AUCTIONS FOR BANK OWNED ASSETS
AMCbid works with community, regional, and national banks by implementing auction solutions that help protect financial interest in an asset.
The primary benefit for a bank to employ the auction method is to liquidate holdings in a professional and timely manner that attracts willing and able buyers for the following situations:
- Bank-owned real estate
- Foreclosure properties
- Contract Assets
- Special Assets
- Nonperforming Chattel Loans and Repossessions
Compliance Policies and Auction Procedures
To ensure the auction will adhere to institutional policies, we advise on and agree to terms and conditions that are compliant with company regulations. The auction manager will work with the receiver or asset manager to set realistic expectations, establish a marketing budget, and create a reasonable timeline that is mutually agreed upon by all parties involved.
Once an auction services agreement has been signed, we proceed to execute the auction process in four core phases:
- Immediately submitting accelerated marketing strategy, marketing materials, contract documents, budget and timeline for approval
- Implementing the approved marketing plan and providing reports and feedback throughout the process
- Educating prospects by providing comprehensive due diligence documents and engaging registered parties to bid competitively on auction day
- Promptly processing earnest money and signed contract to ensure a quick closing
Our carefully mapped strategy takes between 3 and 8 weeks depending on the property type and the level of urgency. We market the asset based on a number of factors relative to the current market trends in the area and typically close real estate sales within 30 days of the auction sale.
National, Regional and Local Market Presence
In contrast to many of our competitors, we don't claim to have a foothold in every market around the nation, nor do we believe that there is one best way to market an auction asset.
AMCbid has built strong relationships with auctioneers, brokers, and knowledgeable affiliates around the country who help keep us informed on current real estate trends and market-specific information and customs that add value to the local sales process.
The philosophy to partner with reputable auctioneers and industry professionals has been instrumental in growing AMCbid to the national presence it has today.