Gallery Cancels Auction. Switches To Buy Now Event!?

I was just forwarded an email sent to an agent about the Gallery auction. Apparently one day before the auction they’re radically changing the format. I have no idea what to make of this:

After careful deliberation – and in order to preserve the spirit of our “Special Offering” – AMP and Gallery Condominium LLC have agreed to convert our event from a traditional “Outcry Auction” format to a “Buy Now” One Day Sales Event. The new format will allow all prospective buyers to participate in the event while providing sufficient time to confirm financing approvals for our FHA approved programs.

Thoughts?

Click through for the full email.

March 4, 2011

Dear [agent],

Thank you for your interest in the Gallery Auction. We greatly appreciate all of the time and effort you exhibited over the past five weeks in touring our homes and working with our preferred lenders. Gallery has received a very positive response during our Open House process. Hundreds of site tours have taken place during these past weeks.

As the marketing lead for the project, it is Accelerated Marketing Partner’s (AMP) objective to create a fair and transparent buying environment to establish and preserve value within the community and to promote the dream of home ownership. As you are probably aware, the community is now more than 80% sold out through a combination of retail sales and a previous, very successful auction event.

We have discovered through our current marketing efforts that because of the preponderance of open 1 bedroom plans, many of our potential bidders are first time buyers who need to take advantage of special and attractive FHA financing available for our homes, due to tight credit requirements and more expensive conventional financing. After discussions with many of our prospective home buyers, it has become evident to us that the complexities and extended time requirements necessary to obtain financing pre-approvals may prevent would-be buyers from participating in the current auction format. Our desire to accommodate buyer needs for special financing was evidenced 2 weeks into our marketing campaign when we introduced our 3% buyer assistance program for financing costs. AMP and our Seller, Gallery Condominium LLC, wish to ensure that anyone wanting to call Gallery home has the opportunity to accomplish this dream, regardless of the specifics of his or her respective financing needs.

After careful deliberation – and in order to preserve the spirit of our “Special Offering” – AMP and Gallery Condominium LLC have agreed to convert our event from a traditional “Outcry Auction” format to a “Buy Now” One Day Sales Event. The new format will allow all prospective buyers to participate in the event while providing sufficient time to confirm financing approvals for our FHA approved programs.

This “Buy Now” One Day Sales Event will NOT be available to the public and is only available to prospects who have officially registered during our campaign. In order to accommodate the new format, our Seller has graciously set prices far less than previously publicized, including sales from our prior auction. This represents the lowest prices ever made available in Gallery’s history. The sales process will be easy and transparent. This discounted price that is only available on the day of the event is what you will pay – with no competition – on a first come, first serve basis beginning at the time of the sale. All winning buyers will be provided a 7 day financing contingency period to finalize arrangements with our preferred lenders to finance their purchases. Of course, you can still receive up to 3% from the Seller to be used towards closing costs, making our One Day Sales Event the best time to buy your home at Gallery.

How it Works:
1. Preview the homes from 9 am – 2 pm on Saturday, March 5th, 2011.
2. Sign in at the Gallery Sales Information Center starting at 2 pm on Saturday, March 5th and you will be assigned a number on a first come, first served basis to participate in the offering.
3. Our Sale Event will begin promptly at 2:30 pm on March 5th at Gallery.
4. Complete your contract that day and begin your dream of home ownership at Gallery.
To participate, Buyers must still bring a “Cash Equivalent” of $2,500 which must be in the form of a Cashier’s Check or Certified Check made payable to yourself. The “Cash Equivalent” will be endorsed to First American Title Company and be used as a portion of the earnest money deposit, which will total 3% of the purchase price.

We are expecting many prospective buyers to participate. Therefore, we encourage you to preview the homes again prior to the sign in deadline and to arrive early to the scheduled sale time. This will maximize your chance to successfully purchase your home at this once-in-a-lifetime opportunity at one of Seattle’s most prestigious downtown addresses. We wish you the best of luck and look forward to helping you buy the home of your dreams.

Sincerely,

Accelerated Marketing Partners
Gallery Condominium, LLC
Ph: (206) 441-0300
www.auctionthegallery.com

About Matt

Matt , Urbnlivn's publisher, has a love for lofts, floating homes and mid-century moderns.

For years Matt resisted becoming a real estate agent preferring to be an executive in the startup world but he recently caved in the spring of 2014 and became an agent.

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