The Auction Process

The Auction Event is a carefully structured presentation of Assets for sale.

Prospective buyers are registered and must present funds in the required earnest money amount.

Potential buyers are advised of any changes, additions or modifications to the terms and conditions of the sale offering.

The entire auction process is recorded for the protection of the seller, auction company and all bidders.

The terms and conditions are read, final instructions are announced, all bidders are registered and the auction sale is conducted.

Immediately following the conclusion of the bidding the high bidder is escorted to a contract signing area, where the buyer tenders the earnest money and executes a valid contract of sale with the seller.

Explanation of major items in the Auction Process

Auction Brochure

The Auction Brochure is the primary tool designed to generate interest in your asset(s).

It presents the location, improvements and development potentials to prospective buyers.

The terms and conditions of the sale are published to place buyers on notice of the seller's offering.

The location, date, time, broker in charge and [PIP] Due Diligence Order forms are important parts of the brochure.

Property Information Package [PIP] / Due Diligence

The PIP/Due Diligence Package is the second most important element of the offering.

Qualified buyers of major development tracts and large businesses must have all the facts concerning any proposed acquisitions before they commit funds.

The Seller, Broker and Auction firm minimize any potential liabilities or future legal problems by disclosing ALL details of the offering to each potential buyer.

We price the Due Diligence package to limit the distribution of the package to serious buyers.

Buyer/Broker Seminar

The Buyer/Broker Seminar is conducted by a principal of IB&M in order to have potential buyers become familiar with the auction selling process.

Local Sales Office

A Local Sales Office is usually maintained to facilitate potential buyers inspection of the assets, distribute information to the local market and coordinate the conducting of pre-auction seminars.

Next, please check our Why an Auction?

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Why an Auction?