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Thursday, October 15, 2009

Deadline Announced for Michigan Bank Liquidation Auction

OCTOBER 15, 2009, CHICAGO ? NRC Realty & Capital Advisors, LLC (NRC) has set the Auction Deadline of their fall online auction of southeast Michigan real estate for Wednesday, November 11, 2009. The Chicago-headquartered firm is a leading organizer of such sales on behalf of developers, lenders and companies disposing of multiple properties throughout the United States.

Themed the Michigan ?Land Grab? Auction, this sale is being held in conjunction with Windham Realty Group, Inc. and offers a variety of properties, including commercial and residential land, developed homesites and condominiums. The ?Land Grab? name is inspired by the very low minimum bids required to win properties, including homesites as low as $3,000. Plus, buyers will benefit from a Special Financing program requiring as little as 5% down on some properties.

The offering uses NRC?s online ?Bid Now? process so that buyers can purchase multiple sites or a single site online in advance of the sealed bid deadline. According to Auction Manager, David Levy, ?We are accepting ?Bid Now? offers through the auction website until the close of business on Tuesday, November 4. This is a way for buyers to potentially avoid a bidding war. After that we will be collecting sealed bids on unsold properties until the close of business on November 11. Any property that receives a sealed bid at or above minimum will be sold.? All bids are submitted through the auction website in just a few easy steps. Further information is available at www.nrc.com/912.

A summary of the property being auctioned includes:

Brownstown: 8.9 acres of residential land

Clarkston: 5 developed homesites ranging 1.2-2 acres in the Stonebrook community

Farmington Hills: 5 developed homesites in the attractive, wooded, community called ?The Sanctuary?

Fenton: Condominium featuring 2 bedrooms, 2 bathrooms, 2 car garage, and 1,380 square feet in the Waters Edge community. Available for viewing from 1-4 p.m. on Saturday and Sunday October 31, November 1, November 7, and November 8

Fenton Township: Condominium featuring 2 bedrooms, 2 bathrooms, 2 car garage, and 1,340 square feet in the Landings at Crane?s Cove community. Available for viewing from 1-4 p.m. on Saturday and Sunday October 31, November 1, November 7, and November 8

Grand Blanc Township: 10 spacious developed homesites in the Wakefield Woods community

Howell: 3 incomplete condominiums featuring a minimum of 2 bedrooms, 1.5 bathrooms, a 2 car g