Are you interested in purchasing a high-end home at Auction? Not familiar with the auction process and no reserve absolute auctions? No worries. Here is a step-by-step guide to purchase high-end homes for auction – how they work, what you need to do to prepare and what to expect prior to auction day.
Why Purchase High-End Homes For Auction?
First and foremost, there at two types of Auction, a reserve auction and an absolute auction (no reserve).
One of the greatest advantages of a no reserve, absolute auction of a high-end property is the fact that you know the seller is committed to selling the property on auction day.
Additionally, you run no risk of overpaying, as the bidding is in line with what the fair market value of the property is. Closing is also much more streamlined and non-contingent, meaning you can be in your new home within a month of your winning bid.
Working with a high-end real estate auction company like Supreme Auctions also gives you an unparalleled level of service. They work closely with you in the days leading up to the sale and provide you the information you need to evaluate the property and make the best decisions for you come auction day.
How To Prepare To Buy Homes For Auction
As with any other real estate purchase, it is important to do your homework, or “Due Diligence” as its called in the business. You should absolutely study all information available on the property; the Auction website property page with full details about the location, size, acreage and many other aspects of the property. A property brochure should also be available to view online or printed and mailed upon request. If you’re really serious about the property, you should obtain a property information packet with more details like maps, area demographics, zoning information, seller disclosure, inspection and floor plans. Visiting the property is also highly suggested, as there is really no substitute for experiencing the home and its grounds first-hand.
To become pre-qualified as a bidder on any no-reserve absolute auction, it’s important that you arrange financing in advance, if you need any. Supreme Auctions, for example, sells all of its properties without contingencies, so the money you intend to spend must be arranged in advance.
Finally, decide whether you wish to be represented by a real estate broker or not. Supreme Auctions do not require that you be represented, however, if you are working with a real estate professional, they will be required to meet certain criteria, attend any open house viewings with you as well as accompany you on auction day.
What To Expect On Auction Day
On the day of the auction, you should arrive at the property at least 45 minutes ahead of the scheduled auction start time. This will make it easier for you to complete your Bidder Registration (if you haven’t done this in advance), collect your Bidder Packet, take a final tour of the property and ask any remaining questions you may have before you put your money on the line. During the auction itself, the auction company will have bid assistants available to relay your bid to the auctioneer and answer any questions you have throughout the process.
If you are fortunate to be the winning bidder of the auction, you and your party will be escorted to the closing room right away to complete all of the necessary paperwork. Staff will always be at the ready to answer questions and make the transaction as seamless as possible. Expect your final closing date to be scheduled within the next 30 days.
Participating in a luxury home auction is thrilling, competitive and a wonderful opportunity to own a beautiful home at your price. One of the most exciting opportunities of late happens to be a no-reserve absolute real estate auction of a gorgeous Grand Windsor Estate located just outside of Lake City, Florida on 234 Southwest Windsor Drive on November 14th; this 14,000 square foot grand masterpiece lies within the Hills of Windsor gated community and boasts intricate architectural detailing, a main house, two breathtaking guest houses and an Olympic sized swimming pool.
Want to learn more about the Lake City, Florida no reserve absolute auction on November 14th or other beautiful luxury homes for auction? Message Supreme Auctions or call 866-929-2243.