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Denver Restaurant Lease Auction Information  E-mail

Auction Definitions >> Auction Methodology >> AUCTION REGISTRATION >> Virtual Auction Room >>

Auction Bidding Information & Method

This property will be:
1. Available for Inspection By Appointment
2. Scheduled To Be Auctioned to the Best Bidder April 26, 2012 at 5:00 PM MST
3. Open For Bidding -- Starting Bid $9.50/sq. ft.

Once the "Best Bidder" is selected, the parties put the property under contract as a normal residential real estate transaction with approved Illinois "contract-for-purchase" subject to standard contingencies such as appraisal, satisfactory property inspection, and financing if applicable.

Property Address:
To Come
Auction Registration >>

Auction Bidding Method:

  • Initial Bids can be left in any amount but must be verified by the bidding closing date.
  • Initial bids can be changed at any time until 2:00 PM local time on the bidding closing date.
  • Verified bids will be posted and can be viewed in the virtual auction room.
  • The seller may elect to negotiate sealed bids prior to the bid closing date.
  • Final telephone round-robin bidding will begin at 3:00 PM local time on the bidding closing date. The best bidder will receive the first call to let him/her know that the bidding has begun. The next best bidder will then be called and given the opportunity to top the best bid, and so on down the list.
  • While bidding is open, every bidder will have the opportunity to top the best bid until the best bidder is established.
  • If there is more than one bid at the same level, the earliest bid will be honored.
  • When bidding begins, the bids will be specified, fixed integrals apart, which are identified under the "Auction Info" section of this website.
  • Once the best bidder is established and global transaction terms are agreed to, the sale becomes a NORMAL REAL ESTATE TRANSACTION subject to normal contingencies such as appraisal, financing, property inspection, etc.
  • When the final bidding has been completed, the best bidder will have 72 hours to put the property under contract in accordance with all applicable real estate laws in the state that the property is located. Sample sales contracts are available for review under the "Auction Info" section of this website. Otherwise, the next bidder will be given the opportunity to purchase the property.
  • As with any real estate transaction, there is no legal obligation to purchase or sell until a contract is executed.

Real Estate Auction Definitions:

"International Bidder:”
Any bidder domiciled outside of United States including Alaska & Hawaii

“Out-of-State Bidder:”
Any bidder domiciled outside of Colorado, USA

“Best Bid:”
That bid determined by the seller to be most qualified given price considerations including seller’s perception of a given bidders ability and willingness to close the transaction in a timely manner with good funds

“Formal Notice of Auction Award:"
The seller may notify the “Best Bidder” by phone, facsimile, email, and/or registered mail. All such forms of notification will constitute legal “Formal Notice of Award”

“Best Bid Award Price:”
That “Best Bid” price that through the “round-robin” bidding process the seller’s award the auction subject property to

“Buyer’s Premium:”
There are no "buyer's premiums", fees or charges associated with this 5 day sale auction format to the best bidder.