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Discusses the options sellers and buyers of luxury real estate have when it comes to luxury property auctions.

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Gary Gilbert

Gary Gilbert

I have been involved in multi-millions of dollars worth of luxury real estate auction transactions advising both sellers and buyers.

What Value Should I Expect if I Auction My Luxury Home?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Sunday, 23 September 2012 Category Luxury Property Auction

I am asked the question at least weekly by luxury home sellers considering auction "You are the expert, what do you think my luxury home will sell for at auction?"  Without exception, my answer every time is "It will bring true, fair market value assuming there are end-user buyers competing for ownership."  I tell them that I know that it sounds like a politician's answer but how do I know what it will bring?  If I personally wanted to purchase the home then yes, I could provide them my number but that is not the case.  Sure, I can look at comps and appraisals but for the most part they don't mean much when selling luxury, unique homes.  What does mean something is the fact that cash, contingency-free buyers with the ability to close in 30 days or less will bid their interest with the final man or woman standing establishing the true, fair market value.

Therefore all the more reason, as you've seen me write about here time and time again, that the luxury real estate auction companies must be working with the right seller.  By the right seller, I mean someone who understands that when the market speaks, the market speaks.  I like to call that person a market-sensitive seller opposed to the price-sensitive seller.

Luxury home auctions work and work well but they are not for every seller.  What kind of seller are you or is your client?  If you or they are market-sensitive and ready to take control of the sales process by using a date-certain event, then we need to talk.

I am here to provide complimentary advice to you regarding all things luxury real estate auction including analyzing the luxury auction firms competing for your business.  Please contact me anytime with your questions.

 

Tags: luxury home auction values, luxury real estate auction companies, luxury property auctions, luxury real estate auctions, exclusive property auction companies, luxury property at auction

My Client Has Asked Me About Non Distressed Real Estate Auctions- Tell Me More

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Thursday, 20 September 2012 Category Real Estate Auction

I am happy to say that I am hearing from more and more of you agents each week whose clients have asked you to look into the non-distressed real estate auction option. Whether you specialize in luxury or non-luxury homes, I would be happy to guide you through the world of real estate auctions.

Most of the clients of their agents I advise do not have to sell and usually have a good equity position in the home or many times no debt at all.  The home has usually been listed for an extended period of time with few legitimate offers that probably included contingencies.  The seller is often trying to close a chapter of their life and the sale of their home is the one thing keeping them from doing such.  In addition, it is common that they are moving, downsizing, retiring, or there may be health issues.

My job is to work with you and your client in determining the best real estate auction company suited for your client's situation.  While I specialize in luxury properties, I would be happy to advise you as well on non-luxury properties.

The real estate auction company you work with makes all the difference in the world.  I like to work with firms who compensate the agent fully and engage them deeply in the process.  Our services are complimentary to you.  Please reach out anytime to begin the dialogue.

Tags: real estate auction companies, real estate auction agents, luxury real estate auction companies, luxury property auctions, luxury real estate auctions, exclusive property auction companies, luxury property at auction

How Do I Begin the Process of Selecting a Luxury Real Estate Auction Company?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Thursday, 13 September 2012 Category Luxury Real Estate Auction Companies

So you or your client is thinking about a luxury real estate auction?  Well, you've come to the right place.  We here at Real Estate Auction Options specialize in advising sellers who are considering something like a luxury home auction.  We have the experience and knowledge to guide you through the process including analyzing the auction companies competing for your business.

The typical potential seller considering such probably goes to Google and searches for something like luxury real estate auction companies.  They may contact four or five of those on the first page or two and have a conversation.  The next step could be a visit to the property if the firm feels like the seller may be a good candidate (at the auction firm's expense of course).  The next step would probably be receiving some type of proposal.

This can be somewhat of a lengthy process, especially if a seller is interviewing multiple firms.  A better option may be to simply contact us here at Real Estate Auction Options.  We are happy to do the homework for you at no expense to you.  If we do end up working with a firm on your sale and the sale is a success, we are paid by the auction firm.

Please reach out anytime to discuss our program in more detail.

