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Resolution Trust Corporation: Effectiveness of Auction Sales Should Be Demonstrated

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Report Type Reports and Testimonies
Report Date Oct. 31, 1991
Report No. GGD-92-7
Subject
Summary:

The Resolution Trust Corporation (RTC) believes that auctions are an effective way to sell many types of real estate assets quickly and still get a good price. In GAO's view, RTC's auction approach is conceptually sound and is a productive way to sell assets. Widespread uncertainty, however, exists about the viability of auctions because little analysis has been done on the effectiveness of auctions in maximizing returns relative to the more commonly used brokered sales approach. RTC eventually intends to test the various disposition methods it uses to identify what works best. Yet the results of these tests are needed now to support a decision to continue using auctions as a sales approach. These results could answer the questions of whether returns are being maximized and could help RTC respond to criticism that brokered or other approaches work better than auctions because they produce higher returns.

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