When it comes to buying luxury estates, not only is the market far more exclusive, the options for purchase are as well. In fact, one of the most exciting ways to purchase luxury estates at your own price is at a high-end absolute real estate auction. And, with the recent announcement of the largest privately owned estate to ever be sold at no-reserve auction, we thought now an opportune time to walk you through the luxury real estate auction process.
Steps For Buying A Luxury Estate At Auction
STEP 1: Were you to be interested in buying a luxury estate like Parker, Colorado’s 11 bedroom, 70 acre Serenity Ridge offered by Supreme Auctions on September 27th, the first thing you would want to do is visit supremeauctions.com an send an email or call them directly at 866-929-2243. The website lists full details about the location, size, acreage and many other aspects of the property. The property brochure can even be mailed upon request.
STEP 2: If you are interested in the property, you can request a full property information packet, known as the Due Diligence Materials. This will include more details like maps, area demographics, information about zoning laws, a seller disclosure about the property, floor plans, inspections and other pertinent information that’s relevant to the auction sale of the property.
STEP 3: Next, you’ll want to make arrangements to visit the property personally, since no brochure or video can fully capture the breathtaking beauty of this luxury estate’s view of the Colorado Front Range or the calming appeal of its expansive 50,000 square feet of indoor and outdoor living space.
STEP 4: In preparation for participating in the no-reserve absolute auction and ultimately buying this luxury estate, the next step will be to complete the bidder registration paperwork, place a bidder deposit and arrange financing ahead of time (if you need to, that is). In order to have the opportunity to bid with Supreme Auctions, properties like Serenity Ridge are sold with no contingencies in the sale, including that of financing – meaning the money you are prepared to spend buying luxury estates must be arranged, available and verified in advance.
When buying a luxury estate at auction, some bidders find that they are more comfortable with broker representation by their side. This is by no means a requirement, but should you choose to work with a broker, you will need to have them present at all property showings. In the case of the Serenity Ridge no-reserve luxury real estate auction, brokers representing a buyer may earn up to a 3% commission on the sale.
STEP 5: On the day of the auction – September 27th, 2014 in the case of Serenity Ridge – all bidders, together with their brokers (if working with one), should arrive at the property at least 45 minutes ahead of the scheduled auction start time. This allows ample time to take a final tour of the home and grounds, and to ask any additional questions before the bidding begins with the auctioneer.
STEP 6: Should you be fortunate to be the high bidder and win the auction – you and your broker (if you have one) will be escorted to sign the purchase document, and your final closing date will be confirmed.
As you can see, buying luxury real estate at auction is a very straightforward and transparent process – not to mention exciting. If you would like to learn more about the opportunity to participate and possibly own a luxury estate like that of Serenity Ridge at your price, contact Supreme Auctions at 866-929-2243 or view the upcoming auctions now.