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Our Method Guarantees that no money is left on the table.
There are numerous types of sealed bid sales. The most common type is a simple solicitation of offers by way of Sealed Bid where the bids are opened at the appointed time and the best offer is either accepted or rejected. This form of sale relies on the bidders to make their one and only offer, their best offer. This method risks 'leaving money on the table' and has only minimal competitive aspects. Simple sealed bid offerings often result in the rejection of the best bid, especially when there is more than one owner.
Jerome J. Manning & Co., Inc. has studied this method and has modified it to ensure that all interested parties have equal opportunity to make their own best offer and react to the best offers of others. This can be accomplished by offering the property at Sealed Bid Sale with the best bidders invited to openly compete via 'outcry' bidding. This hybrid form of sealed bid/outcry auction brings the necessary excitement and competition to the process without conducting a 'Public' Auction. All Sealed bidders must compete to reach the final round. The top bidders are placed in a final competion with each other. The seller reaps the rewards of sustained competition. An overall "win-win" result.
Sample Property Sold by Manning & Co. using Sealed Bid/Ourcry Auction.
Sale Norwood, MA
37 unit apartment complex
Alden Park Apartments 1&2 Bedroom Apts. & Townhouses
Results:
Received 27 Sealed Bids ranging from $500,000 to $2,105,000. - The top five invited to a Private Outcry Auction
Final Sale Price:
$2,585,000, which was $535,000 above appraised value!
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