National Brokers Network

The Basics of Real Estate Auctions

1st buyers

Whether for personal use or for investment, there are many ways to acquire a property. One of which is through business property auctions. By definition, this is the process by which real estate is sold through an intense and accelerated marketing process involving the public sale of a property or properties with open cry, competitive bidding.

First-time auction buyers will be thrilled with the experience as the entire process differs from the traditional commercial property private sale. At the same time, buying commercial property from auctions has its own set of advantages.

Fast turn over time – Thetraditional method involved in buying a commercial property entails a lengthy process that can all be avoided through real estate auctions, where completion typically takes less than a month, provided that the winning bidder can pay the outstanding balance.

Slashed prices – commercial properties that are priced lower than their market value may usually be found at auctions. Since properties included in auctions are usually those that need quick selling, they are cheaper than what you would usually see them sell for in the market. This comes as a huge advantage to buyers who are looking to buy commercial properties that may potentially be a profitable investment.

Straightforward – purchasing commercial real estate at an auction gives buyers control over the price they are willing to pay. And since the completion date is clearly set and stated, buyers know what to expect even before they throw in those bids.

If you think commercial real estate auctions are just the thing for you, check out Victoria business auctions to find out more.   


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Confidentiality Agreement

In Consideration of the Vendor of the subject business, or any other business introduced to the Proposed Purchaser and their agent National Brokers Network (“the agent”) providing information to the Prospective Purchaser, the Prospective Purchaser agrees:

1. To keep all information provided confidential in respect to the subject business and any other business introduced to the Prospective Purchaser by the Agent.
2. That no information is to be disclosed by the Prospective Purchaser to any third party without consent by the Agent;
3. That it will not use for themselves. Or for others benefit, such information other than to Purchase the subject business or other business introduced by the Agent;
4. That any agreement to purchase the whole or portion of the business shall be exclusively through the Agent;
5. To immediately return to the Agent all such information and other details in written form including any drawings and any copies made of written information, notes, summaries or extracts of any document therefor if any when requested by the Agent;
6. Under no circumstances will the Prospective Purchaser make direct contact with the vendor of the subject business or other introduced business without the prior written consent of the Agent;
7. If the Prospective Purchaser breaches this agreement or buys the business direct from the Vendor, the Prospective purchaser is liable to and indemnifies the Agent for any and all losses the agent may incur including economic loss and loss of income.v

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