HOW TO BID IN A LUXURY AUCTION
How does buying your luxury home on auction.com work?
REGISTER TO BID
Create an account at Auction.com/Luxury, then register for the luxury home auction of your choice. Our system will automatically total the amount you need to deposit and the total proof of funds you`ll need to show.
DO YOUR RESEARCH
Conduct your due diligence by accesing the secure data vault located under "Property Disclosures & Title" on the property description page of the home you are interested in. Unlike a traditional Real Estate transaction, the Due Diligence period occurs prior to signing the contract.
ARRANGE YOUR FINANCING
Most luxury homes offered through Auction.com are financeable. If you do not intend to pay cash for the property, you can inquire about available financing options from your own private lender or through one of our preferred lenders. Please call the listing agent or the Auction.com representative listed on the property contact page for more information.
MAKE YOUR DEPOSIT
If you are the Winning Bidder, your bidder deposit can be applied towards the earnest money deposit if you chose the wired funds option. If you had selected the credit card deposit option you will be contacted immediately after the auction and will be provided the escrow company`s wiring instructions to provide your earnest money deposit.
SHOW PROOF OF FUNDS
Prior to the auction all bidders will need to provide a Bidder Qualification Form and be prepared to provide a recent bank statement or proof of liquidity if paying for the property by cash. For those financing a pre-qualification approval letter will be required to bid. Proof of Funds will be set at a minimum of the Starting Bid, and are required for each home that you intend to bid on.
Place your bid amount and click "BID NOW". It`s that easy! Remember, a Buyer`s Premium based on the Winning Bid price will also be payable by the Winning Bidder. Minimum`s may apply, please refer to the terms and conditions for the home you are bidding on.
Following the auction, Winning Bidders will be contacted by phone and email to go over specifics of the sale, including the execution of the purchase agreement and all documentation involved in the purchase. All Winning Bidders must be available by telephone immediately following the auction.