Failed Thrifts' Property To Be Auctioned Long-Distance : Real estate: Buyers can bid from nine cities on office buildings, shopping centers, a golf course and several motels.

Failed Thrifts’ Property To Be Auctioned Long-Distance : Real estate: Buyers can bid from nine cities on office buildings, shopping centers, a golf course and several motels.

By DON FINEFROCK

Sept. 23, 1990 12 AM PT

UNITED PRESS INTERNATIONAL

MIAMI —

Potential buyers who want to participate in the Resolution Trust Corp.’s real estate auction in November won’t have to travel to Dallas to join the action.

The RTC will accept bids from satellite sites in nine cities across the United States. People also will be able to watch the auction--but not bid--from London and Tokyo.

“We’re taking the auction to the world,” said James Gall, the auctioneer hired by the RTC to conduct the sale.

“We’re doing international advertising, national advertising. Everyone who is a potential bidder is going to know about this auction.”

Gall said he expects most bidders to make the trip to Dallas on Nov. 15. Nevertheless, the RTC will accept bids from New York, Los Angeles, Chicago, Houston, Denver, Miami, New Orleans, Phoenix, Ariz., and San Antonio, Tex.

The RTC plans to auction about 70 commercial properties seized from the nation’s failed thrifts, including office buildings, warehouses, strip shopping centers, a golf course and several motels.

The properties--located in Florida, Louisiana, Texas, California, Illinois, Arizona and Colorado--are listed in a free brochure and a $20 color catalogue available from the RTC and Gall’s Auction Co. of America.

For further information, call (305) 530-1995.

Property specific information packages, with surveys, engineering and environmental reports and leasing information, are available for $65 apiece.

A broker from Coldwell Banker has been assigned to each property to answer questions and conduct inspection tours.

All bidders must be registered prior to the auction.

“We expect to have a lot of interest,” Gall said. “No. 1, I think the public perceives the RTC as a motivated seller, which is a key ingredient.”

Gall said he also believes the reserve for each property will be set at a “reasonable” level. Financing also will be available through the RTC.

“We just want to get as much information out into the hands of potential bidders as possible, because the more prepared bidders we have, the better the auction will be.”