If you’re in the market for a multi million dollar house, a luxury real estate auction is a rare, but fabulous opportunity to own a high-end property at your own price.
One of the key reasons buyers of million dollar houses (and higher) gravitate toward auctions is the guarantee that the seller is committed to the process of selling. Closing is much more streamlined (and non-contingent), allowing the winning bidder to be in their new home within the space of a month. And, because bidding is in line with what the market will bear, there’s little risk of overpaying for multi million dollar homes at auction.
Working with a high-end auction company also provides you with exemplary levels of service. For example, esteemed luxury auction firm Supreme Auctions hold numerous auctions of high-end, unique homes for owners coast to coast. One of their most exciting upcoming luxury auctions is taking place next month – on May 8th – in Atlanta, GA. Held in partnership with listing agent Pam Yarbrough of Harry Norman Realtors (a Christie’s International Real Estate affiliate), this particular multi million dollar house was designed by architect John Busby and spans two city lots with 7,800 square feet of indoor living space across four stories, five bedrooms and 5.5 bedrooms in the “Streamline Moderne” style. The owners’ cost to build this contemporary residence was over $5 Million.
Luxury real estate auction firms like Supreme Auctions work closely with real estate brokers and their buyers in the days leading up to the sale and provide the information needed to evaluate the property and make the best decision in preparation for auction day. A property brochure should be available to view online or printed and mailed upon request. A property due diligence information packet with more details like maps, area demographics, zoning information, seller disclosure, inspections and floor plans should also be available, together with complete auction terms and conditions. Visiting the property is also highly suggested, since there’s really no substitute for experiencing the home and its grounds first-hand.
Pre-qualification ahead of the luxury real estate auction is also important, and financing should always be arranged in advance (if needed). Supreme Auctions, for example, sells all of its properties without contingencies, including financing, so the funds you intend to spend must be arranged in advance.
It’s also important to consider whether or not you’d like to be represented by a real estate broker at auction. Supreme Auctions do not require that you be represented, however, any real estate professional you are working with should attend any viewings of the luxury auction property with you and be by your side on auction day.
Speaking of auction day, it’s important to arrive roughly 45 minutes early to confirm that the auction company has indeed received your Bidder Registration (you can do this ahead of time), collect your Bidder Packet, take one last tour of the property and ask any additional questions that come to mind. When the auction begins, bid assistants are available to relay your bid to the auctioneer.
If you happen to be fortunate enough to win the auction, you’ll be whisked away to the closing room to complete any necessary paperwork. Again, because the process has no contingencies, your closing date should come quickly – within 30 days or less.
To learn more about multi million dollar houses for sale at absolute auction, including the John Busby designed contemporary Atlanta home selling with no-reserve on May 8th, 2014, contact Supreme Auctions at 866-929-2243 or contact Supreme Auctions through their website here.