Tags: luxury real estate auction companies, luxury real estate auction company, luxury property auctions, luxury property auction, luxury real estate auctions, luxury real estate auction, exclusive property auction companies

Year-End Luxury Home Auctions and the Presidential Election

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Monday, 10 September 2012 Category Luxury Home Auction

I have heard from several of you lately questions regarding possible year-end luxury home auctions for financial planning purposes as well as the popular question regarding the upcoming Presidential election.

Let's tackle the Presidential election question first.  Personally, I find it to be a non-issue as it relates to luxury real estate auction sellers or buyers.  Sellers seem to think that buyers will factor such into their bid price but let's think about it- when an affluent person sees something they really want and are competing for ownership with other affluent individuals, does it really matter to them who wins the Presidential office?  Probably not.  Many times I think it is just an excuse that sellers who are not quite ready to utilize an auction.

Regarding year-end timing- there are reasons related to financial planning that may make this a wise decision.  Please keep in mind that most real estate auctions can take from 90 plus days from start to closing.  If you would like to have your property sold and closed by year-end utilizing the high-end auction method, you may want to get busy with the process.  We can save you loads of time by doing the homework for you making our best recommendations.  Please contact us anytime to begin the process.

Tags: year end luxury home auctions, luxury real estate auction companies, luxury property auctions, luxury real estate auctions

When is the Best Time of the Year to Conduct a Luxury Home Auction?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Wednesday, 05 September 2012 Category Luxury Property Auction

At least a few times a week, I am asked by potential sellers "When is the best time of the year to conduct a luxury home auction?"  Depending on what marketplace their property is located in determines my answer.  If they are a second home owner in a resort market, they may want to time the event with something like ski season or weather in general.  An example of this may be a Telluride home auction or a Park City home auction.

If they are located in a non-resort market, the timing may not be that important.  Good weather is always preferred but for the most part is a non-issue.  Other than the immediate periods of Thanksgiving and Christmas through New Year's, I personally am fine with any time as long as it meets the seller's goals.

Those goals of mostly non-distressed sellers are usually moving, downsizing, retiring or allocating assets.

Does this sound like you or your client?  Are you or is your client located in a resort or non-resort market.  We would love to hear from you.  Let's discuss your situation, luxury real estate auction companies and your next step when it comes to closing a chapter in your or your client's life.

Tags: exclusive property auction companies, luxury real estate auctions, luxury property auctions, luxury real estate auction companies, luxury home auctions, telluride home auction

Athletes and Luxury Home Auctions. A Very Good Caniddate for Success.

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Monday, 03 September 2012 Category Athlete Real Estate Auction

Why Would a No Sale Occur at a Luxury Real Estate Auction?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Friday, 31 August 2012 Category Real Estate Auction Companies

Happy Friday to everyone.  Let's revisit a subject that I have written about often which is that of the dreaded "no sale".  I write about this again because I have noticed several of these occurring lately. The question in the title of today's blog may seem to have a simple answer which is "Because the high bid was not enough".  Obviously, this is the correct answer but we need to dig a little deeper to determine the underlying reason, assuming there were sufficient end-user bidders competing for ownership.

If the market responded producing at least a handful of registered bidders at something like a luxury home auction and a no sale occurred, the culprit may indeed be the seller.  A typical seller that my be guilty of such may not be realistic on the true, fair market value of their property.  Many times, they put a lot of extra touches into the property which means nothing to bidders who factor such into their bid price.  Additionally, a seller may be hung up on comps and appraisals or may have an emotional attachment to the property. Finally, if a published minimum bid is used, the published number may not have been aggressive enough.

So, what is a good luxury real estate auction company or agent referring auction candidates to do with these type of sellers?  My recommendation is that they simply pass on the business, suggesting to the seller that they may want to list or re-list the property.  After a series of price reductions and months or years later, many of these sellers will come back to take a look at the auction method.  It really does no one any good to take a property to auction only to have a no sale.  The seller is out of the expense money they were required to tender on the front-end and the auction company and referring agent (if applicable) earn zero commission.

Don't be the seller or agent involved in a no sale.  Let's talk to discuss your options including a comparison of the luxury property auction companies competing for your business.

