"Sealed-Bid" Auctions

Anyone used this method of sale before? I hadn't heard of it until a read a bit in Crain's about a local developer using the practice.

According to the piece, the "sealed-bid" (as opposed to a public auction), allows for a Seller to look at what Buyers are willing to do. The Seller can reserve the right to reject bids. Something worth a look for you in a slow market??

Universal Realty Group, Inc. was representing the piece in the article.