Bank Sale Pivot
Biddeford, ME - April 2020
Tranzon was conducting a foreclosure auction of a Maine oceanfront property for a regional lender and long-time client. It was scheduled for early April, just as Coronavirus concerns were peaking in the US. Interest in the property was very high, but the requisite live auction was a risk, and bidders might be understandably reluctant to attend. Postponement was one option, but there was no telling when the sale could be rescheduled.
Tranzon worked with the lender’s counsel on a workaround. They converted the sale to an online, bid-by-phone, and onsite hybrid to protect the health and safety of participants while still satisfying the statutory requirements of the sale.
A total of 36 bidders brought the final bid to $475,000, exceeding the price the bank wanted by 17%. The sale was a win-win: a happy winning bidder, and a banking client impressed by not just the results but also our efforts to make the sale happen under challenging circumstances.