FAQ

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FREQUENTLY ASKED QUESTIONS

about

The Auction Process

BUYER

WILL I BE ABLE TO SEE AND INSPECT THE PROPERTY?

Properties are available throughout the exposure period for potential bidders to preview and conduct inspections. Diligence is encouraged as all sales are “asis,” without contingencies. Terms and Conditions of Sale, Purchase Contract, and property documents are available on each property’s page on ConciergeAuctions.com.

DO YOU ACCEPT PRE-AUCTION OFFERS?

Yes. It is not uncommon to receive pre-auction offers. All offers received prior to auction are presented to the seller for consideration.

WHERE DOES THE AUCTION TAKE PLACE?

Bidders can participate in our auctions in realtime from anywhere in the world. The majority of our auctions are conducted on our digital bidding marketplace, ConciergeAuctions.com, or via our app.

A

Bidders may also place bids over the phone with a dedicated Concierge Auctions bidder’s assistant.

A few select auctions are held live at the property or at a venue. Bidders may participate in person or via proxy, phone, our app, or ConciergeAuctions.com.

I AM READY TO REGISTER TO BID. NOW WHAT?

You may register to bid via our online marketplace at ConciergeAuctions.com. Visit the property page and select the “Register to Bid” button. Or, call us for personal service.

Our registration process has three steps:

1. Complete the Terms and Conditions of Sale. 2. Wire your Bidder Deposit, typically $100,000, which is credited towards your purchase if you are the winning bidder or is returned if you are not. 3. Provide a letter of reference from your bank or financial institution.

SELLER

WHY SHOULD I CHOOSE TO AUCTION INSTEAD OF SELLING TRADITIONALLY?

We see auction as an additional tool rather than an alternative. However, we know that the traditional model has limitations—especially in the luxury realm where the buyer pool is limited and properties are not very liquid even in healthy market conditions. With Concierge Auctions, because start to closing is typically within 60 days, you can avoid the carrying costs and opportunity cost associated with long Days on Market. It is intense, effective, and lets you control the timing of your sale. In short, we accomplish in 60 days what far too often takes years.

HOW DOES THE AUCTION PROCESS WORK?

In conjunction with your agent, we showcase your property to targeted members of our global database of more than 650,000 individuals, including our Private Client List of high-net-worth buyers, agents, and industry experts. The process typically results in 200–400 prospects, 25+ showings, and 3–7 qualified buyers competing for your property. Before the auction opens, you can decide whether to move forward after reviewing the field of bidders and their opening bids.

AREN’T AUCTIONS ONLY FOR DISTRESSED PROPERTIES?

No. Our typical seller is well capitalized. They choose auction to control the timing of their sale.

WHAT AUCTION FORMATS DO YOU USE?

We use two auction formats. 1) Without/No Reserve: There is no minimum bid to purchase. 2) Reserve: Will sell at or above a pre-determined price threshold.

WHAT DOES IT COST? HOW DO YOU GET PAID?

There are no domestic upfront fees to sellers, and we pay the marketing costs associated with auctioning the property. Our fee comes from a premium paid by the buyer. Sellers pay agent commissions as outlined in their listing agreement.

I AM READY TO AUCTION MY PROPERTY. NOW WHAT?

AGENT

WHAT HAPPENS TO THE LISTING AGREEMENT IF MY CLIENT CHOOSES TO AUCTION?

Your listing agreement remains 100% intact. We have never conducted an auction without a listing agent involved and a commission offered to a buyer’s agent.

CAN I SPEAK WITH OTHER AGENTS WHO HAVE PARTICIPATED IN YOUR AUCTIONS?

Certainly. Visit ConciergeAuctions.com/Agents to see a list of agents with whom we have worked.

HOW CAN AGENTS EARN MONEY WITH CONCIERGE AUCTIONS?

There are five ways: Represent a seller. Represent a winning bidder. Refer a new listing agent. Receive seller or buyer referrals from Concierge Auctions. For more information visit ConciergeAuctionsReferral.com.

