COMMERCIAL REAL ESTATE
Property Auction | First Merchants Bank
Services Provided
Seller Representation
Statistics
Client
Client
Case Study
1700 West Smith Valley Road
Greenwood, IN 46142
Background
Strategy
Results
“[Mitch’s] marketing efforts and his personal engagement of prospective buyers made the sale a success resulting in an acceptable price and timely closing of the transaction. He professionally navigated the many parties involved with the property.”
STRATEGY
First Merchants Bank, N.A. (“FMB”) and their Attorney appointed Mitch to liquidate a multi-tenant office condominium due to Mitch’s experience with Sheriff Sales via Private Auctioneer. At this point in time, FMB had already engaged a Property Manager and Receiver to assist with management efforts. Mitch’s tasks were to work through the legal process with FMB’s Attorney and the Sheriff’s Department, market the property for sale at auction, care for the existing tenants, ensure all prospective bidders understood the situation and manner of liquidation, conduct the auction, and handle all post-closing items with the successful bidder and the Sheriff’s Department.
RESULTS
After scheduling the on-site auction, conducting on-site inspections/previews with prospective bidders, exhausting all marketing efforts, and keeping all parties involved apprised of developments, a successful auction was conducted at the subject property. A sale price was achieved at the auction to the point that FMB did not exercise their right to bid against their awarded summary judgment and the property was sold to a third party. Mitch worked with the successful bidder, FMB’s Attorney, and the Sheriff’s Department to draft the necessary conveyance & legal documents so a closing would be accommodated within three weeks after the auction. Margaret H., Vice President, Special Assets for First Merchants Bank, N.A., shared her testimonial for Mitch Doner in this testimonial:
"[Mitch’s] marketing efforts and his personal engagement of prospective buyers made the sale a success resulting in an acceptable price and timely closing of the transaction. He professionally navigated the many parties involved with the property."
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