When you are ready to buy a house there are a number of steps to winning house auctions. In recent weeks we have discussed How to Choose Where to Buy Luxury Real Estate at Auction and Knowing the Market before you Buy Luxury Real Estate at Auction.
Once you have completed these steps, the third step should be touring the property. However, some of our buyers have chosen to skip a personal tour. If you’ve reviewed quality photography, have trusted representation on the ground (real estate agent, attorney, family and/or friends), and know the market well enough to realize when you are getting a great market-driven price, then you may choose to concentrate on your otherwise busy schedule and purchase your luxury property sight unseen.
Just last week we experienced this with our buyer of 106 Howard Drive in Sun Valley, Idaho. He had been searching in the market with a local real estate agent for months prior, but was home in Hawaii the week of the auction. Although he hadn’t seen this property — In fact, he hadn’t even been searching in this neighborhood! — he understood the value and moved forward with the purchase. The end result: A closing in 3 days, and a very pleased buyer and seller.
On the other hand, if you can get to the property prior to auction, a personal visit will help marry reality with the descriptions and images that you have already seen. Arrange to visit at least two weeks before you plan to bid, so you have plenty of time to feel comfortable with the property and conduct any inspections or other diligence you see fit. Remember, auction sales are “as-is, where-is”, meaning the property will be sold in its current condition and without post-auction contingencies. You should research as much as you feel necessary, so you can bid with confidence.
Visiting the property and its surroundings first-hand is important. At Concierge, we never take on new luxury house auctions before a senior member of our team has made a personal visit to the property and spent many hours discussing the process with the seller. In fact, in most cases we schedule multiple visits by a number of our team members. That’s us in the picture here – The Concierge management team touring a property in Jackson Hole. We currently only accept 1 out of every 25 sellers who submit their property to us for consideration. We are particular about the assignments and properties we choose to represent, as you should be about those you choose to purchase.
Nothing can replace the experience of personally visiting a new home. It can solidify whether your head and heart are ready to bid when auction day arrives. You simply can’t gain that feeling through pictures!
Have you ever bought a house sight unseen? Or do you always choose to tour the property?
