Buying luxury real estate at auction is a fantastic opportunity to own some of the most sought-after properties in the world. Bidding on luxury real estate at auction is open to qualified buyers and is a simple, straightforward process. Buyers are given adequate time to view and inspect properties prior to all auctions.
1. Register for the Auction - Register for the Auction by visiting the Sheldon Good & Company Luxury Real Estate Website. Once registered, you will receive the Auction Brochure and Auction Terms of Sale. Registration is free and does not obligate on to enter a bid.
2. Visit the Home- All auction properties hold scheduled open house showings. In some cases, open house showings are by appointment only. Review the open house schedule listed on the property specific website or in the Auction Brochure to determine dates or obtain the phone number to schedule an appointment.
3. Obtain the Bidders Packet - The Bidders Packet provides all the materials needed to complete due diligence on an auction property. It contains specific information relating to the real estate, the auction, the Terms of Sale and the Purchase and Sale Agreement.
4. Participating in the Auction - If participating in a live auction, the Purchase and Sale Agreement will be completed only once a winning bidder is determined. A Cashier's Check or Wire Transfer for the designated Earnest Money Deposit, as specified in the Auction Terms and Conditions, will be required as part of any bid submission.
5. Auction Day/Place the Bid! - On Auction Day, bids will be placed - either at the event, by sealed bid or online. To participate in the auction, bidders are required to present certified funds. Deposit amounts vary for each property and are detailed in the Terms of Sale. If a bid is accepted, the deposit will be applied towards earnest money deposit. If a bid is not accepted, the deposit will be refunded, following the auction.
6. Winning the Bid and Closing - A representative of Sheldon Good & Company will confirm receipt of all bids. Once the Auction Bid period is completed, the winning bidder will be notified and enter into contract. Bidders who do not win will be notified and Deposit funds will be returned. The winning bidder will be required to close within the time period as allotted in the Purchase and Sale Agreement.