Wednesday, August 21, 2019

Realtors


PalmSpringsHomeAuctions.com is amenable to licensed agents to be able to earn real estate auction commissions.

Whether you have a seller who could benefit from an auction sale, or you are representing buyers who are interested in an auction property, you may be eligible to receive a commission from PalmSpringsHomeAuctions.com. The actual commission rate may be a flat amount or a percentage of the final accepted bid. No commission will be payable on the Buyer’s Premium unless the Buyer’s agent, has a completed Broker’s Participation Agreement registered with PalmSpringsHomeAuctions.com.

The maximum percentage cannot exceed 2.5% of the final bid price and shall be deducted from the Buyer’s Premium upon closing of the property.

Strict compliance is paramount as it relates to the Purchase & Sales Agreement:

PURCHASE & SALE AGREEMENT

Real estate professionals should note the following:

  • There are no contingencies.
  • The purchase and sale agreement is made available at auction. This is the standard CAR (California Association of Realtors)  contract with the exception of ANY contingencies.
  • Major terms of the agreement are read on auction day.
  • The property is sold "as is, where is"—without warranty.

Sample terms and conditions are provided below:

Only bidders who show proof of required deposit to (firm name) will be allowed to bid at this auction.

The highest bidder (buyer) whose bid is accepted by the auctioneer and the seller will be bound into a Purchase and Sale Agreement.

This agreement will be a legally binding contract. At the time the agreement is signed, the buyer will pay a deposit equal to (amount) in cash, certified or bank check.

If the agreement is not signed or if Buyer fails to pay the deposit, the auctioneer may, at his discretion, immediately resell the property to the highest bidder who complied with these general terms of sale, but such resale shall not release the buyer from an action for breach of contract.

In the event of any dispute regarding bidding, the auctioneer’s decision shall be final and binding. Property offered for sale at this auction is offered “as is, where is, without warranty, (referring to condition of property) or contingencies.

Below are brief explanations of four of our most popular partnership opportunities. We’re always happy to talk with you, answer questions, and help you determine if auction is an appropriate strategy for a particular client or property.

Refer a Seller by an Agent/Broker


Select the referral option if you do not wish to be actively involved in the auction process. When the seller you refer completes a successful auction, we’ll simply pay you 20% of the Buyer’s Premium commission received by PalmSpringsHomeAuctions.com at closing. It’s easy!

The referring agent refers a seller to an auctioneer and then receives a referral fee established by the auction firm. Responsibilities of the referring agent include:

  • Helping the seller analyze his or her needs, the property, and market to determine if a good
      auction situation exists
  • Referring the seller to a professional real estate auction firm
  • Collecting the referral fee from the auction firm when the property closes

Referring agents should note that an auction firm may require them to cancel their traditional real estate listing agreement, if one exists, and send a notice to MLS stating that the property will be sold at public auction.

Real estate professionals who are REALTORS® need to be mindful of the Standards of Practice 16-3, 16-4, and 16-6 of the REALTOR® Code of Ethics

The listing agent shares a predetermined commission based on the amount of involvement and the relationship defined by the two parties.

Before Auction Day.

The listing agent’s activities prior to auction may include:

  • Providing the lead (in most cases)
  • If available, providing a fact sheet on the property
  • Performing market analysis (note that listing agent may NOT appraise property)
  • Providing local licensing information ƒ Completing due diligence
  • Holding property inspections
  • Ordering and obtaining signs, photographs, and keys
  • Obtaining bids for maintenance and supervising property management
  • Assisting bidders with pre-qualification process
  • Providing feedback to the seller, e.g., progress reports

This is just one of the benefits sellers enjoy with a real estate auction. Complete the Agency Partnership Form or give us a call to begin the process.

Convert a Listing


If you want to maintain the listing and be involved in the auction process, you and your client can both sign an “Auction Addendum” to your listing agreement that will authorize PalmSpringsHomeAuctions.com to conduct the auction marketing and sale. You will receive whatever commission you and your seller negotiated and the auction commission will be paid by the buyer. Complete the Agency Partnership Form or call us at 760.574.7676 to begin the conversation.

Represent a Buyer


It’s easy to represent a buyer at a PalmSpringsHomeAuctions.com auction. To register as your buyer’s agent, just print the pdf form below, complete the required information, and fax it to us at 760.406.9898. You may also email it to support@PalmSpringsHomeAuctions.com.  Complete the Broker Participation Agreement

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