Orlando-based brokerage IDX Realty will auction off an estimated $100 million in property early next month in one of the largest local auctions of its kind in the slumping real estate sales market.
This auction, scheduled for Oct. 6, will be conducted both in person at an Orlando hotel as well as online for potential buyers who cannot attend in person or perhaps prefer the newer technique involving a few clicks of a computer keyboard.
IDX broker Christopher Sampson said he has lined up sellers from Florida and four other states who want to unload their properties fast in a mega-sized, one-day sale.
The event will take place from 11 a.m. to 6 p.m. in the Double Tree Suites Hotel in Orlando, and online at the same time at idxpa.com.
Sampson said there have been lots of real estate auctions in the past and more announced every day because of the anemic sales environment, "but very few, if any, to this degree and magnitude involving so many properties at one time." The properties for sale run from vacant land and commercial buildings to multimillion-dollar estate homes.
The more than 60 properties in Florida, Georgia, North Carolina and New Jersey are being sold by investors, builders with too much inventory, lenders with foreclosed property, Realtors and regular homeowners who need to liquidate assets.
The IDX web site lists many of the properties so buyers can perform their due diligence analysis in advance. Most properties have a video, virtual tour or a slide show, as well as satellite map imaging to show the home's exact location. All listed properties have been appraised and the various home and termite inspections have been completed.
All registered bidders will be eligible to bid during the auction. Typical auction purchase contracts limit the contingencies a seller allows a buyer, although many sellers are providing incentives such as paying closing costs. Buyers are required to pay a deposit of 10 percent of the final sale price at the end of the auction, with closings generally set 30 to 45 days after the auction. Courtesy of Orlando Sentinel 9/20/07.
