Washington, DC / Auction proposal
912 Kennedy
Street NW.
Vacant semi-detached townhouse
Washington, DC
A focused auction strategy.
Competitive Bidding. Sale Terms Beneficial to the Seller.
100+
More than a century of auction experience.A modern online platform for your sale.
A note from Paul Cooper
Dear Mr. Ghauri and Mr. Nawaz,
Thank you for your interest in working with Alex Cooper Auctioneers to sell 912 Kennedy Street NW. We appreciate your longstanding relationship with our firm and the opportunity to present a marketing and sale strategy that supports your goal of selling the property promptly.
Following our conversation, we recommend an advertised opening bid of $250,000 and a confidential reserve of $400,000, with a 5% buyer’s premium. The purchaser would pay 8% annual interest on the unpaid purchase price from the sale date to settlement, with all adjustments made as of the sale date.
Our auction platform is designed to maximize exposure, encourage competition among buyers and achieve market-driven pricing within a defined timeframe. We will present the property to buyers considering a rental investment, a single-family renovation or a future condo development, supported by the available property and zoning information.
01 / The property
A vacant house with several paths forward.
912 Kennedy Street NW
Washington, DC
The property was acquired with plans for a 14-unit condo building. With the owners now seeking a timely sale, our campaign will present both the existing house and its potential for future redevelopment.
Property descriptions and development history are based on the information provided by ownership. Available zoning, plans and prior approval documents will be assembled for buyer review before the auction.
02 / Positioning the opportunity
Reach buyers with different plans.
A focused campaign for investors,
renovators and developers.
Rental investment
Present the vacant house to investors evaluating a rental property, with access to inspect its condition and assess the work needed.
Single-family renovation
Reach buyers seeking a house to renovate and resell or occupy. Ownership describes the existing home as a candidate for cosmetic renovations; buyers will evaluate the scope through inspections.
Future condo development
Share the history of the planned 14-unit condo project and available development materials with qualified prospects evaluating a longer-term opportunity.
We understand the property previously received approval for a condo building. The status, scope and continued validity of any approvals will need to be verified. Future redevelopment is subject to applicable zoning, permits and approvals.
03 / Opening bid & reserve
Opening bid & setting
the reserve price.
The opening bid tells buyers where the competition starts. The reserve is the minimum you are willing to accept. They serve two different purposes.
Confidential · Owner & auctioneer
$400,000 reserve.
Your minimum. Your final say.
The reserve is the minimum amount you are willing to accept for your property. It is stated in the Auction Listing Agreement and remains confidential between the owner and auctioneer.
You have the final say over the reserve. If the auction does not meet it, you may choose to accept or reject the highest bid.
Public · Advertised to buyers
$250,000 opening bid.
Where the competition begins.
The advertised opening bid is the starting point for the auction. It does not represent the asking price, reserve price or anticipated sale price.
On the MLS, the asking-price field shows the opening bid. The property description explains that the property is being sold at auction and that the listed amount is the opening bid.
How do we establish the pricing?
The property owner and auctioneer analyze the property together to determine a reasonable reserve, with the seller ultimately choosing the amount. The Auction Listing Agreement records the reserve, the opening bid/list price and the buyer’s premium. Once the agreement is signed, the auction is scheduled and marketing begins.
What if the bidding finishes below the reserve?
You can accept or reject the highest bid. Alex Cooper routinely sells properties below, at and above the reserve price. We share bidding activity and guide you through the auction so you can evaluate the result as bidding concludes.
What should we consider before rejecting a bid?
Once a bid is rejected, the bidder is no longer obligated to that last bid. A later offer may be lower, or the buyer may not proceed. The auction itself is the time to secure the best price and sale terms, so we will review the bidding with you before you make that decision.
What if an offer arrives before the auction?
We will promptly present any pre-auction offer to you for consideration.
The reserve is a minimum acceptable price, not a ceiling on bidding or a guaranteed sale price. The final auction result will depend on the property’s condition, buyer participation and market conditions at the time of sale.
before the auction
04 / Marketing your property
A targeted
marketing campaign.
Prepare and present.
Professional photography, a clear property description and available due-diligence materials will explain the house and its development history. The property will have an open house and be available for Realtors to show to their clients. Alex Cooper will also conduct private showings with unrepresented buyers.
Reach qualified prospects.
Targeted digital advertising and email marketing will reach our database of more than 50,000 subscribers, including investors, developers, brokers and owner-occupants. Exposure will include Bright MLS, LoopNet, Crexi and the Alex Cooper online auction platform, which attracts more than 250,000 unique visitors annually and has over 50,000 registered user accounts.
Build an informed buyer audience.
We will work with you to assemble available reports, surveys, plans, zoning and approval documents. Registered bidders can review due-diligence materials through our secure online platform after agreeing to a confidentiality agreement. The marketing period will typically run for three to four weeks before the auction.
Control marketing costs.
No upfront marketing cost to the seller. If the property does not sell at an acceptable price, no marketing fee or auction expense will be charged to the seller.
05 / The auction process
From agreement to settlement.
Click a stage to explore what happens next.
We guide you all the way through closing.
Before launch · Set the foundation
Listing agreement
Execute the agreement and establish the reserve, opening bid, auction terms and sale schedule.
Your reserve and opening bid
Record the $400,000 confidential reserve, $250,000 advertised opening bid and 5% buyer’s premium. Assemble property information and development documents.
Record the $400,000 confidential reserve, $250,000 advertised opening bid and 5% buyer’s premium. Assemble property information and development documents.
We will agree on the auction dates before launch. Marketing typically runs for three to four weeks, followed by five days of online bidding. Settlement is due within 45 days of the sale date.
06 / Sale terms
Seller-focused terms.
Subject to final listing agreement and purchase agreement.
5%Buyer’s premium
Added to the winning bid to determine the total purchase price. The premium appears on the seller’s side of the settlement statement as commission. If the purchaser is represented by a licensed real estate broker, a 1% cooperative commission may be paid from the buyer’s premium.
10% / 45 daysDeposit and settlement
Within one business day after the auction, the winning bidder must provide a deposit equal to 10% of the total purchase price by cashier’s check or wire transfer. Deposit funds remain in Alex Cooper’s escrow account until settlement. Settlement is due within 45 days of the sale date.
8% per annumInterest through settlement
The purchaser pays interest on the unpaid portion of the purchase price from the date of sale to the date of settlement at a rate of 8% per annum.
As-is, where-isCondition and contingencies
Sell without financing, appraisal, inspection or other contingencies. Buyers inspect the property and review available due-diligence materials before bidding.
Increase your proceedsTransfer taxes and settlement costs
The purchaser pays documentary stamps, transfer taxes and settlement costs. Real estate taxes and all other applicable charges are adjusted to the sale date and assumed by the purchaser after auction day.
Qualified biddersRegistration and contract
Prospective purchasers must satisfy the auction registration and bidder-deposit requirements before bidding. The registration deposit amount will be established in the auction terms. Alex Cooper will provide the Auction Purchase and Sale Agreement.