 

Tags: exclusive property auction companies, luxury real estate auctions, luxury property auctions, luxury real estate auction company, luxury real estate auction companies, luxury home auctions

Auctions, Traditional Sales and the Agents' Personal Websites that Power Them

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Monday, 27 August 2012 Category Luxury Home Auction

Good Monday to all.  I hope you all had a nice weekend.  I thought today I would discuss the importance of independent online marketing as it relates not just to luxury home auction companies but to traditional sales agents as well.

As most of you probably know, I feel strongly that not all sellers are candidates for a luxury real estate auction.  When I am speaking with a potential auction seller who I feel is not ready due to being unrealistic on the value of their property, has emotional attachment to the property or is too hung up on comps and appraisals, often I will suggest to them that they list or re-list their property with a traditional agent.  Many of those listing for the first time or seeking a new agent ask me for a recommendation for a good luxury real estate agent in their market.

Without exception, the agent that I refer them to has a good, strong online marketing presence.  They have their own personal website or websites, in addition to a page on their company's page, Facebook page(s), a Google Plus One page, a LinkedIn page and a Twitter page.  While the social sites are important, they understand the true importance of showcasing themselves on their own independent website which is able to tell a potential candidate who they really are.

Agents, both luxury and non-luxury, please let me know if you would like to overhaul your existing personal website or if you would like to establish one.  Please contact me and I would be happy to refer you to the best real estate website design firm I know.

Tags: real estate website design, real estate website companies, luxury real estate websites, luxury real estate marketing

Luxury Real Estate Auctions, Price Reductions and Reality TV

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Friday, 24 August 2012 Category Luxury Home Auction

Would a Luxury Home Auction Work for Me?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Wednesday, 22 August 2012 Category Luxury Home Auction

Every day I talk with with sellers who have asked themselves "Would a luxury home auction work for me?"  They have questions about the process and the luxury real estate auction companies competing for their business and look to us for guidance.

In addition to providing them detailed information about the mechanics of the process, I consistently remind them that the single most important component of a successful auction event is the seller themselves.  I hammer home the point that luxury auctions work well with the the right seller but can be a disaster if working with the wrong seller.

The right seller is someone who is realistic on the true market value of the property. They understand that if an auction produces end-user registered bidders who bid their interest, true market value will be achieved.  The wrong seller may be hung up on comps and appraisals or may have some type of emotional attachment to the property.  I like to work with sellers who see the process as a business decision which allows them to close a chapter of their life and move on.

Are you or is your client a good auction candidate?  Let's have a discussion to determine such.  Please reach out anytime.

Tags: luxury real estate auction, sun valley home auction, luxury home auction sellers, luxury home auctions, luxury real estate auction companies, luxury property auctions, luxury real estate auctions

Did My Seller Just Use the A Word?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Monday, 20 August 2012 Category Luxury Property Auction

Have you as an agent had a seller use the "A word" recently?  No, I'm not talking about the word "advertising" but instead the word "auction".  If not, you may be surprised to learn that more sellers are asking their agent to look into the auction concept.

Typically, these are not distressed sellers but instead are searching for something new and fresh that will allow them to move on with their life.  Retiring, downsizing and health issues are the most commons reasons for sale that I experience.  An auction uses a date-certain event to force buyers to a point of action using a cash, contingency-free closing.  Many sellers like the idea of being in control of the sales process instead of buyers being in control.

I feel that many agents are hesitant to recommend something like a luxury home auction to their clients for a couple of reasons.  The first, is that many agents feel like something is being taken away from them (their listing) and the second is that many have not been educated on exactly how a good auction works.  A good luxury real estate auction company will include the agent extensively paying them accordingly.  In addition, a good auction firm will go above and beyond to educate the agent on the auction process. Others will try to push the agent out paying them as little as possible.

Auctions work and work well with the right property and the right seller so please don't be alarmed if your seller asks you to look into the "A word".  A good place to start would be here. We are happy to advise you and your seller and make our best recommendations when it comes to real estate auctions.

Tags: luxury real estate auction agents, luxury home auction agents, real estate auctions and agents, luxury real estate auctions, luxury real estate auction companies

Are You or Is Your Client Really "Ready" for a Luxury Home Auction?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Friday, 17 August 2012 Category Luxury Home Auction

A happy Friday to all.  I want to finish up the week by taking a look at whether you or your client is really "ready" to utilize a luxury home auction.  I emphasize the word "ready" because I have had to use it in this context a couple of times this week.  My comments were something to the tune of "I just don't think you are ready for a luxury real estate auction".

