Luxury properties from mansions to grand estates and spectacular vacation homes and ranches have changed the auction game from not so long ago when they were associated with sellers who were desperate to sell or banks unloading foreclosed homes. Auction prices are up as luxury homeowners take advantage of the increased publicity and exposure to buyers looking for a great value. Prospective buyers have the opportunity to bid on a property they might not otherwise be able to purchase and it they’re lucky, walk away with an extraordinarily good buy.
Buyer Tips for a Successful Auction Purchase:
- Prepare to show proof of funds in order to register as a bidder.
- Understand the terms and conditions.
- Complete all Due Diligence prior to the auction. Properties are usually sold in “as-is” condition so research and inspections on the front end are essential. Auction Companies usually have a package of due diligence documents for prospective purchasers to review prior to purchase.
- If you aren’t comfortable with the auction process, some companies will consider offers prior to the auction. In that situation, make a strong offer, free of contingencies so that the Seller will have reason to accept your offer rather than proceeding with the auction.
- If you’ve found your dream home, go after it.
“Serenity Ridge” – Parker, Colorado
Contact: Liza Hogan at firstname.lastname@example.org