What is a Sealed Bid Sale?
What is a Sealed Bid Sale? A Sealed Bid Sale is an efficient sale process to bring together buyers and sellers. Bids from buyers (offers) are due and presented to NRC on or by a specified date (the bid deadline). See Terms & Conditions for more information.
What are the Terms & Conditions?
What are the Terms & Conditions? NRC Sealed Bid Sales are governed by written Terms & Conditions which set forth the sealed bid sale process in specific detail. All interested parties should read the Terms & Conditions which will answer many common sale questions and provide other important information about the sale process and the properties being sold.
What is the difference between Fee and Leased property?
What is the difference between Fee and Leased property? If a property is designated as “fee” it means the real estate and business is being sold. If a property is designated as “lease” it means the buyer is buying the business and renting the property for the remaining term on the lease under the current rent and with lease options (if any) as shown on the site page for that property. A copy of the lease is available in the due diligence package for review for that site.
Is the convenience store or gasoline gas brand being sold with the property?
Is the convenience store brand or gasoline brand being sold with the property? The Terms & Conditions set forth whether or not the property is being sold with the convenience store brand or if the purchaser can change the current gasoline brand.
How do I inspect a property?
How do I inspect a property? Interested parties may visit any property that is currently operating during normal business hours; however, IT IS IMPERATIVE THAT PARTIES DO NOT IDENTIFY THEMSELVES OR SPEAK WITH STORE EMPLOYEES AND ANYONE FOUND VIOLATING THIS WILL BE EXCLUDED FROM BIDDING. The Terms & Conditions will outline how to arrange a visit for a closed property.
How do I get due diligence information on a property and what information is available?
How do I get due diligence information on a property and what information is available? NRC has prepared a due diligence package for each site, the Property Specific Package or PSP. The PSP download can be found on the NRC website at the bottom of the site specific page for the property of interest and is generally available 3-4 weeks before the bid deadline when bids are due. NRC assembles financial, real estate, UST and environmental information as available, as well as copies of leases, and other legal information. THE PSP PACKAGE ALSO CONTAINS A BID PACKAGE WHICH HAS THE PURCHASE CONTRACT FOR THE PROPERTY AND INSTRUCTIONS ON HOW TO FILL OUT THE CONTRACT AND RETURN IT TO NRC ON OR BEFORE THE BID DEADLINE.
Are there published asking prices?
Are there published asking prices? Prospects may bid any amount they wish, and NRC does not publish list prices or asking prices for the property.
How do I estimate the property value and determine a bid price?
How do I estimate the property value and determine a bid price? NRC does not publish property values nor does it assist in determining bid pricing. Each bidder must formulate their own bid price based upon the provided due diligence and terms of purchase, along with the bidder's own investigations and assessed risk.
How do I bid on multiple properties?
How do I bid on multiple properties? Parties may bid on as many properties as they wish. Review the Terms & Conditions and the Bid Package for bidding guidelines.
Are there different types of bids I can make?
Are there different types of bids I can make? Many bidders make a single bid on a single property. However, NRC allows bidders who want to buy only one property, but who have identified more than one property they might want to buy, to make a Preference Bid. A preference bidder signs a separate contract for each property they would buy but stipulate that they will only close on one contract and then give NRC their preferences so we can convey this to the seller when reviewing bids received. Only a bid deposit for the contract with the highest bid price is required (see Terms & Conditions). Bidders may also make all or nothing bids on a group of properties, and multiple preference bids where a bidder bids on 10 properties for example but wants no more than 5 of the 10.
What is a bid deposit and how much is it? What forms of payment do you accept for the bid deposit?
What is a bid deposit and how much is it? What forms of payment do you accept for the bid deposit? Bidders are required to submit a bid deposit with each bid as set forth in the Terms & Conditions. NRC Wiring instructions for the bid deposit are provided in the Bid Package.
How do I send in my bid?
How do I send in my bid? Bids should be emailed to an NRC Sales Manager at Sales@nrc.com.
Do I need to get a lender before I bid?
Do I need to get a lender before I bid? NRC suggests you discuss your purchase with a lender prior to making a bid, but financing is not a condition of your bid.
What happens to my bid once it is received?
What happens to my bid once it is received? NRC will present all bids received to the seller; this may take as little as a few days to a week or more. Some sellers can make quick decisions and others may take more time especially large corporations. Expect the initial bid process to take 1-2 weeks. If a bid is deemed competitive, the bidder may be invited into a best and final bid round (BAFO) and given 5-7 days to resubmit their bid. The timeframes for the first-round bids will be similar in the BAFO round.
When will I know if my bid has been accepted or not?
When will I know if my bid has been accepted or not? Winning bidder will be notified by NRC via email or phone.
If my bid is accepted, what is the additional deposit?
If my bid is accepted, what is the additional deposit? See the Terms & Conditions.
How long do I have to close the sale?
How long do I have to close the sale? See the Terms & Conditions, but generally 45-60 days.
If my bid is not successful, when do I receive my deposit back?
If my bid is not successful, when do I receive my deposit back? If your bid or bids are not accepted, you will receive your deposit back in 10 -30 days depending on the sale but the Terms & Conditions will provide more specific details and information.