Why did I feel that these potential clients that I was working with and many others in the past that they were just not "ready"?  Without exception, I felt that they were not realistic on the true, market value of their property.  They were either hung up on comps and appraisals or had some type of emotional attachment to the home.  In addition, it is very common to experience potential clients who have spent great amounts of time and money on details that mean little or nothing to new buyers who discount such in their bid/offer price.

If someone is not "ready", I simply tell them such suggesting that they continue to try the traditional method of sale which unfortunately more times than not includes a series of price reductions.  Months or years later, if they are having no luck with this non-proactive strategy, I see many of these potential auction sellers come back.  They see the value in using a date-certain event to force affluent buyers to a point of action selling cash, contingency-free.  They like the idea of being able to take control of the sales process, allowing them to close a chapter in their life.

So, are you or is your client "ready".  Let's talk and determine the answer to this question.  Reach out anytime for expert advice.

Tags: luxury home auctions, luxury house auction sellers, luxury real estate auctions, high end real estate auctions

Luxury Ranch Auction Season Is Here

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Wednesday, 15 August 2012 Category Ranch Auctions

Did you know that much like luxury homes, luxury ranches are also sold at "high-end" auction?  They do not occur with the same frequency as luxury home auctions, but do occur more often than one might think.

Most of these events take place out West.  Most common are Colorado luxury ranch auctions, Wyoming luxury ranch auctions and Montana luxury ranch auctions with sales occasionally taking place in places like California and Texas.  These are usually not hard core agricultural properties but are instead lifestyle properties.

Most of these auction events take place in late Summer/early Fall or sometimes in the Spring.  The Winter months often find these properties snowed in with mud season following once things start warming up.

Are you or is your client a potential luxury ranch auction candidate?  Are you interested in bidding on upcoming luxury ranch auctions?  If so, we are here to help.  Please contact us anytime to begin the dialogue.

Tags: luxury real estate auctions, snake creek ranch auction oregon, park city ranch auction, wyoming ranch auction, montana ranch auction, luxury ranch auctions, luxury real estate auction company, luxury property auction

How is My Agent Involved if I Conduct a Luxury Home Auction?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Monday, 13 August 2012 Category Luxury Property Auction

I hope everyone had a nice weekend.  Let's use this time today to answer a question that I hear often from potential luxury home auction sellers which is "My home is currently listed, how is my agent involved"?  It is really quite simple- if a seller is happy with their agent, I recommend that the agent stay involved.  If a seller is not happy with their agent, I recommend that a new agent be brought into the auction process.

Some luxury real estate auction companies like to push out the agent bringing in one of their own while others understand the importance a good agent brings to the table.  Sure, an auction firm may save a point or so using one of their own staff members but the difference in using a good, independent agent could make a big difference in the final sales price.  I'm a big believer in the "one gets what one pays for" philosophy.

Depending on the firm, there can be a big difference as well in the way an agent is compensated.  I would be happy to discuss this topic with you one-on-one, just ask.

The decision on which luxury auction firm an agent or his or her office decides to align themselves with is a critical one.  Don't think that all alliance programs are the same because they are not.  Reach out to us anytime to discuss the agent/auction company relationship or with any other questions you may have regarding luxury real estate auctions.

Tags: luxury home auction agents, luxury real estate auction agents, luxury home auction companies, luxury real estate auction companies

Luxury Real Estate Auction Friendly States

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Wednesday, 08 August 2012 Category Luxury Home Auction

Someone asked me recently if any states were more real estate auction-friendly than others, specifically when it comes to luxury home auctions.  The first state that comes to mind as being such is Colorado with the other being Florida.  So, what do these states have that other states may not regarding luxury auctions?  Obviously, both are states that have many resort-type
homes.  There's just something about the mountains and the ocean that will always crate demand in both traditional and auction sales thanks to the location, location, location theory.

In addition, once something has been successfully proven numerous times, others tend to have more faith in trying it themselves.