CAN I REPRESENT A BIDDER FOR AN AUCTION IN A LOCATION IN WHICH I AM NOT LICENSED?

Yes. If your bidder wins the auction, you will be paid the co-brokerage commission as a referral fee.

Learn more at: ConciergeAuctions.com/FAQ

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The services referred to herein are not available to residents of any state where prohibited by applicable state law. Concierge Auctions, LLC, its agents and affiliates, broker partners, auctioneer, and sellers do not warrant or guarantee the accuracy or completeness of any information and shall have no liability for errors or omissions or inaccuracies under any circumstances in this or any other property listings or advertising, promotional or publicity statements and materials. This is not meant as a solicitation for listings. Brokers are protected and encouraged to participate. Equal Housing Opportunity. See Auction Terms and Conditions for full details. ©2008 Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Each Sotheby’s International Realty office is independently owned and operated. Neither Sotheby’s, Sotheby’s International Realty Affiliates LLC nor any of their affiliated companies is providing any product or service in connection with this auction event. Alaska: Concierge Auctions, LLC is a marketing service provider for auctions, is a licensed auction company (UBI-603142560), and is not a licensed Real Estate broker — 800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Licensed Auctioneer Frank Trunzo (AU-2950) California: Concierge Auctions, LLC is a marketing service provider for auctions, is not a licensed Real Estate broker, and possesses California Auctioneer’s Bond #62662376—800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Licensed Auctioneer Frank Trunzo (CA Bond #511522). All measurements, property corners, etc. to be verified by buyer to buyer’s full satisfaction. Colorado: Concierge Auctions, LLC is a marketing service provider for auctions and is a licensed Colorado Real Estate broker (EL100032451)—800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Broker Chad Roffers (IA.100074545). Connecticut: Concierge Auctions CT, LLC is a marketing service provider for auctions and is a licensed New York broker (#10991209483; Broker Chad Roffers, #10491202564) — 800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Florida: Concierge Auctions LLC is a marketing service provider for auctions and is a licensed Florida Real Estate Corporation (CQ1032600) and Auction Business (AB2760)—800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Licensed Auctioneer Frank Trunzo (AU2328). Illinois: Concierge Auctions, LLC is a marketing service provider for auctions and is a licensed Illinois real estate brokerage firm (Lic #481011750) — 800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Louisiana: Concierge Auctions LLC is a marketing service provider for auctions and is a licensed Florida Real Estate Corporation (CQ1032600) and Auction Business (AB2760) — 800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202- 2940. Licensed Auctioneer Frank Trunzo (AU2328). Massachusetts: Concierge Auctions, LLC is a marketing service provider for auctions and is not a licensed Real Estate broker — 800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Licensed Auctioneer Frank Trunzo (MA Au. #3140). New Jersey: Concierge Auctions, LLC is a marketing service provider for auctions and is a licensed New York broker (#10991209483; Broker Chad Roffers, #10491202564)—800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. New York: Concierge Auctions, LLC is a marketing service provider for auctions and is a licensed New York broker (#10991209483; Broker Chad Roffers, #10491202564)—800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. North Carolina: Concierge Auctions, LLC is a marketing service provider for auctions and is a licensed auction firm (NCAL# 9427) — 800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Licensed