Over $17 Million in Foreclosed Northwest Properties Lure Buyers to Online Auction
Newport Beach, CA – August 18, 2011 – (RealEstateRama) — Determined to dispose of residual REO properties and close the books on the third quarter, Columbia Bank, a Pacific Northwest community bank, has employed the auction marketing experts at the LFC Group of Companies to sell over $17M worth of REO properties on the Freedom Realty Exchange (FRE.com) by September 1st.
Choosing this alternative and seemingly progressive marketing strategy could help the bank sell properties that have proven resistant to traditional sales methods.
“We had considered other sales approaches but chose the online auction format because it is perfectly suited for such a wide variety of real estate offerings across several counties and in two states,” stated Robert M. B. Draper, Senior Vice President for Columbia Bank. “It provides one easy, convenient hub for buyers.”
FRE.com, a leading real estate auction platform presents any type of buyer such as builders/developers, savvy or new real estate investors with an incredible opportunity to conveniently purchase property through a transparent, fair and open bidding platform.
“It’s been our experience that with properties such as these, an online auction strikes accord with buyers, both local and out of state, by providing them equal opportunity to get a great deal ”, said LFC’s Director of Operations Ryan Devin. “And with the aggressive minimum bids set by the bank, there are definitely deals to be had.”
The bank-ordered auction offers a wide variety of real estate, over 20 properties, located throughout several counties in Washington and Oregon, including:
- Ninety-nine (99) finished multi-family development lots adjacent to the Sandpines Golf Course in Florence, Oregon have a minimum bid of $1.4MM – a fraction of the previous asking price of $3.0MM
- 11 subdivision development lots in Rockaway Beach, Oregon with a minimum bid of $99,000 – more than half of the last asking price.
- Over 24 acres of residential development land in Renton, WA zoned for single family, multi-family or senior housing has been reduced by over 40% for a minimum bid of just $899,000.
- ±22,000 retail center in Spokane, Washington with current tenants was listed at $1.1MM but not has a minimum bid of $599,000.
- Restaurant and clubhouse adjacent to the Charbonneau Golf Course in Wilsonville, Oregon has a minimum bid of $299,000 more than 50% below the previous asking price of $700,000
- Residential lot in Pacific Rim Estates in the coastal Oregon town of Lincoln City has a minimum bid of $25,000.
- ±33 acre Equestrian Ranch in Enumclaw, WA is asking for a minimum bid of just $399,000.
- Seattle, WA commercial building with an AT&T cell tower lease and income-producing outdoor billboard was on the market for nearly $4.0M now has a minimum bid of $2.5MM.
- Small residential lot zoned for a 2-4 plex in Bend Park development in Bend, Oregon is asking for a $5,000 minimum bid.
“Buyers should recognize that the bank is serious about selling these properties as clearly demonstrated by the low minimum bids and the quick timeframe to sell and close escrow,” 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/109X2. Bids must be submitted by September 1st.
About Kelly Lovegrove
The Freedom Realty Exchange is owned and managed by LFC Internet Marketing, Inc., a member of the LFC Group of Companies. For more than 30 years, the LFC Group of Companies has successfully auction marketed thousands of commercial, industrial, land and residential properties, with sales in excess of $5 billion; and for the last seven years, we have conducted real estate auctions exclusively online. We have successfully served numerous Fortune 500 companies, real estate developers, investors, financial institutions, government agencies and real estate brokerages, providing a complete suite of real estate disposition strategies and auction marketing programs for commercial and residential property and mortgage notes.
