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Lumen Auction – Agent or No Agent?

June 28th, 2009 · Comments · By Matt

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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  • 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
  • The MD
    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
  • Amir
    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.
  • Ross
    Depending on the agent commission, you may be able to get a rebate.
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