FREQUENTLY ASKED QUESTIONS

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Southern California Real Estate Auction conducts online auctions. If a bidder is unable to attend the online auction we have a number of options available. The online auction typically last a few days making it easy for most bidders to place their maximum bid if they are unable to monitor the status of bidding at the close of the auction day.

Absolutely, our main objection is to sell your property, should an offer be presented which is an amount and on terms acceptable to you, we are happy and this is our job done. All offers made throughout the campaign prior to auction will be displayed to the seller; however, it remains entirely the seller’s decision whether or not they wish to counter, accept or continue down the auction path towards auction day. A large majority of our properties sell prior to auction, as the seller has had an opportunity to gauge feedback on the marketplace.

The only genuine measure of value of real estate is what someone else is willing to pay for a property. An appraisal is merely an informed opinion. An appraisal is not an offer to buy. The real measure of value of real estate, at any given time, is what it will bring under competitive bidding from informed and motivated buyers. Selling via auction ensures you are receiving a public offer at fair market price.

Absolutely. The auction marketing method allows us to expose the property to the marketplace. Throughout the auction campaign the seller has the ability to gain feedback about their property from potential buyers. Occasionally, a buyer may be interested in a property; however, may not feel comfortable bidding under auction terms. In this case a buyer will often make an offer after the auction date. Additionally, if the property does not sell auction day, we have the opportunity to price the property competitively.

Certainly not. It is a misconception that auctions are only used to sell bargain and distressed property. Auctions is a predominate method of sale for many luxury products – including Art, Jewelry, Cars and many more. Auctions are the preferred way because they have the ability to reveal the true market value of a property through an open forum of competitive and genuine bidding.

A seller is never under any obligation or force to sell their property at any point in the auction process, the decision to sell always remains one for the seller. Should the auction not achieve a price the seller is comfortable with, the seller is able to market the property as with a normal traditional sale with a set asking price. Nothing has been lost and your property has not been damaged in the auction process because the campaign has only consisted of a couple of weeks and no price has been put to the market, so no harm has been done.

Yes, provided all required documentation has been completed prior to auction day. If you are interested in bidding on the property and you are unable to attend the auction for any reason, Southern California Real Estate Auction provides the following option.

This process would involve an authorized friend or agent to attend and participate in the auction whilst speaking to you on the phone and entering your bid online.

Please note, should you be unable to attend the auction you must ensure all correct documentation has been finalized prior to auction day and given to SoCal Real Estate Auction.

This will differ depending on the property. All offers made throughout the campaign prior to auction will be reviewed by the seller; however, it remains entirely the seller’s decision whether or not they wish to counter, accept or continue marketing the property until auction day. We encourage you to submit an offer if you are interested as majority of properties sell prior to auction.

All of the information, photos and disclosures regarding the property being auctioned are included in the Due Diligence Materials, which can be viewed on the Southern California Real Estate Auction website after registration, obtained by contacting info@socalrealestateauction.com or by contacting the relevant Listing Agent.

No, using a real estate agent is an entirely a matter of personal preference. If you wish to use an agent, please feel free. However; the auction process is a very simple, transparent way of transferring real property between two parties. Whether you decide to use an agent or not, Southern California Real Estate Auction, is always available to meet with you face to face or over the phone to explain the process and devise any strategies for bidding on the day of auction. Southern California Real Estate Auction is committed to ensuring every buyer and/or buyers agent feels 100% comfortable with the process and ensures the buyer feels he or she has been treated fairly, whether or not they are represented.

In order to bid at an Auction you will need to register and get preapproved – this must be done prior to Auction Day. Prior to registering you will need to completely understand the terms and conditions relating to the specific property. Additionally, you will need to arrange the deposit. Contact info@socalrealestateauction.comfor all documentation or further information.

Just because you are unable to bid under auction terms and conditions does not mean you are unable to purchase an auction property. Anyone is able to make an offer prior to auction day with any terms; however, note these terms need to be very favorable to the sellers in order to them to consider selling prior to auction day.

If the property does not sell before auction day or on Auction Day you may have another opportunity to submit an offer after auction. In such circumstances, you risk being involved in a multiple offer situation, as there may be several other buyers who are in the same situation as you and have been holding out until after auction day. Therefore, if you are able to get yourself in a position to make an offer prior to auction or bid comfortably under auction terms and conditions to a specific amount, buying at auction is the most transparent and certain way to purchase property.

Yes you should still register for the auction. The Auction process is just that. A process. The process involves many facets including most importantly expectations. The auction process is about educating the price expectations of both sellers and also buyers according to the market. If your offer is not accepted prior to auction, it may be that the seller has a price expectation of the property over where it sits on the market, which may become evident on auction day. Or perhaps it may be that your offer is under estimating the value of the property. Regardless, after the seller and the buyers have had the opportunity to see the full marketing campaign over 2-4 weeks and also see the property’s interest on auction day both parties will often reevaluate their expectations.

A List price or the bidding to start from price indicates the price at which negotiations must be above. The Bidding to start from price does not necessarily represent an amount the seller would sell the property. The best strategy would be to look at properties in the area, inspect all photos, disclosures and reports completed on the property and make an offer you are comfortable with.

As part of the due diligence materials Southern California Real Estate Auction provides a professional inspection of the property. All inspections involved with Southern California Real Estate Auction are available for preview prior to auction. Anyone who wishes to undertake their own inspection, should contact the listing agent to arrange a suitable time if you are the winning bidder after the auction.