A couple of other asset classes that tend to be related to luxury auction-friendly states may be something like Texas luxury home auctions and California luxury home auctions.  Of course this has a lot to do with the larger than most state numbers of luxury properties in these heavily populated states.

So, would a high-end auction work in a place like Maine?  Of course it would given the right property and most importantly, the right seller.  However, I wouldn't hold my breath waiting for Maine to rival Colorado, Florida, Texas or California anytime soon when it comes to selling luxury homes via the auction method.

Where are you or your client considering a luxury real estate auction located?  We would love to hear from you and are happy to provide professional advise when it comes to selecting the best luxury real estate auction firm to handle your event.

Tags: luxury home auctions, texas luxury home auctions, colorado luxury home auctions, luxury real estate auctions, luxury property auctions, luxury real estate auction companies

International Luxury Home Auctions

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Sunday, 05 August 2012 Category International Real Estate Auction

Greetings once again from Panama.  I have been visiting here for years with each trip revealing more luxury real estate auction candidates.  Initially, it was that of condos here in the city (which there is still a glut of) but now I am noticing more luxury home auction candidates surfacing.  Not so much here in the city but in areas like Coronado for example.  Panama's neighbor to the north, Costa Rica, is also experiencing an increase in the amount of luxury beachfront property flooding the marketplace. In addition, I have seen auction activity taking place throughout the Caribbean and will likely continue to do so.

So, are international luxury real estate auctions much different than those in the United States?  Not really.  The process and methodology is pretty much the same with a few differences such as currency conversion, local laws as they relate to conveying title and whether or not the auction event is held live, onsite or conducted telephonically/online exclusively.

Auctions work and work well but only with the right seller with the right property.  Please contact us to determine whether you or your client is the right seller.  We are here to advise you on this most important decision no matter where in the world you may be.

 

Tags: luxury real estate auction companies, international luxury real estate auctions, international luxury home auctions, panama real estate auctions, costa rica real estate auctions, luxury real estate auctions

The New State of Luxury Real Estate Auctions- Is the Pre-Sale Strategy Really an Auction?

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Friday, 03 August 2012 Category Real Estate Auction Marketing

Happy Friday to all.  Why don't we wrap up the week by taking a look at the current state of the luxury real estate auction world as well as the general real estate auction industry.

In the recent past, a real estate auction was pretty much what it sounded like- a property was advertised, multiple bidders showed up on auction day, and the auctioneer cried the bid selling to the highest bidder.  While the basics of that process still takes place in today's world, much of the model of the real estate auction has shifted considerably.

Since our expertise is in that of higher-end real estate auctions, let's analyze what is happening in that sphere.  One of the more interesting models that has surfaced is that in which an auction company's goal is for the property to never even make it to auction day.  The property is advertised (sometimes falsely) as an absolute auction (no minimum price selling to the highest bidder) or as a drastically reduced published minimum bid auction. The hope is that the property pre-sells.  If it does not pre-sell, many times the auction will be cancelled on sale day if there is little to no interest.  Not only is this bad business for everyone involved but it also opens the door for litigation if the property was advertised as absolute and is cancelled, something no one or no company wants to be part of.  Unfortunately, the laws and regulation preventing such questionable tactics are weak allowing some firms to operate like they were in the wild, wild West.

So we have to ask- is a pre-sale philosophy model even really an auction?  It can be if it generates good qualified bidders on sale day but it can also backfire in a big way if not conducted correctly.

There are other interesting models that have surfaced which we will touch on in a later posting.

Traditional, legitimate auctions do and will continue to take place.  However, you as a potential seller or seller's agent need to be highly knowledgeable before selecting a luxury real estate auction company to handle your event.  We are here to help guide you through the process.  Please reach out anytime to begin the dialogue.

 

Tags: luxury real estate auction, luxury real estate auctions, luxury property auction, luxury property auctions, luxury real estate auction company, luxury real estate auction companies, luxury home auction

Working with the Right Agent in a Luxury Real Estate Auction Alliance

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
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Wednesday, 01 August 2012 Category Luxury Property Auction

Most of you probably know that I am a big fan of involving the brokerage community with a luxury real estate auction.  Some firms try to push out the existing agent or reduce their commission, something I feel is a bad idea.  A good agent is needed for their expertise on the market as well as for showings and they should be compensated for such.

