Eight partially completed subdivisions/land and 16 residences in DE, MD, and NC.
The subdivisions ranged from a 303-lot partially completed subdivision to a six-acre parcel of land approved for 17 lots. Also included were 16 finished residences within these subdivisions, which were offered individually.
The seller hired us as a workout with Wells Fargo through their Chapter 11 reorganization. This was a private sector client involved in a public sector bankruptcy proceeding. The nature of a 363-bankruptcy sale requires the broker/auctioneer to execute a public, open, fair, and transparent sales process in order to maximize recovery for all parties involved. We were retained via court order, and the court approved the marketing sales program/structure and all sales.
We recommended that the sellers utilize the proven Open Outcry 363-auction bankruptcy sales process, with the lender having the right to credit bid. Our team also utilized the “Buyer’s Choice Bidding” method on certain assets with similar buyer markets and values. This combined method of sale strategies worked well for all parties involved and provided maximum buyer participation.
We sold 21 of 24 properties to third-party bidders at the auction and sold two more of the properties post-auction, making the third-party final sale ratio 23 of 24.
- Total Web Hit Inquiries: 2,189
- Total Call-In Inquiries: 310
- Geography of Inquiries: DE, MD, NC, and DC Metro Areas
- Open House Attendees: 90 Separate Parties
- Bid Packages Sold: 118
- Bidders: 62 Certified Checks