Turning to a forward-thinking and progressive marketing strategy could help a Nashville community bank sell some of its aging foreclosures and give buyers the chance to name their price. The Freedom Realty Exchange (FRE.com), a leading real estate auction platform has launched an online auction featuring four properties in the Nashville area, presenting builders, developers and real estate investors with an incredible opportunity to conveniently purchase bank-owned or OREO property through a transparent, fair and open bidding platform.
“The bidding process in an auction bridges the bid-ask gap and creates common ground for buyers and sellers”, said LFC’s Director of Operations Ryan Devin. “The seller stops guessing and the buyer takes action – it’s really one of the best ways to sell property in a stagnant market.”
The four properties offered in this auction are:
- Forty-five (45) finished and approved residential lots in Pleasant View Downs subdivision that were previously priced at $935,000, now have a minimum bid of only $299,000
- Springfield Shopping Center on Tom Austin Highway has current tenants, ample parking and a minimum bid on just $1.0MM – a fraction of the previous asking price.
- ±39 acre platted land parcel in Nashville zoned for 115 condo units was on the market for nearly $900,000 but now has an opening bid of $399,000
- The Braxton at Harpeth Shoals Marina – Unit 206; a 2 bed/2 bath condo with over 1,300 sq. ft. of living space and a terrace overlooking the marina has a minimum bid of $199,000
“Buyers should not sit on the sidelines in this auction. The bank is serious about selling these properties – their motivation is clearly demonstrated by the low minimum bids,” said Devin.
As with all of auctions on the Freedom Realty Exchange website, the research, due diligence and even bidding are conducted completely online, removing the need to spend hours in a crowded ballroom with all the unwanted pressure and intimidation that comes with a traditional outcry auction. Interested buyers can view property documents and auction details by visiting FRE.com/107R2. Bids must be submitted by September 8, 2011.