FREQUENTLY ASKED QUESTIONS
What is offered for sale on Luxuryhomes.bid?
Residential properties are marketed on the Luxury Home Auctions website.
Where will the sale be held?
Right here on Luxuryhomes.bid. All of our transactions are conducted 100% online.
Where can I review the auction requirements and rules?
Each property has a Property Profile Page on the Luxury Home Auctions website which includes a documents section. In this section, you will find a downloadable document titled "Terms & Conditions of Sale." This document explains in detail the auction requirements and rules for each property.
Will the high bid always win the property?
The terms of each auction are unique but typically Luxury Home Auctions only conducts "with reserve" auctions. Although sellers are highly motivated to sell their property, they are not required to do so unless a pre-determined reserve is met.
Once I register, who will have access to my personal information?
How long will the auction event last?
A typical auction event has a 45 to 60-day marketing campaign during which time prospective buyers may conduct their due diligence: view documents and information, visit the property, ask auction and property-related questions and submit their initial bids. Once the initial bid deadline is reached, the bidding process may be extended (see Last Call® and Best & Final®) for a pre-determined period of time.
What is a classic Auction on Luxuryhomes.bid?
An online auction where contingencies are not allowed. Bidders are required to conduct all of their due diligence in advance of the bidding process and close escrow within 30 days.
What is Auction Plus®?
An online auction format where, in addition to price, potential buyers may include contingencies and supporting documentation with their bid. The seller of the real estate may specify parameters such as maximum due diligence and escrow periods and minimum earnest money deposit.
What is a Sealed Bid?
In a sealed bid auction, none of the bids are published on Luxuryhomes.bid.
What is Open Bidding?
Bids received are immediately published on the Property Profile Page on the Luxury Home Auctions website.
What is Last Call®?
It's just that, a "Last Call" for bids. The bid deadline is extended for a specific period of time allowing bidders to submit their bids before the next deadline ends the auction. If a new bid is received, the deadline will extend again giving all bidders time to place their next bid. Last Call bidding is fair to everyone because it prevents "sniping". That's when a bidder waits until the final seconds of an auction and then swoops in and outbids everyone right as the auction ends.
What is Best & Final®?
Luxury Home Auctions may declare a Best & Final round of bidding at which time the highest numerical bid amount is posted on the Property Profile Page. The auction is extended for a period of time which allows bidders to make any adjustments to their bid amount or contingencies. At the end of the Best & Final period, all bids are presented to the seller for review.
Who can participate as a Broker?
Luxury Home Auctions is very broker-friendly. In order to place a property for auction on the Luxury Home Auctions website or represent a buyer of a property on the Luxury Home Auctions website, you must be a licensed real estate professional.
How much will it cost me to place a property on Luxuryhomes.bid?
Nothing. Typically, our broker/agent partner keeps 100% of the seller's paid commission. Luxury Home Auctions is paid by the buyer.
How can I represent a buyer?
Log in or sign up (top right-hand corner of any page) and ensure you identify yourself as a real estate professional. Locate the property your client is interested in and open the Broker/Agent Participation form located in the Downloadable Documents section of the Property Profile Page and follow the instructions. The form must be submitted BEFORE your buyer submits a bid. If your client is the successful purchaser, you will receive your commission at the close of escrow.
How do I place my listings on Luxuryhomes.bid?
For more information, click the broker's tab on the main menu and complete the form. You can also contact a Sales Associate at 800-966-0610 or email firstname.lastname@example.org.
What is a Bid Deposit?
Each property on Luxuryhomes.bid has a required bid deposit that you must submit in order for your bid to be valid. Your bid deposit tells us and the seller that you are a serious buyer.
How do I submit a Bid Deposit?
Bid deposits are typically submitted via credit card hold but they can also be submitted by wire transfer and certified check. Please refer to the Property Profile Page for bid deposit details.
Is my Bid Deposit refundable?
Yes, if you are not declared the winning purchaser.
Can I place bids on multiple properties at once?
Yes, but only if you have submitted sufficient funds to cover the required deposits on each property.
Can I submit an offer to purchase a property outside of the Luxuryhomes.bid website?
No. All bids must be placed through the Luxuryhomes.bid website.
Is financing offered?
Financing is available on some properties. It's best to confirm whether the particular property you are interested in does offer financing by reviewing the Terms and Conditions of Sale.
Will the property be sold with clear title?
Yes, the property will be conveyed free and clear of any and all liens and/or encumbrances, including delinquent taxes. If, for whatever reason, the property cannot be delivered with clear title, you will be refunded in full any and all fees and/or deposits you have submitted and you will also be under no further obligation to purchase the property.
How will I know if someone has outbid me?
For Last Call® and Open Bidding Auctions, you can be notified via email each time a new bid is placed. If you are not actively bidding in the auction, you can receive "new bid" notifications by adding the auction to your Watch List. For Sealed Bid Auctions, other bidders are not notified when bids are placed.
Can the Seller bid on his own property?
No, our contract expressly forbids the Seller or the Seller's representatives including Luxury Home Auctions from placing bids, a practice known as "shill" bidding. Although many companies will place shill bids to run up the price, we believe this practice to be unethical and it degrades the auction's integrity. Luxury Home Auctions believes that bidders should determine the true value of the property in a fair, honest and transparent bidding process.
What happens if the seller accepts my Bid?
Congratulations! The Event Manager will contact you and walk you through the next steps. But in a nutshell, once you have received confirmation that your bid has been accepted by the seller, you are required to submit the purchase deposit monies and execute the Purchase and Sale agreement. Review the Terms and Conditions of Sale for specifics.