Seller’s Reserve for 5th and Madison Auction
5th and Madison is a great building! Across the street from the Federal Court House and the Seattle Public Library, one could argue that it’s one of the quietest and safest parts of town. The corner of 5th and Madison is referred to as being in the business district, so there are several commercial high-rises where business professionals have found it convenient to walk to work.
The most interesting thing to note about the 5th and Madison auction is the fine print which states all bids are subject to Seller’s reserve. If a starting bid is $195,000 (as advertised), and that bid is the only bid that unit receives, it’s likely that it will not meet the undisclosed amount the seller is willing to accept for the unit. Keep this in mind when considering expectations of your possible bid limits.
The auction does require a registration and $5,000 deposit and prequalification to bid.
Again, especially for this auction, representation is a wise idea.
The prospective client (“Bidder/Buyer”) must register their broker on the Auction Registration Form at the time of their initial registration or no later than Thursday, March 25, 2010. No broker registration will be accepted on auction day.
Brokers must accompany the Bidder/Buyer to the auction and, if successful, through the entire purchase process at the auction on Sunday, March 28, 2010, and execute the Cooperating Broker Agreement.