Need a condo on a budget? This might be your chance – News – The Walton Sun – Florida News

Need a condo on a budget? This might be your chance – News – The Walton Sun – Florida News

At least 25 of the condo units being sold June 29 will be part of an “absolute auction” in which the unit is sold to the highest bidder regardless of how low the bid.

PANAMA CITY BEACH — An auction scheduled later this month is aiming to offload 85 units in the Origin at Seahaven resort.

At least 25 of the condo units being sold June 29 will be part of an “absolute auction” in which the unit is sold to the highest bidder regardless of how low the bid.

An absolute auction has no minimum bid.

The bid prices of the units that are not included in the absolute auction must be approved by the owner.

The auction is scheduled for June 29 at 10 p.m. in the ballroom of the Sheraton Bay Point Resort, 4114 Jan Cooley Drive.

“It is going to be a live auction,” said Lamar Fisher, the CEO of Fisher Auction Co. that is handling the event. “If you can’t make it, we are offering online bidding as well. You have to get pre-registered and set up with a password to enable you to get on the site. You have to pre-qualify.”

Fisher said it is likely that owner will sell more than 25 units at absolute auction as the auction proceeds depending on how things are going.

“At least 25 units are going to be sold (at absolute auction) regardless of price,” he said.

To be a qualified bidder, a person must have a $5,000 cashier’s check per condo and should have their financing in order as they will be signing a non-contingency contract – meaning a contract that is not contingent upon any financing.

With units sold under the regular bidding process, the unit owner has…

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