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California Premier Auctions, Inc.

The Real Estate Auction Company

For quick results sell your real estate at auction!

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"...What I needed was URGENCY---A reason for buyers to buy my house in as-is condition-NOW. And that is why I went with the auction format... BIG SUCCESS….My problem home was SOLD!!!"
-Mark F.

  » Realtors

Realtor Logo Information & Programs/Incentives

Because we offer a unique service to sellers of real estate, our programs for licensed Brokers and Realtors should compliment your efforts. We are licensed and bonded in California and have extensive experience using the auction method of marketing real estate.

Below are answers to the most commonly asked questions from licensed real estate professionals:

1. Does the buyer need to have all cash on the day of the auction?

NO, the successful bidder pays typically 5-10% of the final accepted total contract price as a non-refundable deposit. The balance is required in 30-45 days (just like a normal real estate transaction). By requiring a larger upfront/non-refundable deposit our escrows usually close on schedule. This makes "payday" for our Realtor friends more predictable. Unlike a foreclosure auction where all cash is required on the day of the auction, our auctions mimic the standard closing time frame Realtors are accustomed to (i.e. 30-45 days).

2. If our clients/buyers require financing can an appraiser have access to the property after the auction during the escrow period?

YES, we can allow appraisers and other inspectors access throughout the escrow period. If the property requires termite work and the buyers want to have it done, the work can also be completed prior to closing.

3. Is the seller obligated to do repairs or any termite work?

NO, the properties sold at our auctions are sold "as is" with no contingencies. The buyer does however receive a copy of the termite report and a transfer disclosure statement filled out by the seller. Water heater bracing and smoke alarms are also required. A home warranty policy is normally given to the winning bidder.

4. Who pays the escrow and title costs?

Usually the buyer pays for title insurance (unlike a traditional escrow) and the escrow fees are split 50/50.

5. Are the sellers who sell their property by auction through our company, obligated to accept whatever the highest bid brings?

NO, only if the auction is absolute does the seller need to accept the highest bid. We also offer confirmation auctions that allow the seller to accept or reject the highest price the auction brings.

6. Can any inspections be made to the property prior to the auction?

YES, unlike foreclosure and tax sale auctions we hold usually one or two previews prior to the auction and one immediately prior on auction day. We recommend all potential buyers thoroughly inspect the properties. The properties can also be scrutinized by a home inspection company if the potential buyer wants to pay for this service. We also provide a recent termite inspection, and transfer disclosure statement in our bidder's packages. We truly want all potential buyers to be fully informed on the condition of the property.

Below are a few examples of properties and situations we might be able to assist you with:

1.  Properties you have listed and the listing period is near expiration.
2.  Properties where mortgage payments are behind and a foreclosure or tax sale is scheduled.
3.  Properties that need a lot of fix up and/or have future liability concerns (i.e. faulty foundations, wiring, plumbing, etc.).
4.  Hard to sell real estate like land, commercial, and industrial.
5.  Expensive/luxury homes that usually sit on the market for months.
6.  Probate properties.
7.  Properties where the owner has been transferred or a divorce is involved.

Click Here to read an article from California Real Estate Magazine by way of Realtor.org

Note: If you have a client with a property or situation above that you feel would be suited for an auction, just call us. We'd be happy to meet with you and your client to discuss all the options. If we sell your client's property and the buyer closes, you would be paid a commission based on the final bid price. We hope this information is helpful and we can work with you in the future. Please call us @ (661) 325-6500 or e-mail us at EliteAuctions@yahoo.com to acquire more information about the auction process or to sign up a property for this time-tested procedure.

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