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Tranzon Fox managed the auction of 11 commercial properties that were owned by
a group of unrelated debtors in the same geographical area. The properties
included mobile home parks, a mini-storage facility, an office building, a
restaurant and vacant commercial and residential sites. There were only four
weeks prior to the scheduled sale to market the auctions. Tranzon Fox installed
custom signs at each of seven auction sites, placed ads in newspapers
throughout the region, sent direct mail letters to a list of promising buyers,
and prepared an information package for prospective buyers.
The campaign brought 177 inquiries and resulted in 61 registered bidders,
including 18 who registered prior to the auctions. Tranzon Fox set up unique
terms allowing creditors to bid at the auctions by providing a financial
obligation of half the standard commission amount. This approach avoided costly
legal procedures and appealed to creditors. The primary lienholder registered
at the first auction site to protect its interests in the properties, but did
not attend later auctions because earlier bids were high
enough above the liens. The total for the day-long series of auctions
was over $1.4 million, exceeding the expected total of $1 million.
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