Are you in the market to buy luxury real estate? If so, you probably have a few things on your list of priorities. You likely have a minimum number of bedrooms and bathrooms in mind, the ideal kitchen in which your family will enjoy meals, and a specific acreage. Of course, you’re probably also trying to get the best house at the best price. That’s only natural.
If you’re ready to purchase luxury real estate, there’s a little secret you should know: you can buy mansions and high-value homes without spending exorbitant amounts of cash by using auction companies such as Elite Auctions.
How to Buy a Luxury Home Via Home Auctions
Luxury home auctions offer people who are looking for their dream home, second house, or getaway vacation spot an excellent opportunity to find incredible houses that they may not have otherwise seen. The auction environment can be a little overwhelming for people who have never delved into this type of home-buying process before, so we’ve put together some tips to help make it easier for you.
1. Follow Reputable Luxury Real Estate Auction Companies Online
If you are spending hundreds of thousands of dollars—if not millions—you have the right to expect white-glove service. By finding a few reputable companies online, you’ll have early access to upcoming sales, as well as the ability to contact those companies directly if you have questions. As you begin to see listings, you’ll start to get a feel for the lifestyles, markets, and selling prices that dominate certain areas.
At Elite Auctions, we welcome questions and inquiries from potential clients. Our team loves what we do, and we’re always happy to help people understand the luxury home auction process.
2. Comparison Shop
Don’t be afraid to comparison shop, even if you’re not interested in the homes that are available when you begin looking. By doing your due diligence ahead of time, you’ll start to see how the process works and how the ultimate price tag translates when the auction is over. Keep an eye on prices in the area you’re interested in, but also be mindful of the price trends for homes that sell in other areas. You’ll begin to understand how the auction process is beneficial to buyers when you can see the whole lifecycle play out.
3. Meet with an Agent
A luxury auction firm’s job is to find outstanding real estate and prepare it for sale. You’ll still want to have a professional realtor represent you during the process, mainly if this is a new endeavor for you. Your realtor will help you understand the fair pricing for which to bid on your chosen property and help you realize any missteps you might overlook.
4. Tour the Property
We’d never recommend anyone to buy a property sight-unseen, but when luxury real estate is involved, it’s imperative to see your potential investment in person. Most luxury home auctions will offer several open houses and private showings in which buyers can view the property. This is your opportunity to see if the pictures stack up to your expectations in real life. You’ll also be able to see if there are hazards that might impede your love of the home. For instance, if you want a secluded cabin in Aspen, you’ll want to be aware of the distance to grocery stores and the steepness of slopes, particularly if you’ll be there during ski season.
The Auction Process
Make sure you come with cash in hand; a cashier’s check that’s written for the amount of the bidder deposit may be necessary for you to complete the transaction. In some instances, auctions will permit financing with a pre-auction offer. If you’re unsure if financing is allowed, it’s always best to talk to the auction company well in advance of the big day so you can be prepared. Bear in mind that there will be auction fees, as well as a closing process—just like a traditional real estate purchase.
On the day of the auction, you’ll check in with the company that’s hosting the event and receive your bidder paddle. Simply raise it when the auctioneer announces a price you’re willing to pay. If you win the bid, you will be expected to pay for the home you purchased. By doing as much work up front as possible, you’ll be ready to purchase your next dream home when the opportunity presents itself.
At Elite Auctions, we believe in helping people find luxury homes through a smooth, simple, and successful home-buying process. If you’re trying to find luxury real estate that welcomes you home, you’ve come to the right place. Keep an eye on the upcoming sales brought to you by Elite Auctions!