However, there may be times when the agent involved can be a negative.  Usually that agent is not the existing agent but instead may be someone new brought in by the seller. Based on a recent real world example, the loyalty of an agent used on an event I am aware of was to that of his parent company and not the seller.  There were corporate political ramifications involved and things the agent said would be handled were not with one of those items in my opinion being the primary reason the luxury home auction was not successful.

This is the exception and not the norm with the agents involved in a luxury property auction most times being a huge part of the success of the event.

Agents and brokers- let's talk about the models of each of the luxury real estate auction companies and the value they place in you.  Contact us anytime to dig deeper into this topic or any other topics that may be on your mind.

Tags: luxury real estate auction agents, luxury real estate auction companies, luxury real estate auction company, luxury property auctions, luxury property auction, luxury real estate auctions, luxury real estate auction

The Power of a Legitimate Absolute Auction

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Monday, 30 July 2012 Category Luxury Home Auction

I hope everyone had a nice weekend.  Let's start the week by taking a look at the power a legitimate absolute luxury real estate auction has over a reserve sale. 

I have seen several luxury home events recently, both those with reserve and without reserve, that were not successful.  They were all either published minimum bid events whose published number was not aggressive enough, unpublished reserves or events that were advertised
as absolute (selling to the highest bidder regardless of price) when in reality they were cancelled prior to the auction or on auction day if the interest and bidding amounts were not sufficient.  Not only is this tactic bad business practice but may also open the door to litigation, something no one or no luxury real estate auction company wants to be involved in.

However, I have noticed, not just of late, but throughout my career, that a legitimate absolute auction consistently seems to generate more interest, more property tours, more registred bidders and most importantly higher prices. Why?  Because buyers/bidders tend to compete harder
when they know that if they are the high bidder, the property may end up belonging to them.  Think about something like EBay- when you see something that has a "buy it now" price, there tends to be little, if any, bidding on that item.  Now think about what happens when you see
NR or no reserve.  Usually, there is at least some active bidding going on if not a flurry of activity. 

Don't be talked into conducting a non-legitimate absolute auction.  It does no one any good.  However, if you are the right seller with the right property and understand the benefits and power a legitimate absolute auction brings to the table, then let's talk.  Contact us anytime to dig deeper into this subject or to just discuss luxury auctions in general.

Tags: luxury real estate auction, luxury real estate auctions, luxury property auction, luxury property auctions, luxury real estate auction company, luxury real estate auction companies

Luxury Home Auction Pre and Post Sales

by Gary Gilbert
Gary Gilbert
I have been involved in multi-millions of dollars worth of luxury real estate au
User is currently offline
Friday, 27 July 2012 Category Luxury Property Auction

Happy Friday to all.  Let's wrap up the week by taking a look at why a property sold at luxury real estate auction may sell either prior or post auction.

A property selling pre-auction would occur when someone's offer prior to the auction is accepted by the seller.  Why would this happen?  Usually it occurs when someone who has often expressed an interest in the property prior becomes aware of the event and may not want to get in a competitive bidding situation.  They simply make their offer to the luxury real estate auction company who then presents the offer, sometimes with their recommendation, to the seller.  If the number is acceptable and the purchaser is able to tender a cash, non-refundable deposit, many times the seller will accept the offer.  Other times, the seller may so no to the offer and the interested party is forced to bid their interest at the scheduled auction.

A property selling post-auction would occur when the bids on sale day are not acceptable to the seller.  The luxury property auction company would then go into negotiations with all interested parties and try to execute a contract within their exclusivity period which is usually 60-90 days post auction.

Do you or does your client want to learn more about luxury real estate auctions?  If so, calling Real Estate Auction Options would be a great place to start.  We are happy to provide expert advice and do the homework for you when it comes to selecting the best firm to oversee your event.

Tags: luxury estate auctions, luxury home auction companies, luxury home auction company, luxury property auction companies, luxury property auction company, luxury real estate auction companies, luxury real estate auction company, luxury property auctions, luxury property auction, luxury real estate auctions, luxury real estate auction
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