Interested in buying luxury real estate at auction? Have you seen that perfect home on a real estate auction company website? Whether it is a Rocky Mountain ski home or a beach house in Hawaii, auctions are a popular method of selling high-end homes.
Weary of participating in an auction of a luxury property at a high price range? Don’t be. At luxury home auctions you can bid with confidence knowing that the owner is fully committed to selling and that the price you pay will only be one bid above the next highest bidder. And you won’t have to pay anything if you are not the winning bidder.
An auction will be the easiest transaction of your life, with all of the diligence offered up front, title work already completed, and no post-auction contingencies. Here’s more Frequently Asked Questions about real estate auctions.
1. WHO can bid at the auction? We conduct worldwide outreach, so anyone that qualifies and puts down a bidding deposit can participate. Bidders can participate in person, but also by phone or by proxy. So, luxury home auctions are competitive. But the good thing about this is that you can see the market price based on the other bidders, and the winning bid will be the fair market price.
2. WHAT is the auction format? Our most powerful auction format is a “no reserve” auction, meaning that there is no minimum bid and the high bidder wins on auction day. We also conduct with reserve home auctions in which there is a minimum bid amount, so the opening bid has to be at or above that reserve price.
3. WHEN is the auction? Auction day…we announce the auction day six weeks in advance in most cases. That gives you time to visit the property and conduct any diligence, like inspections, that you may want to conduct.
4. WHERE does the auction take place? Real estate auctions can either be hosted ‘live’ at the property, in a ballroom format (multiple properties), online. At Concierge Auctions, most of our sales are ‘live’, open-outcry auctions at the property. We also host bidding online and have a Fiji property scheduled for an online auction upcoming.
5. WHY Buy at Auction? Auctions are the purest form of selling high-end goods. Artwork, cars, jewelry have been sold at auction for centuries. Why not high-end homes? And as stated above, you are bidding against the room, so you will always pay the market price. Not to mention AUCTIONS ARE FUN and EXCITING!
Have interest in buying a luxury home at auction? Click below for more FAQs about auctions. Or leave us a question in the comments section.