Auctioneer Frank Trunzo (NCAL #9167). South Carolina: Concierge Auctions, LLC is a marketing service provider for auctions, is a licensed Florida broker (#CQ1032600; Broker Chad Roffers, #BK3214615), and is a licensed South Carolina Auction Firm (#AF4023) — 800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Licensed Auctioneer Frank Trunzo (#4303). Texas: Concierge Auctions, LLC is a marketing service provider for auctions and is not a licensed Real Estate broker — 800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Licensed Auctioneer Frank Trunzo (#AU-C002842). Vermont: Concierge Auctions, LLC is a marketing service provider for auctions and is not a licensed Real Estate broker — 800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Licensed Auctioneer Frank Trunzo (057.0088758). Virginia: Concierge Auctions, LLC is a marketing service provider for auctions, is a licensed and bonded Virginia auction firm (Bond# 515095, License# 2908000850), and is not a licensed Real Estate broker—800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Wyoming: Concierge Auctions LLC is a marketing service provider for auctions and is a licensed Wyoming Real Estate broker (190600)—800 Brazos Street, Suite 220, Austin, TX 78701; +1 (212) 202-2940. Canada: Concierge Auctions, ULC is a marketing service provider for auctions and is not a licensed Real Estate broker — 100 King Street West, Ste 5600, Toronto, ON, M5X 1C9, Canada; +1 (212) 202-2940. Mexico: Concierge Auctions, LLC is a marketing service provider for auctions and is conducting the auction in connection with Asset Remarketing S. De R.L de C.V. — 777 S Flagler Drive, West Palm Beach, Florida 33401; +1 (212) 202-2940. These properties are listed for sale by Lavinia Smerconish (RS149832A) of Compass Pennsylvania, LLC (RB068881) – 1601 Market St, 19th Floor, Philadelphia, PA 19103; 610.822.3356; Madelyn Bricken (697688), Charlie Kuper (159158), and Elizabeth Kuper (685088) of Kuper Sotheby’s International Realty (579589) – 1002 River Road, Suite 300 Boerne, TX 78006; 830.816.5260; Kyle Crews (0484660) and Trey Bounds (519974) of Allie Beth Allman & Associates (0515965) – 5015 Tracy St Ste 102, Dallas, TX 75205; 214-521-7355; Michael LaFido (# 475.126299) of @Properties (#477.013159) – 130 W. Park Ave, Elmhurst, IL 60126; 630.530.0900; Rick Doak (#564788) of Republic Ranches, LLC (#9000612) – 8100 Lomo Alto Ste 262, Dallas, TX 75225; 888-726-2481; Beverley Ann Rosen (03551820131) of Lake Como Properties (320921) – Via Belvedere 6, Muronico, Dizzasco, 22020 Como, Italia; +39 348 4108544; Jean-Luc Hérail of Réseau Expertimo – 1 place Alexandre Farnèse - 84000 AVIGNON; (0)4 90 01 91 22; Louis Martin of Barnes International Realty – Promenade 29 - CH-3780 Gstaad, Switzerland; +41 (0)33 748 10 02; and Peter Burbach of Burbach Roycroft - Blankenburgerstraat 26b 7481 EB Haaksbergen, Netherlands; +32 85 273 7258; Mark D. Evernden (#RW-0711401) of Century 21 Bamber (#016101) – 1612 17 Avenue SW, Calgary, Alberta T2T 0E3; (403) 245-0773; and Priscilla Sookarow (#021927) of RE/MAX Priscilla (#X022171) – 5603 - 27 Street, Box 20116, Vernon, British Columbia, V1T 9L4; Tim Freeman (01892312) of Vanguard Properties (#01486075) — 151 Petaluma Blvd South, Suite 137, Petaluma, CA, 94952; 707.789.0400; Neal Norman (#RB-18048) and Susan Higgins (#RB-22852) of Hawaii Life (#RB-19928) – 5-4280 Kuhio Hwy., #G203 Princeville, HI 96722; 808-651-1777; Lyndon Phillips of Prime Real Estate Phuket – 49/37 Boat Avenue Entrance to Laguna Cherngtalay, Thalang District, Phuket 83110, Thailand; +66 87 893 5052; Alex Richardson of Black Book Ibiza – Passeig de Vara de Rey, 4, Entresuelo B, Ibiza Town, 07800 Ibiza; +34 618877254; and David Grad of Veri Mallorca – Calle de Can Veri 4 07001 Palma de Mallorca Islas Baleares; +34 678159240; and Tristen Cutler of Destination – Blvd. Mauricio Castro 4650, Zona Hotelera 23400, San José del Cabo, BCS, Mexico; 424.204.1021.