According to Google, a myth is a traditional story, especially one concerning the early history of a people or explaining some natural or social phenomenon, and typically involving supernatural beings or events. We have all studied, read or at least heard about myths at some point in our lives. In Greek mythology, Zeus was the father of gods and men. Medusa had snakes in place of her hair and could turn you to stone if you looked at her.

But there is also another meaning for the word myth, and this is the definition we are concerned with here. A myth is a widely held, but false belief or idea; a misrepresentation of the truth. And with real estate auctions this type of myth is widespread. Specifically in regards to luxury home auctions, the typical buyer or seller has heard tons of myths about real estate auctions.

One of the real estate auction myths that we hear often is that auctions are for distressed properties. It is hard to blame the public for this. Particularly after the housing bubble burst in 2009, there were a lot of distressed properties that went to auction. Many were bank owned homes in foreclosure. Others were grouped together by auctioneers and sold in lots for pennies on the dollar. Still other home auctions came from landlords who were underwater on their mortgages and just needed to move property quickly.

These situations continue to occur. And distressed properties continue to be taken to auction and sold quickly at below market value.

However, when it comes to the properties Concierge Auctions represents in the luxury sector, this could not be further from the truth. Our high-end sellers are almost never in a distressed situation. Rather, they are familiar with the auction process as the best way to produce the highest value for unique, one-of-a-kind assets. They choose to auction for two reasons: (1) they want to obtain the highest market price, and (2) they want to do it on their timeframe.

The myth that luxury home auctions are for distressed sellers could not be further from the truth. Our luxury home owners choose the auction route because they want to sell their property on their own schedule. They choose to not spend more money on carrying costs and wait for the market to come to them. They choose the date of their sale and the terms — as-is, without contingencies, and they force buyers to act.

No distress. All control.

Are you planning to sell a luxury home? Click below for more on how to sell luxury homes and more on the real estate auction sales process.