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HOMEOWNERS, BUYERS DISCOVERING THE SECURE, CONVENIENT ADVANTAGES OF REAL ESTATE AUCTIONS

By Rochelle Mortensen

Luxury real estate auctions aren’t what you think. They’re not a bunch of bank-owned houses. And much of the time, the owners aren’t in financial distress. Simply, these auctions represent a unique opportunity to buy a property like no other.

LUXURY REAL ESTATE

They’re also a great way for sellers to accelerate the process – often luxury homes can take years to sell in a traditional setting. At auction, the seller controls the terms of the sale and the timeframe. When the house is sold at auction, the sales agreement is non-contingent. There’s no backing out of the deal, or arguing about repairs to be done before sale. Because it’s an auction, homes are sold as is. Typically, sales are finalized within 30 days.

In the Heritage Auctions model, a complete due diligence package is prepared before the auction. Inspections, surveys and title policies are done prior to sale as part of the process. Competing bidders know what they’re getting and can be confident in their bids. Sellers are assured that only well-qualified bidders are allowed to bid; interested bidders must put down $100,000 and agree to the terms and conditions before the auction. After the sale, the buyer must put down a non-refundable deposit of 10 percent.

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Heritage Luxury Real Estate Auctions in July offered this vacation home in Montana. It realized $1.43 million.

Another benefit to the seller is knowing that the home will have limited showings. The schedule is thus much more secure and convenient.

At Heritage, we understand that real estate is often one’s most valuable asset and how to price a custom luxury home takes specific expertise. Both tangible and intangible qualities must be weighed. Real estate auctions create a unique venue that determines value based on the public’s demand for a property, not by the price the neighbor’s home fetched, or by some other measure.

Fortunately, real estate is accessible and appreciated by a wide audience. Everyone needs to live somewhere, and people like to have a home that speaks to them. If you’re a collector of fine wine, art, luxury handbags, or any one of Heritage’s 41 categories, there’s a strong chance you’ll be interested in luxury real estate as well.

To maximize the bidder pool, Heritage leverages its award-winning marketing team to create targeted campaigns to audiences worldwide. We also directly communicate with interested parties within our own database. The result is an auction that brings the entire market for the property together in one place, creating urgency and competition. Each customized marketing plan highlights the unique aspects of the property and finds the true charisma of the property.

The experts at Heritage Luxury Real Estate Auctions share the company’s renowned commitment to transparency. Sellers are kept well-informed throughout the process. Bidders are well aware of the terms of the auction prior to sale. Our team has more than $350 million in luxury real estate auction experience. We have a passion for what we do, and we want everyone to be as excited and energized by their experience as we are.

rochelle head shotROCHELLE MORTENSEN is manager of Heritage Luxury Real Estate Auctions. To learn more about the luxury real estate auction process, contact Nate Schar at NateS@HA.com or call 214.409.1457.