A REALTOR's® Guide to Luxury Real Estate Auctions with Heritage Auctions
How Auctions Work
Luxury Real Estate auctions are a lot like fine art auctions you may have seen. Highly qualified bidders gather, either in person, by phone, or online, to bid on fine homes. Sales prices realized often set local records.
Contracts are secured by a 10 percent down payment. There are no contingencies for financing or repairs, and contracts close within 30-45 days, depending on the auction. The process is clean and there are no surprises at closing. Bidders are encouraged to preview the home and are provided with a due diligence package.
As a REALTOR, your commission is protected. Your commission is earned at closing, like any other sale.
If you have a client interested in participating in one of our auctions, please ask us how to register as their agent.
Due Diligence Package
Heritage provides a complete due diligence package (DDP) for your client's reference. Each DDP contains an inspection report, title, survey, Property Owners' Association documents where applicable, tax statements, and any other disclosures or information provided by the seller. Auction forms are also included.
Registering a Client
Each bidder must be registered prior to auction. To register:
- Bidders must create a Heritage account with a username and password.
- Sign the Bidder Registration Terms and Conditions.
- Depending on the Terms of the sale, present a lender pre-approval letter, a letter of guarantee from a bank, or a refundable $50,000 bidder deposit.
Once those steps are complete, your client will be assigned a bidder number and will be allowed to bid in the sale.
Working with Sellers
If you have sellers with high-value property, we're ready to help you create a market for the home. As America's Auction House, we have a stellar reputation for transparency, global reach and an exclusive network of high net worth clients.
Your commission is protected, and both you and your sellers will know when the house will sell and close. It's a predictable and clean process, designed to capture the highest return possible.
Let's have a conversation.
Heritage Luxury Real Estate Auctions welcomes partnerships with real estate professionals. There are no costs to participate in our partnership program and in most cases you will earn the same fees as you do representing a client in a traditional sale, but in an accelerated timeframe!