When it Comes to Auction, a Seller Has More Than One Option

September 28, 2011

There clearly is no “one size fits all” when it comes to selling distressed properties.  A commercial real estate broker is truly a partner and advisor to a property owner choosing auction as an alternative method of sale.

No two properties are alike and therefore, no one auction solution fits all. Realizing that different properties lend themselves to a specific accelerating marketing approach, NAI Global has designed a program which offers property owners more than one option. Through the program NAI has developed, NAI Carolantic can offer property owners three distinct auction options: Sealed Bid Auctions, Live Auctions and Online Auctions. Sealed Bid Auctions are suitable for individual properties or portfolios over $500,000; Live Auctions deliver quick results for both residential and commercial properties of all values; and Online Auctions are the best choice for properties that have been previously listed and exposed to the market.

In all cases, auctions provide a sense of urgency for buyers to act. Auctions eliminate drawn out negotiations with a process that typically takes no more than 120 days – start to finish.

Jim Adams, Broker, NAI Carolantic Realty

If you are a property owner considering an alternative to traditional marketing, consider the auction solutions provided by NAI. More information about the program can be obtained by contacting me at jadams@naicarolantic.com, or calling 919.832.0594.
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Are All Surveys Created Equal?

September 13, 2011

Recently, I assisted in the sale of a building located in Downtown Raleigh.  Since the owner purchased the building in the early 1950s, there have obviously been numerous changes in downtown.  Adjacent properties were sold several times throughout the years, and each time the new buyer needed an updated survey for their closing.  

During this particular transaction, I took the time to sit down with what I consider to be one of the most detailed surveyors in Wake County.  He spent several hours with me digging through piles of paperwork that he had uncovered through his research for the subject property.  Most of the paperwork consisted of recorded neighbor surveys stating a legal description of the property lines and a recorded map.  

I was shocked to see the countless mistakes he discovered from careless survey work. One neighboring property is legally described to be three feet within the right of way along one of the streets of Raleigh.  However, the attached map showed the building to be within the property boundaries.  

In a totally different situation, I was involved in the sale of some land in the Research Triangle Park. After a detailed survey was completed, the buyer discovered the property actually consisted of an additional acre not advertised and shown on an old survey.  This was an immediate return for the buyer.

I also recently heard about an incorrect survey in Cary that led to a $30,000 settlement by the new property owner.  That had to be painful.

Moss Withers, Broker, NAI Carolantic Realty, mwithers@naicarolantic.com

If you are buying a property and in the midst of your due diligence, I encourage you to give careful consideration to the quality of the work performed by the surveyor. Obviously receiving the right plat is critical to the process.  But also consider a survey as an insurance policy for the future and it might save you many headaches and countless dollars down the road.  I have come to realize that all surveys are not created equal.

 


Game Changer

September 1, 2011

Director of Retail Services, NAI Carolantic Realty sbull@naicarolantic.com

Hats off to Dennis Edwards, President  & CEO of the Greater Raleigh Convention & Visitors Bureau, along with his staff for a very successful 24th Annual GRCVB Annual meeting yesterday at the Raleigh Convention Center.  Several of us from NAI Carolantic Realty joined with hundreds of other business leaders in attending the event and were very impressed with the various awards presented to include the John B. Ross Jr. Leadership Award to USA Baseball; the Thad Eure Jr. Memorial Award to the Carolina Hurricanes Hockey Club; and the Lifetime Achievement Award presented to John C. Brantley, airport director at RDU.  The balance of the program included a panel discussion moderated by Tim Schneider, publisher of Association News & SportsTravel magazines.  Panelists included two meeting planners and two sports event planners focusing on how the destination game is changing and how Greater Raleigh businesses can help to continue to attract groups and visitors to our area.  Also impressive was the GRCVB’s donation of five dollars from every luncheon seat purchased to support the Raleigh/Wake Partnership to End and Prevent Homelessness.  

Everyone must have left this meeting with a sense of pride for Raleigh, and an appreciation for those working hard to ensure Raleigh continues to be a ‘Game Changer’…the theme of the GRCVB’s annual meeting.