Tranzon Auction Properties - Real Estate Auction Blog

Located in a small subdivision off River Road, this 1.15+/- Acre building lot has seasonal views of the Cape Neddick River and is on the waiting list for a York Growth Permit, anticipated issuance - Fall 2007.

Land - Zoned Multi-Use - High Visibility - Route One, Kittery, ME

Located in a underdeveloped section of Route 1, just north of the Kittery Outlets, this 28+/- Acre parce was sold “Subject To” a first mortgage interest of about $300,000+/-. Meaning, the buyer was responsible for paying off the first mortgage of $300,000 and in essence purchased this property for $480,000.

Residential Lot - Wells, Maine

Retail Property - Bridgton, Maine

Single Family Home - Bangor, Maine

Tranzon Auction Properties continues providing solutions in an unstable real estate market.

Single Family Home - Casco, Maine 1,764± sf 4 Bedrooms, 1¾ Baths Home

It seems that every week there is more news about the state of foreclosures in Massachusetts (follow the link below to read an article in the Worcester Telegram & Gazette). This week a professor of economics at the University of Massachusetts had some dire predictions for borrowers in Massachusetts.

Many homeowners aren’t aware that they can negotiate with their lender when the balance of their mortgage exceeds the value of their home. It is still possible to sell the property through what’s called a “short sale”. If you are faced with having to consider a short sale or else lose your home through foreclosure it’s important to approach your lender with a plan of action. If you find yourself in a situation where you’re having to make tough choices like this it’s important that you consult a professional. First, you should consult your attorney, and next you may want to call us or a local real estate brokerage. Remember that often times the timing of a sale will be important. A faster sale will allow you to avoid mounting fees and penalties that will be added to your mortgage balance.
Click here to read the full Worcester Telegram & Gazette story.

Another successful auction! We thought this might be a good opportunity to highlight how Tranzon services the needs of clients who own and/or manage a nationwide real estate portfolio. Tranzon Auction Properties was employed by Keybank NA to implement a professional accelerated marketing campaign in order to supplement the minimal legal advertising that is usual and customary for foreclosure sales in OH.

Working with our partner, Tranzon Asset Strategies, we produced a high bid offer of $96,000. I know this isn’t the most astounding dollar figure you’ve ever seen, but understand that real estate in that part of the country is significantly less expensive than either coast. Add to this that foreclosure sales in OH are usually a fairly anticlimactic event culminating in the lender/mortgagee purchasing the property for the outstanding debt and bringing it into REO to maintain and manage for some indefinite amount of time before it can be sold through conventional means.

We have offered this supplemental service to our clients for many years and have developed a proprietary process that incorporates all parties involved in the foreclosure process including attorneys, sherriff’s, magistrates, etc…The benefit for a lender/mortgagee is that by supplementing the minimal legal advertising with a professional accelerated marketing campaign and producing and providing a comprehensive due diligence package to buyers, the lender can be assured that on the day of sale the property has been exposed to any and all interested parties and the high bidder is offering a fair market cash offer for that property.

The Charles Ridge Development auction that was scheduled for January 24th at 11AM, onsite, was cancelled. A chapter 11 bankruptcy was filed by Ray (the project manager) on behalf of the Charles Ridge LLC late Wednesday afternoon. In the United States everybody has an opportunity to seek relief through the process of bankruptcy law. We wish Ray and his group the best of luck in sorting out the issues that brought us to this juncture. The response was to this sale was absolutely outstanding. We had more than 120 inquiries about this project. We had more than 2 dozen groups visit our scheduled walkthrough. Despite the fact that we made dozens of calls to inform potential bidders that the auction had been cancelled there were still groups who had shown up for the auction prepared to bid.

To see the Charles Ridge Bankruptcy filing click this link Charles Ridge Bankruptcy Filing