CRE Midwest

AuctionWorks to host online auction June 23-25

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AuctionWorks will host an auction online June 23-25 that will include single-family, multi-family, mixed-use, office, industrial, retail and vacant land.

AuctionWorks will host an auction online June 23-25 that will include single-family, multi-family, mixed-use, office, industrial, retail and vacant land. The auction includes two luxury homes in Chicago’s Lincoln Park and Peterson Park neighborhoods. Also, six of the 27 properties currently offered are bank-owned and will be sold absolute to the highest bidder, regardless of price. Buyers can bid online or submit pre-auction offers.

“Auctions have become a popular choice for sellers of luxury properties who are seeking more control over the sale process in a time when traditional sale contracts often fall apart due to financing and other contingencies,” said Diana M. Peterson, president of Chicago-based AuctionWorks. “These sellers are often sophisticated and wealthy ̶ not in distress, foreclosure or bankrupt ̶ and are attracted to the auction process for myriad reasons.”

Some of the main features that attract sellers are the competitive bidding an auction inspires; the opportunity for a quick sale (30 days or less); less hassle (fewer showings and no negotiations); and no contingencies such as financing or inspection, added Peterson.