AUCTIONEER
Justin Manning JJManning Auctioneers From FDIC to private sales: The evolution of R.E. auctions how our business would evolve in the decades to come. streamlined, effective way to liqui- date their real estate assets.
As we exchanged stories, a young real estate agent nearby overheard us and asked a simple but telling ques- tion: “What’s an FDIC auction?” I chuckled and said, “You’re too young to know!” But I couldn’t resist explaining the scale of the financial crisis back then and how the FDIC played a crucial role in trying to remedy the situation. The collapse of numerous financial institutions had left the FDIC with an enormous portfolio of foreclosed real estate assets that needed to be liquidated quickly and efficiently. This task was so massive that the government had to create additional agencies just to help manage the overflow. Veterans of that era will remem- ber entities like the Resolution Trust Corp. (RTC) and Recoll Manage- ment. These agencies were formed to deal with the unprecedented volume of distressed assets resulting
from the savings and loan crisis. Un- like today, there was no internet to streamline processes. Instead, infor- mation was physically transported in banker boxes, shuffled back and forth between law firms, banks, and auction companies using overnight couriers. It was a labor-intensive, paperwork-heavy era. I vividly remember when my father, Jerome Manning, founder of our company, JJManning Auc- tioneers, was contacted by FDIC headquarters in Dallas. They asked him to come down as a paid consultant and help train their new staff on how to conduct successful foreclosure auctions. That moment was both a sign of the times and a testament to his reputation in the auction world. The expertise he shared during those critical years not only helped stabilize part of the real estate market but also shaped
To this day, I still hear the same question almost daily: “Why would someone choose to auction their property? Why not just list it for sale?” It’s a fair question and one that used to frustrate my father. He felt, understandably, that auctions were often misunderstood and unfairly stigmatized – associated only with distress or financial des - peration. Over time, I’ve learned to embrace that question as a teaching opportunity, a chance to reframe the conversation and broaden people’s understanding of what auctions can offer. At JJManning, we educate clients that the auction process isn’t about desperation – it’s about control and transparency. Sellers choose auction because it gives them the power to determine how their property is marketed, when it will sell, and when it will close. Unlike traditional listings, where properties can sit stagnant on the market for months with multiple contingen- cies and uncertainties, an auction is a no-contingency, time-defined sale. That’s powerful. It allows our clients to plan with confidence, knowing there’s a committed buyer and a set closing date. Recent rules requiring home inspections and/ or home inspection waivers have created more hurdles for motivated sellers. Luckily, real estate auctions fall into one of the few exclusions to this new inspection requirement process and red tape. In many ways, the public percep- tion of auctions has finally started to shift. While we still work to dispel the outdated notion that auctions are only for troubled properties, more and more sellers are recognizing the strategic benefits. A properly marketed auction can generate strong interest, foster competitive bidding, and ultimately deliver true market value – sometimes even above expectations. The real estate auction industry has come a long way since the FDIC days. But what hasn’t changed is the value of experience, adaptability, and integrity. We’ve taken lessons learned from decades of navigating the toughest markets and applied them to help people solve real-world problems – whether they’re under pressure or simply looking for a smarter way to sell. And so, what began as a reactive service in times of crisis has evolved into a proactive strategy for sellers who want certainty, speed, and control in today’s dynamic market. Justin Manning is president/owner of JJManning Auctioneers, Yarmouth Port, Mass.
Fast forward to today, and fortu- nately, the economy – and the real estate market – has come a long way since those dark days. In my own 32 years with JJManning, I’ve watched the nature of our business change significantly. Where once we were primarily focused on foreclosure and distressed sales, we’ve seen a steady and consistent rise in private, voluntary auctions as a share of our operations. We took the same procedures and best practices we developed during those high-pressure FDIC auctions and applied them to a new category of clients – people who were choosing to sell, not forced to. These voluntary sellers include estates, divorcing couples, dissolv- ing business partnerships, families relocating, and others looking for a
I recently found myself in a conversation with some seasoned real estate investors who have been immersed in the world of property auctions for over three decades. As we reminisced, the conversation naturally drifted back to the late 1980s and early 1990s – a turbulent period for the banking and real estate industries. During that time, the newspapers were full of foreclosure auction listings, many conducted by auctioneers like Manning and Saperstein. But these weren’t just ordinary auctions. They were often commissioned by failing banks and, more notably, by the Federal Deposit Insurance Corp. (FDIC).
UPCOMING REAL ESTATE AUCTIONS 1.14± ACRE PRIME Boston, MA
DEVELOPMENT OPPORTUNITY Off Lanesville Terr. & Arboretum Rd. Boston (Forest Hills), MA 8 Parcels Selling in the Entirety Wed., December 10 at 11am On-site MA Lic# 111 • Ref # 25-2167
3,540± SF AUTO BODY REPAIR FACILITY ON 2± ACRES 24 Daly Rd., Coventry, CT Thur., December 11 at 12pm On-site Preview: Friday, December 5 (11am-1pm) In Cooperation with Lyman Real Estate CT Lic# REB.0790057 • Ref # 25-2168
Coventry, CT
JJManning.com 800.521.0111 Full Info, Terms, Broker Registration & More at:
2025 FALL PREVIEW
24 October 31, 2025
Made with FlippingBook Digital Proposal Creator