Today is the day! The 818 Hot Springs auction begins today at 4 PM PST.
Have you ever seen a property go for auction? If not, Village Properties has one — it’s located at 818 Hot Springs Rd, Montecito, CA 93108, and this process is fascinating. The property is listed by Patricia Griffin and facilitated by Concierge Auctions.
You may be wondering how an auction works. It is a non-traditional way of selling real estate in the United States. While countries like Australia — where the majority of sales are attributed to auction — have embraced it, it is not as common in the US and only slowly gaining popularity.
It’s worth learning about this process and even watching or registering to bid if you’re interested. It’s super simple, we promise.
Here is how it all works:
First step: go to www.conciergeauctions.com. Once you are there, register for an account. This will allow you to see the current status of the auctions. Signing up is the first step of the process. If you are interested in buying 818 Hot Springs, go one step further and click the “register to bid” button. There you will be prompted to add your appropriate information.
Some tips on the Auction of 818 Hot Springs:
The property will be open between 1 and 4 PM (by appointment only) until the close of auction on February 27.
The auction starts at 4 PM today, Feb 24th, 2020.
There is a buyer’s premium of 12%, which means: The buyer shall pay to the concierge a “buyer’s premium” in addition to the purchase price for the property. The buyer’s premium is not a real estate commission; it is the fee that the concierge charges to bidders for bringing the property to auction.
There is a co-broke commission of 2.5%: A commission fee will be paid by Seller to any properly registered Sales Associate or Broker whose client is the successful Buyer at the Auction and whose client completes the purchase of the Property.
There is an opening bid incentive of 12% (if you’ve pre-registered), which means: If you are the high bidder, you will receive an incentive equal to this percentage of your opening bid in the form of a credit from the seller against the purchase price of the property. All opening bids are binding and subject to being received by the deadline.
This is exciting stuff, and you don’t want to miss out. Sign up at www.conciergeauctions.com to see what this is all about. And a little pro tip for you: The previous listing price was $12.5 million. Happy bidding!