Chicago-based Attorneys’ Title Guaranty Fund, Inc. recently launched its new subsidiary, Auctions by ATG. The new 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 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 Web site. The site provide bidders research and analytical tools to evaluate properties prior to auction, and also offers 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,” said Peterson. “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.
Peterson noted that Auctions by ATG will not be ATG’s first foray into investor relations and property sales. The Judicial Sales Corporation, another ATG subsidiary, has performed the vast majority of foreclosure sales in Illinois since 1991. According to Peterson, this experience has 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.
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 tax payer 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.
