MINNEAPOLIS, MN, – In response to the growing interest in real estate auctions, Ritchie Bros. Auctioneers will conduct free “real estate auction buying” seminars at MW Johnson Construction in Lakeville, Minnesota this week. The seminars start at 6:30 p.m. on Wednesday, March 26 and Thursday, March 27, 2008. On Saturday, March 29, Ritchie Bros. will sell 26 brand new MW Johnson homes located in and around the Twin Cities at an unreserved auction in Minneapolis. Among the topics being covered at the free “auction buying” seminars:
– Different types of real estate auctions – Definitions of common auction terms, like “unreserved,” “absolute” and “minimum bid” – What to do before you bid on auction day – How to bid at a real estate auction – Benefits of buying and selling real estate at an unreserved auction
Representatives from the Real Estate Auction Division of Ritchie Bros. will also answer any questions that are posed. There is no charge to attend the seminars but seating is limited. Phone 952-892-5200 to reserve your seat.
“Real estate auctions are commonplace in some parts of the world but new to many North Americans,” said Kieran Holm, Ritchie Bros. Regional Manager. “At Ritchie Bros. we encourage our customers to come to an auction prepared – knowing what they are bidding on, what they are willing to pay, how the auction will be conducted and all of the applicable terms and conditions. It’s important to feel comfortable when you bid, and that’s why we’re offering these free seminars. Real estate auctions are getting a lot of attention these days, but too many people have unanswered questions and have been given incomplete or wrong information. We want to change that.”
This Saturday (March 29), 26 MW Johnson-built townhouses and single-family homes located in both Minnesota and Wisconsin will be sold at an unreserved Ritchie Bros. auction. The auction starts at 1 p.m. at the Minneapolis Convention Center. Registration is free and starts at 11 a.m. The auction will be strictly unreserved, meaning there will be no minimum bids and no reserve prices. Every home in the auction will be sold to the highest bidder on auction day, regardless of price. For more information about the homes or the auction, go to www.rbauction.com/twincities or contact Steve Speer, Ritchie Bros. Territory Manager, at 612-518-0095.
AUCTION BUYING SEMINARS 6:30 p.m. – Wednesday and Thursday, March 26 & 27, 2008 MW Johnson Construction (17685 Juniper Path, Lakeville, MN) UNRESERVED AUCTION 1 p.m. (registration starts at 11 a.m.) – Saturday, March 29, 2008 Minneapolis Convention Center (1301 Second Avenue South, Minneapolis MN – Room 211 A-D) About Ritchie Bros.
Established in 1958, Ritchie Bros. is the world’s largest auctioneer of industrial equipment, operating through over 110 locations in more than 25 countries around the world. The Company sells, through unreserved public auctions, a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries. The Company maintains a web site at www.rbauction.com.
Fact Sheet: Ritchie Bros. Unreserved Real Estate Auctions Who is Ritchie Bros. Auctioneers?
Established in 1958, Ritchie Bros. is the world’s largest industrial auctioneer, selling more than $3.18 billion of industrial and commercial assets in 2007 alone. Ritchie Bros. has been selling real estate by unreserved auction at the request of customers since the early 1980s, but established its dedicated Real Estate Auction Division in 2005 due to the growing demand for its real estate auction services.
Ritchie Bros. has more than 950 employees in 110 locations around the world, including 38 full-service auction sites. The Company’s worldwide headquarters are located in Vancouver, BC, Canada and U.S. headquarters in Lincoln, Nebraska. Ritchie Bros. is listed on the NYSE and TSX under the trading symbol RBA.
What is the difference between Ritchie Bros. auctions and other real
estate auctions?
Every Ritchie Bros. auction is strictly unreserved, which means there are no minimum bids and no reserve prices. Ritchie Bros. also maintains a strict “no bid-ins and no buy backs” policy, which means that consignors (sellers) and their agents are contractually forbidden from offering bids on their own items in the auction. As a result, prices are set by legitimate bidders – not by Ritchie Bros. or the seller – and every item is sold to a new owner on auction day. Ritchie Bros. auctions are open to the public and registration is free.
Unlike Ritchie Bros. auctions, many real estate auctions have reserve prices, which are sometimes not disclosed to the bidders. At these types of auctions, if no one offers a bid greater than the reserve price, the item is removed from the auction and not sold. There are absolutely no reserve prices at Ritchie Bros. auctions; everything is sold on auction day.
What does unreserved mean?
“Unreserved” means there are absolutely no minimum bids and no reserve prices set on the items being sold in the auction. As a result, every item is sold to the highest bidder on auction day – regardless of price. An unreserved auction is sometimes referred to as an “absolute” auction.
How many auctions has Ritchie Bros. conducted?
Ritchie Bros. has conducted almost 3,600 unreserved auctions in its 50-year history – and every single one has been strictly unreserved. In 2007, Ritchie Bros. conducted more than 350 unreserved public auctions, selling close to $40 million of residential, recreational, commercial and agricultural real estate.
What types of properties has Ritchie Bros. sold?
Ritchie Bros. has sold many different types of real estate by unreserved auction, including the Jewel in Lake City golf course and home sites (more than 100 total) in Lake City, Minnesota. Among the hundreds of properties sold to the highest bidders at unreserved Ritchie Bros. auctions in 2007:
– 36.5-acre Ritchie Bros. auction site in Denver, Colorado – 45-acre commercial/industrial property in Ponoka, Alberta – 36-home residential subdivision in Quesnel, British Columbia – 1,700 square foot luxury condo overlooking the Texas Motor Speedway in Fort Worth, Texas – 320+/- acres of agricultural/recreational land in Stettler County, Alberta How can I bid at a Ritchie Bros. auction?
Bidding at a Ritchie Bros. auction is easy. Take the time to inspect the item you are interested in before auction day – whether it’s a piece of equipment or a piece of property – and decide how much you are willing to bid. Read the terms and conditions of bidding and payment on the Ritchie Bros. web site at www.rbrealestate.com. On auction day, simply register to bid – it’s free and requires only proof of identification. If you can’t make it to the auction site on auction day, register to bid online using the Ritchie Bros. real-time internet bidding service, rbauctionBid-Live.
How can I find out more about Ritchie Bros. real estate auctions?
For more information about Ritchie Bros. and for details about upcoming real estate auctions, go to the Ritchie Bros. web site at www.rbrealestate.com or phone 1.877.675.LAND (5263).
CONTACT: Kieran Holm, Regional Manager – Real Estate Auction Division, Ritchie Bros. Auctioneers, Tel: (817) 372-7219; Or Kim Schulz, Corporate Communications Manager, Ritchie Bros. Auctioneers Head office, tel: (604) 304-3830, or email [email protected]
Ritchie Bros. Auctioneers (America) Inc.
CONTACT: Kieran Holm, Regional Manager – Real Estate Auction Division,
Ritchie Bros. Auctioneers, Tel: (817) 372-7219; Or Kim Schulz, Corporate
Communications Manager, Ritchie Bros. Auctioneers Head office, tel: (604)
304-3830, or email [email protected]