Reynolds Bickerstaff Buying a Luxury Home at Auction
I attended my first Luxury Home Auction with a client last week, which was very interesting. This auction advertised Absolute, No Minimum, No Reserve. After preparing our strategy for 2 weeks, I still left the auction with an uneasy feeling. Not about the results, but about the Auction Company. I reminded myself that the Auction Company’s primary objective is to generate the Highest Return for……..you guessed it, the Auction Company.
I do believe that all parties involved achieved their objective, so the auction was a success.
Buyer
- purchased their dream home at a reasonable price, well below replacement cost and market value
Waddell Realty
- successfully represented their client
Auction Company
- generated a commission
Sellers
- sold their property and drastically reduce the amount of days on market and monthly expenses to maintain a large luxury home
Tips for attending a Luxury Home Auction
- Don’t trust the Auction Company
- Read all documents 3-4 times
- Bring your REALTOR
- Don’t trust the Auction Company