Is an Auction Acceptable for Settling an Estate?
Yes! A higher fiduciary responsibility is held when managing the assets of others; so, many times selling real estate conventionally can be a grueling process that could leave you wondering if you made the best decision for all parties involved. With real estate sold at auction, this is not the case.
Transparency in the auction process leaves no question in the minds of your family, board of directors or non-profit organization that all parties were fairly treatedand the correct executive decision was made to sell. At the end of the sale, everyone can see the final price that was generated through competitive bidding.
EHI was honored to assist the ArtzPlace, a non-profit organization, when they needed to liquidate their commercial building in Midwest City, Okla. The board president can say it best:
“When the board of directors of ArtzPlace made the decision to sell our special use commercial building in Midwest City, Oklahoma, it was my job as President to make it happen. We negotiated with numerous potential buyers including the final purchaser that eventually bought the property, but with no success. When I talked to Craig Buford, President of EHI, he explained the auction process for real estate and let me know that many times the auction would bring previously interested parties to the table. We turned it over to Craig and his company and less than 90 days later, we had the property closed and it was purchased by the entity that we originally wanted to have it. Craig Buford was able to work well with our board, the lender, and the buyer to make the sale and closing very easy. I highly recommendthis company.”
–DeAnn Warfel, President, ArtzPlace, Midwest City, Oklahoma.
