Just curious if folks planning to buy at the Lumen auction are going to be using an agent or not? If so, are there any agents that specialize in auctions?
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Lumen Auction – Agent or No Agent?
June 28th, 2009 · View Comments · By Matt
Tags: Lumen
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1 The MD // Jun 28, 2009 at 10:33 pm
What's the point of using an agent? It's an auction. Hell, the agents haven't been able to get the damn things off the market for the past four years, so why would I trust an agent to make it happen now? LOL
2 Ross // Jun 29, 2009 at 8:13 am
Depending on the agent commission, you may be able to get a rebate.
3 Amir // Jun 29, 2009 at 12:16 pm
Yes, it's an auction … why *wouldn't* you use an agent?? There's no drawback to it and as Ross mentioned, what agent wouldn't be willing to give their client a rebate, considering a new construction auction purchase requires relatively low effort by the agent? (although some say these client “rebates” are illegal … never quite understood that)
In a non-auction scenario I would give strong consideration to going agent-less (but hire an inspector and a real estate lawyer on my own) if the seller is willing to pass on most of the savings to me … but in an auction scenario I'd definitely use an agent.
4 Paul Thomas // Jun 30, 2009 at 8:51 am
Great question!
Being represented by an agent at an auction is always a good idea, particularly since the seller usually pays the agent's commission. An agent who is knowledgeable about auctions can be particularly helpful in avoiding unnecessary costs, navigating the auction process successfully and closing on schedule.
I'm a partner at a Seattle-based real estate auction company (Northwest Auctions) and am a licensed real estate agent, so I think it's fair to say that I'm knowledgeable about real estate auctions. Urbnlivn readers with questions about auctions (including Lumen) are welcome to call me at (206)525-5652.
-Paul Thomas
5 Paul Thomas // Jun 30, 2009 at 3:51 pm
Great question!
Being represented by an agent at an auction is always a good idea, particularly since the seller usually pays the agent's commission. An agent who is knowledgeable about auctions can be particularly helpful in avoiding unnecessary costs, navigating the auction process successfully and closing on schedule.
I'm a partner at a Seattle-based real estate auction company (Northwest Auctions) and am a licensed real estate agent, so I think it's fair to say that I'm knowledgeable about real estate auctions. Urbnlivn readers with questions about auctions (including Lumen) are welcome to call me at (206)525-5652.
-Paul Thomas
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