Commercial Auction Listings

Yesterday was the Bid Deadline for the online auction of +/-53 acres of bank-owned land in Orland, Calif., but the seller has elected to continue the bidding with LFC’s patented LAST CALL®.

Due to the seller’s invoking of LAST CALL®, the new Bid Deadline is set for Monday, March 29th at 5:00 PM PDT. This means that the auction will end on Monday at 5:00 PM unless someone places a higher bid before the deadline. If another bid IS taken before Monday’s deadline, the auction will be extended until Tuesday. These twenty-four hour extensions will continue until no more bids are placed.

You might be asking, why would bidders be allowed to extend the deadline? In order to explain that I will have to answer your question with a question: have you ever been sniped on eBay? In my post about our online auction in Columbus, Ohio, I explained LAST CALL’s extension process and sniping in detail:

LAST CALL® protects bidders from auction sniping. If you are familiar with other online auctions sites such as eBay, you know that everyone interested in the auction waits until the very last second to place their bid. There is even software that will automatically enter a bid in the last millisecond of the auction, what we call “auction sniping.” LAST CALL® protects bidders by eliminating the possibility of “sniping.” Real estate is a rather large investment to make online and we strive to give all bidders a fair chance at winning. Understanding that real estate is a rather large investment to make online, we made the LAST CALL® extension increment 24 hours to give bidders plenty of time to deliberate.

I invite you to follow this auction closely as bidders compete for the property. You can join in the conversation and stay informed about this online auction by following us on Twitter. If you have any questions pertaining to LAST CALL® or this auction, feel free to leave a comment.

Happy Friday!

Related Posts

• Coming Soon: Online Auction for Commercial Property in Northern California
• Online Auction in Orland California
• Upcoming Commercial Real Estate Auction Deadlines
• Columbus, Ohio Bidding Frenzy
• Another LFC Property Moved to Online Bidding!

Our company has hit the ground running since the start of the new year and it’s hard to believe that the Bid Deadlines for several of our online auctions are almost here. The online auctions on LFC.com are span across the country from California toGeorgia. Don’t miss your chance to capitalize on an incredible investment opportunity. Here are a few of our commercial real estate auctions that will end in the next few weeks.

Bid Deadline for March 25th, 2010

• BANK-OWNED! +/-53 acres of fully entitled land in Orland, California
• +/-7.7 acres of commercially zoned M-1 land with a newly built commercial/retail complex in Weston, Wisconsin
• +/-4 acres in Weston, Wisconsin

Bid Deadline for April 1st, 2010

• +/-1.25 acres of commercial/retail development land in the heart of Brunswick, Georgia’s retail district
• BANK-OWNED! +/-0.60 acre residential development parcel in Los Alamos, California
• BANK-OWNED! Vacant R-3 parcel near the 101 Freeway in Paso Robles, California

Bid Deadline for April 8th, 2010

• BANK-OWNED! +/-73 acres of lake front development land in Bemidji, Minnesota

Photo Credit: seier+seier+seier @Flickr.com

Related Posts

• Land Auction in Bemidji, MN: Bank-Owned Resort Development
• REO Auction for Land Parcels in Central California
• Commercial Real Estate Auction in Brunswick, GA
• Online Auction in Orland California
• Weston, WI Commercial Property up for Online Auction

Here is the press release about the Never Lose a Listing^® program written by the other co-author of the Commercial Auction Listings blog and the Public Relations Specialist for the LFC Group of Companies, James Gerber:

The LFC Group of Companies, industry leaders in online real estate auction marketing, is expanding their Never Lose a Listing^® program for commercial real estate to allow the brokerage community to utilize the company’s robust online auction platform at no cost while retaining 100 percent of their commission. At a time when many brokers are struggling in this challenging market, Never Lose a Listing^® represents an opportunity for them to expand their marketing strategies and gain a competitive advantage.

“I think everyone agrees that the commercial real estate market is going to get worse before it gets better, and only the most forward-thinking brokers have a chance to succeed,” said Shawn Miller, LFC’s Director of Sales. “Never Lose a Listing^® lets brokers conduct their own auctions using our industry leading online auction technology and platform. This will let them rise above the fray, focus market attention on their properties, bridge the gap between buyer and seller, resulting in a quick sale at the best possible price. We’re not going to go in and take over their listings; we’re simply offering an auction platform as an alternative tool to close deals for their clients.”

Never Lose a Listing^® (NLL) marks a new collaboration between LFC and the commercial brokerage community. Brokers can use the NLL portal to set up the online auction by creating their own branded auction webpage, entering property information, uploading property documents and photographs, and setting auction parameters, such as the minimum bid and bid deadline. Once their auction is “live” on the website, the broker utilizes our “back-engine” auction technology to conduct the advertising campaign, manage prospective bidders, and direct everything from the bidding to the final sale. There are no upfront costs, and the broker retains 100 percent of the commission. Only upon the successful sale of the property will LFC earn a nominal fee paid by the buyer at closing.

LFC has a proven track record of successful partnerships with some of the country’s largest commercial brokerages, including CB Richard Ellis, Grubb & Ellis and Jones Lang LaSalle, and the expansion of the NLL program allows brokers from anywhere to conduct their own online auctions.

“LFC works with brokers to achieve success in even the most challenging of circumstances,” said Tom Scheuerman, Managing Broker at Grubb & Ellis | Pfefferle in Appleton, Wisconsin, who partnered with LFC to conduct a bankruptcy auction for a large, difficult land parcel, resulting in a sales price that far exceeded expectations.

Over the years, LFC has successfully auction marketed commercial properties for such major companies as Coca-Cola Enterprises, St. Joe Company and Adelphia Communications Corporation. With a variety of recent successful sales, including the former Elk Meadows ski resort in Utah, LFC has proven that their robust online auction platform can sell anything and everything, from high-end residential estates, to retail/office condos, to industrial/commercial properties, to a remote Utah mountain.

To learn more about the Never Lose a Listing^® program, visit LFC.com/NLL8 to register and start your online auction campaign today.

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This program is quickly growing in popularity and the following list of major news publications are just to name a few that are covering the LFC Group of Companies’ new online auction program for Commercial Real Estate Professionals:

• Yahoo Finance
• Market Watch
• Forbes
• CBS News Money Watch
• Kiplinger
• Business Week

LFC is venturing into the land of 10,000 lakes to auction +/-73 acres of bank-owned land in Bemidji, the largest city in northern Minnesota. Located on the western shore of Wolf Lake, this property is considered a great residential/resort development opportunity. This online auction has a minimum bid of $699,000, less than half the previous asking price. In addition, there are several other aspects of the property and the town that make this auction a must-see for developers.

The city of Bemidji is part of the Cass Lake Chain of Lakes and the first city on the Mississippi River. Famous for its renowned Walleye fishing and tales of Paul Bunyan, who made the town his “playground” (yes, the larger-than-life lumber jack who befriended a giant blue ox), Bemidji is also well known for its state university. The Canadian border and nearby Winnipeg are only a short drive from Bemidji, making it a desirable vacation getaway for those looking to escape Winnipeg’s city life and enjoy the endless outdoors activities surrounding the lakes.

The Bid Deadline for this auction is on April 8th, 2010, so I strongly recommend that you check out the online auction and all of the property details at LFC.com.

Want to know more about Bemidji or share in the conversation? You can follow us on Twitter at Twitter.com/LFC_Auction. You can also follow the Bemidji visitor information Twitter account @visitbemidji or the Bemidji State University Twitter @BSUNews.

Photo Credit: mod as hell @Flickr.com