Representing your client to be a bidder at our auctions is easy. Just follow the steps below:
1. Bring your client to an open house.
2. Attend the auction with your client. If your client is the winning bidder and successfully closes escrow, you will receive a commission (normally 2% of the final bid not including Buyer's Premium).
3. Fill out the Broker Cooperation Agreement prior to the start of the auction. (Click Here for the Broker Cooperation Agreement)
Please read “Information and Programs/Incentives” below for more information and more ways you can make money with our real estate auction company.
Information & Programs/Incentives
Because we offer a unique service to sellers of real estate, our programs for licensed Brokers and Realtors should compliment your efforts. We are licensed and bonded in California and have extensive experience using the auction method of marketing real estate.
Frequently Asked Questions from Realtors:
1. Does the buyer need to have all cash on the day of the auction?
NO, the successful bidder typically pays 5-10% of the final accepted total contract price as a non-refundable deposit. The balance is normally required in 45 days, depending on the individual auction terms (just like a normal real estate transaction). By requiring a larger upfront/non-refundable deposit our escrows usually close on schedule. This makes “payday” for our Realtor friends more predictable. Unlike a foreclosure auction where all cash is required on the day of the auction, our auctions mimic the standard closing time frame Realtors are accustomed to (i.e. 45 days).
2. If our clients-buyers require financing can an appraiser have access to the property after the auction during the escrow period?
YES, we can allow appraisers and other inspectors access throughout the escrow period. If the property requires termite work and the buyers want to have it done, the work can also be completed prior to closing.
3. Is the seller obligated to do repairs or any termite work?
NO, the properties sold at our auctions are sold “as is” with no contingencies. The buyer does however receive a copy of the termite report and a transfer disclosure statement filled out by the seller. Water heater bracing and smoke alarms are also required. A home warranty policy is provided at no cost to the buyer.
4. Who pays the escrow and title costs?
The buyer pays for title insurance and the escrow fees are split 50/50.
5. Are the sellers who sell their property by auction through our company, obligated to accept whatever the highest bid brings?
NO, only if the auction is absolute does the seller need to accept the highest bid. We also offer reserve auctions that allow the seller to accept or reject the highest price the auction brings.
6. Can any inspections be made to the property prior to the auction?
YES, unlike foreclosure and tax sale auctions we hold usually two previews prior to the auction and one immediately prior on auction day. We recommend all potential buyers thoroughly inspect the properties. The properties can also be scrutinized by a home inspection company if the potential buyer wants to pay for this service. We also provide a recent termite inspection, and transfer disclosure statement in our bidder’s packages. We truly want all potential buyers to be fully informed on the condition of the property.
There are some properties you might have a difficult time selling the traditional way. Our auctions are designed to quickly attract buyers for all types of properties and situations and typically take 45-60 days from the signing of the contract with the seller to the close of escrow. We work closely with licensed real estate professionals to assist them in closing more deals. In this competitive environment we should be thought of as another tool in your toolbox to expand your money making options.
Below are a few examples of properties and situations we might be able to assist you with:
1. Properties you have listed and the listing period is near expiration.
2. Properties where mortgage payments are behind and a foreclosure or tax sale is scheduled.
3. Properties that need a lot of fix up and/or have future liability concerns (i.e. faulty foundations, wiring, plumbing, etc.).
4. Hard to sell real estate like land, commercial, and industrial.
5. Expensive/luxury homes that usually sit on the market for months.
6. Probate properties.
7. Properties where the owner has been transferred or a divorce is involved.
Note: If you have a client with a property or situation above that you feel would be suited for an auction, just call us. We’d be happy to meet with you and your client to discuss all the options. If we sell your client’s property and the buyer closes, you would be paid a commission based on the final bid price.
We hope this information is helpful and we can work with you in the future.
Please call our office @ (661) 325-6500 for more information or click here to placed on our email notification list for upcoming auctions.