Simple Definition – Owner wants to quickly liquidate an asset – real estate or equipment. Often prompted by, or in cooperation with, the bank or possibly the IRS. Usually, but not always, a distress sale.
Legal Definition – These sales are not overseen by a court or a judge. However, each state has different requirements for what must be disclosed (e.g. termites, asbestos, water and septic functionality, etc.). As with all of our auctions, assets are sold “As-Is / Where-Is.
Ownership – Depending on the sale terms, ownership transfers at settlement which is usually 30 days from the date of sale.
Unique Process Involved – A Buyer’s Premium is usually included for Owner’s sales. Open House inspections are usually held to allow prospective bidders an ability to see what they may be purchasing.
Important to Keep in Mind – Can also be called Estate Sales, Partnership Dissolution Sales, etc.