auction.
The process of a Sealed Bid Auction would take place as follows:
For a period of approximately 45-60 days Clark Auctions would solicit and invite interested parties to submit a sealed bid along with a $10,000 “guaranteed funds/bank letter of credit” or cashiers check from the bidder’s bank.
All bids would be held until such time the bids would be opened at a designated time and place. The successful bidder would be immediately required to place 10% of the total bid price in escrow as a down payment and sign a “no contingency” Real Estate Contract at that time. Closing at the buyer’s expense would take place within 30 days of the contract date. The seller and the auctioneer would be the only persons who know what the bid amounts were.
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