Pri­vate, but not forced auc­tions

Financial Mirror (Cyprus) - - FRONT PAGE -

Un­til about a year ago forced sales could take place only through the Lands and Sur­veys Depart­ment. Based on new leg­is­la­tion, banks can now go through with sales us­ing a pro­ce­dure of their own and with­out hav­ing to in­volve the Lands Depart­ment. Sales based on the new leg­is­la­tion kicked off in June 2016 all of which were forced sales and could ma­te­ri­alise usu­ally with­out the owner’s con­sent.

We pro­pose a dif­fer­ent kind of auc­tion. This is a pri­vate auc­tion, again with­out the in­volve­ment of the Lands Dept. and with the con­sent of the owner.

Some of the ben­e­fits and con­di­tions of the FOX pri­vate auc­tion are the fol­low­ing:

1. This is an­other very ef­fec­tive pro­mo­tion method.

2. The pro­ce­dure is car­ried out by FOX and the owner does not have to deal with any un­nec­es­sary has­sles.

3. There is a re­served price known only by the owner and FOX (this could change dur­ing the pro­ce­dure).

4. The auc­tion start­ing price is usu­ally lower than the re­serve price and is known by all con­cerned.

5. The prop­erty is free for view­ing 15 days prior to the auc­tion and all in­for­ma­tion is avail­able to all in­ter­ested buy­ers. Usu­ally 3-5 days be­fore the auc­tion an ‘ open house’ is ar­ranged for all in­ter­ested to in­spect the prop­erty again.

6. The FOX pri­vate auc­tion process does not usu­ally take long, the max­i­mum pe­riod be­ing around two months and ter­mi­na­tion date is the day of the auc­tion. This is con­ve­nient for own­ers in a rush to sell

7. This method draws the at­ten­tion of buy­ers as it is dy­nam­i­cally pro­moted through our com­pany’s com­mu­ni­ca­tion chan­nels (web­site, news­let­ter, Face­book, YouTube, news­pa­pers, por­tals etc).

The pro­ce­dure usu­ally gen­er­ates com­pe­ti­tion be­tween buy­ers, some­thing ben­e­fi­cial to the owner.

All of the above are some of the ben­e­fits/con­di­tions of the FOX pri­vate auc­tion. The main dif­fer­ence be­tween auc­tions by FOX and those of banks is that we choose which prop­er­ties to pro­mote, mak­ing for a more at­trac­tive op­tion to buy­ers.

The in­ter­ested buy­ers are pro­vided with all rel­e­vant in­for­ma­tion about the prop­erty and its char­ac­ter­is­tics and are in­vited to visit and in­spect the site when­ever con­ve­nient to them, be­fore the auc­tion. As op­posed to the forced sales where most likely the owner will not open the door to po­ten­tial buy­ers.

Fi­nally, the seller can lower the re­serve price based on the in­ter­est from buy­ers, the re­sult be­ing that an in­ter­ested buyer can buy at a re­ally at­trac­tive price.

Un­for­tu­nately not all prop­er­ties are auc­tion.


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