From 1989 to 1995 a little remembered government owned management company called the Resolution Trust Company (RTC) liquidated the assets of over 700 S&L's who went insolvent.  They sold mortgages, condos, houses, land, commercial buildings and furniture, fixtures and equipment (FFE).  Specialty brokers were used and billions of dollars worth of property were sold at auction. 

Mike Norvell had a post the other day asking where and when will it all end with values dropping. If you ask me, it will be with the Y2K version of RTC Redux.  The government is already getting involved in the bailouts. 

A few days ago I posted about conducting multi-property and multi-seller auctions.  I have been doing them since I started in the liquidation business in 1996.  This was a little after the big RTC blowouts, but guess who mentored me in setting up and running these transactions?  The guys that did it in the RTC days.  Guess who is still around?  The guys that did it in the RTC days.

These days there are about half a dozen companies conducting these mega sales around the US.  Some even have TV commercials.  Definitely, these types of auctions have picked up in the past 18 months.  I think there are going to be more.

This started as a long answer to Mike's short question, but I think I should also point out that the average Realtor needs to strongly consider learning about the auction process.  20 years ago an enormous amount of product was being sold through REO type brokers and auctioneers.  Agents are now flocking to sign up as vendors for the asset managers, taking classes, going to conventions and getting REO designations yet auctioneers are still looked at by the average Realtor as the whipping boy of the real estate industry.  

Here's a tip, O'Neal.  The REO industry reinvented itself just a few years back.  The average REO agent just recently jumped on the bandwagon.  The auction business has been around for thousands of years.  The average auctioneer has about 10 years of experience. 

Just my opinion, but I think there are going to be many, many more of the mega-auctions and eventually Uncle Sam is going to be very involved.  It's coming like a freight train.  Realtors in the know are going to have an advantage. 

I am now off my soapbox.