FAQS
- What's the benefit of purchasing property at a real estate auction?
- What kinds of property are available at auctions?
- Who buys at an auction?
- Who is Kennedy Wilson?
- Are auctions only used for distressed property?
- Why is the owner selling at an auction?
- What happens on auction day?
- Must I be present to bid?
- Will you accept a sealed bid?
- Do you cooperate with outside real estate agents?
- Does my agent need to register with the auctioneer?
- Do I need to pre-register prior to auction day?
- Where do I register for the auction?
- Can I bid subject to financing contingencies?
- How many properties can I bid on?
- Will I receive clear title to the property?
- Do I need a deposit to bid on auction day?
- Is the deposit refundable if I decide to change my mind?
- Do the properties offered have a previous asking price?
- Do the properties have starting bids?
- Are the properties open for inspection?
- Can I have a home inspection company or termite company inspect the home prior to the auction?
- Can I buy the property prior to the auction?
- Do I need to have any forms or papers with me if I buy the property?
- How can I obtain a brochure?
What's the benefit of purchasing property at a real estate auction?
As a buyer, you determine the purchase price, not the seller. The open forum of an auction also allows you to see immediately the true market value of a property since you are getting first-hand knowledge of what others are willing to pay. Auctions also eliminate the uncertainty of long negotiation periods and reduce time to purchase the property.
What kinds of property are available at auctions?
Available property includes homes, condominiums, investment properties, land and commercial/industrial property.
Who buys at an auction?
Auctions attract the same cross section of people who buy real estate through other purchasing methods, ranging from first-time home buyers to professional investors.
Who is Kennedy Wilson?
Based in Beverly Hills, Calif., Kennedy Wilson is the largest real estate auction marketing firm in the United States. Founded in 1977, Kennedy Wilson has successfully sold more than $5 billion in real estate auctions.
Are auctions only used for distressed property?
There are countless reasons for selling property using a variety of sales methods. An auction is simply alternative to other sales methods.
Why is the owner selling at an auction?
The seller has made a business decision to market the property through the auction process because he or she feels this is the most effective way to sell the property. For sellers, auctions accelerate the sales process and they have confidence knowing that buyers are prepared to buy.
What happens on auction day?
The process is exciting, fun, and simple. As a registered bidder, you will receive a "Bidder Package" when you arrive on auction day. When you wish to bid, simply hold up your bidder number, as this allows the auctioneer to know that you are bidding. Floormen are available to help you when they see that you wish to bid. Click here to learn more about the bidding process.
Must I be present to bid?
Yes. However, you can appoint someone to act on your behalf with a notarized, specific power of attorney.
Will you accept a sealed bid?
No. All bidding is done orally at the auction.
Do you cooperate with outside real estate agents?
This varies by auction. Check the terms and conditions. In many cases, there is a commission offered to qualified buyer's agents.
Does my agent need to register with the auctioneer?
Yes, your agent must register the day of the sale. The real estate agent must also be present during the bidding and the completion of the paperwork immediately after the auction.
Do I need to pre-register prior to auction day?
In most cases there is a pre-registration deadline. This helps us determine how many plan to attend.
Where do I register for the auction?
Register at the auction location (usually the property site, unless stated otherwise) or on BidKW.com.
Can I bid subject to financing contingencies?
Please read the specific terms and conditions on each brochure as terms vary from sale to sale. In certain cases, the sale is contingent upon financing if you use the seller arranged lender.
How many properties can I bid on?
Approved registered bidders may bid on as many properties as they like until they are the successful bidder at which time they will be escorted to the contracting area. Most bidders are approved to purchase one property on auction day.
Will I receive clear title to the property?
Yes, title insurance will be provided. The sale will be contingent on the seller providing clear title. Title will be free of all prior monetary liens and encumbrances (unless otherwise specified). Any monetary liens will be paid off through escrow from the sales proceeds.
Do I need a deposit to bid on auction day?
Yes, to bid at each auction, you must have in your possession cash equivalents (ie. cashier's check) and a personal check for the balance of the required deposit. Check the terms for each auction.
Is the deposit refundable if I decide to change my mind?
With each successful bid, a buyer signs a purchase agreement, which is a binding contract. Buyer can forfeit all or part of their deposit if they do not complete their purchase as contracted. In some cases, there may be a rescission period stipulated in which a buyer is allowed to reconsider purchase without penalty. Beyond that period, the buyer is legally obligated to purchase.
Do the properties offered have a previous asking price?
In most cases there is a previous asking/listing price for informational purposes only. This is not the reserve price.
Do the properties have starting bids?
This varies by auction. In most cases there is a published starting bid. This is where the bidding will start. All bids are subject to meeting the reserve price.
Are the properties open for inspection?
Yes. Please refer to the brochure for the specific open house schedule. However, for reasons beyond the seller's and Kennedy Wilson's control, the properties may not be available for inspection even if an open house has been scheduled.
Can I have a home inspection company or termite company inspect the home prior to the auction?
Yes, we would prefer if you could schedule the inspection during the open house period. However, if this is not possible, we can set up an appointment with your inspector.
Can I buy the property prior to the auction?
Check each auction. In some cases you are able to bid prior to the auction.
Do I need to have any forms or papers with me if I buy the property?
No, Kennedy Wilson will have all the necessary documents. The only information you will need to complete the documents are the following: vesting (how you are going to hold title), your address and phone number.
How can I obtain a brochure?
You may obtain an auction brochure by calling 800.522.6664 or by clicking here.
