Attorneys’ Title Guaranty Fund Inc. (ATG) has announced the launch of its new subsidiary, Auctions by ATG. The real estate auction firm will host a multi-property auction on June 22. Buyers will have the opportunity to bid live or online on a mixture of single-family and multi-unit properties with low opening bids and published reserve prices.
“Auctions by ATG will provide the most transparent and dynamic auction process available today,” said Diana M. Peterson, executive vice president of Chicago-based Auctions by ATG. “By utilizing the resources and relationships that ATG provides, we are confident that Auctions by ATG will be a market leader and provide excellent opportunities for investors and other property purchasers nationwide.”
According to Peterson, the June 22 auction will introduce Auctions by ATG’s new online bidding website. Not only does the website provide bidders extensive research and analytical tools to evaluate properties prior to auction, but it also offers total transparency on auction day. Registered online bidders can view live-streaming video of the auction and a live bid cast in real-time, allowing them to observe the auction and electronically raise their bids from anywhere.
“No other online auction process in Illinois currently has this capability,” Peterson said. “Our online bidding process delivers what so many investors who bid at auctions today want – a totally transparent online bidding experience with the ability to follow and participate in the auction in real-time, online.
“Online bidders who don’t have time to follow our auctions may confidentially submit their maximum bid to the online bidding service and authorize a bidding service staff member attending the auction to submit bids on their behalf, up to their maximum bid,” Peterson said.
Peterson noted that Auctions by ATG will not be ATG’s first foray into investor relations and property sales. The Judicial Sales Corp., another ATG subsidiary, has performed the vast majority of foreclosure sales in Illinois since 1991. According to Peterson, this relevant experience has tremendously aided the launch of Auctions by ATG by providing established relationships with a large pool of investors who are strong cash buyers and ready to close quickly.
“Unlike other auction firms, we have direct access to a substantial network of local investors who already attend foreclosure sales at ATG’s offices twice a day,” Peterson said. “These investors are eager to seize the opportunities Auctions by ATG now offers. In addition, our variety of auction platforms will allow them to partake in many different types of sales and invest in a more diverse range of properties.”
Auctions by ATG’s online bidding service provider also has relationships with major private equity funds that have a virtually unlimited appetite for purchasing properties in Illinois. With billions to invest, these funds, and the firm’s local investors, will be attracted by the investor friendly pricing and process, Peterson added.
The June 22 auction will be a tax deed auction and feature 12 residential properties in the Chicago area. These properties were the subject of a property tax sale, which means the purchaser of the delinquent property taxes has the right to take the deed as the delinquent property taxpayer no longer has a right to redeem. The winning bidder at auction will be assigned the right to take deed to the property, subject to court issuance of the tax deed. Insurable title and a circuit court tax deed will be provided to the winning bidder at closing.
Interested parties in the June 22 auction should visit www.auctionsbyatg.com to register to bid and join the mailing list to receive future auction notices.
In addition to its tax deed auction platform, Auctions by ATG offers both residential and commercial auction platforms for REOs, short sales, developer units and property notes.