| The foundation of Century 21 Mirage Auctions is broker cooperation. We want to help you market and sell your listings and we want you to bring your active buyers to the auction. Working together, we can stimulate absorption, renew economic interest in our area and provide a responsible means of stabilizing property values in our communities and neighborhoods.
Thank you for visiting this web page and if you have questions or concerns please do not hesitate to contact us.
Selling Side
If you represent a property that is not moving due to market conditions, rather than price, we may be able to help. Please note that the Brokerage Fee is completely between you and your client. If you have previously agreed to a 6% rate, we would recommend that be reduced to 3% as CENTURY 21 Mirage Auctions will pay the selling broker's commission, usually 3%.
Auction Requirements. Prior to accepting the property for an auction listing, the seller:
must have approximately 40% equity in the property. Short sales are possible with certain conditions.
must agree to a minimum selling price (reserve) that is at or below current market value.
must agree to a $1,000 refundable advance marketing fee.*
must be able to provide clear title.
must agree to provide septic tank or other wastewater system certification/replacement during escrow, as required.
must agree to provide a provide wood destroying pest inspection prior to the auction.
must agree to our Terms and Conditions.
* This fee is to cover our costs should the seller pull the listing after auction marketing has begun. It will be refunded at the completion of the property auction.
If we are able to bring the property to auction you will continue to represent the seller during the escrow process and will receive your brokerage fee at the close of escrow as normal.
Listing Broker's Responsibilities. Prior to accepting the property for an auction listing, the broker:
must provide a detailed CMA on the subject property.
must provide a current preliminary title report. We have made arrangements with Stewart Title for reduced fees on auction properties and strongly recommend you contact them if you do not already have a prelim from another company.
must agree to provide raw marketing materials (original photography, virtual tours, etc.) within 5 days of the auction listing.
must provide the following property disclosures (electronic format) within 5 days for the auction listing:
-Authorization to Receive and Convey Information (C.A.R. form ARC)
-Real Estate Transfer Disclosure Statement (C.A.R. form TDS)
-Seller's Property Questionnaire (C.A.R. form SPQ)
-Supplemental Statutory and Contractual Disclosure (C.A.R. form SSD)
-Agent Visual Inspection Disclosure (C.A.R. form AVID)
must agree to host "open house" the two weekends preceding the scheduled auction date.
must be present at the auction to advise client and open escrow.
How the auction process works: Once an auction agreement has been signed by all parties (principal, broker and auction company representative) a "trigger date" will be set. On this day
-the property will enter the auction marketing pipeline.
-the property will be ran as "contingent" on all MLS systems and sites.
-all marketing materials and disclosure will be made available to the general public.
CENTURY 21 Mirage Auctions will install an "auction" sign on the property with basic information, to include the listing broker's contact information. The broker's information will also be provided on the auction listing page(s) on this website.
The property will be made available for inspection and viewing the two weekends preceding the auction.
Unless impractical, the auction will be conducted at the property to be sold. We strongly urge the seller and the seller's agent be present at the auction as the purchase agreement will be signed and escrow opened immediately after the auction.
Buying Side
Century 21 Mirage Auctions welcomes real estate brokers and agents to bring their buyers and investors to our auctions. We believe our sellers are better served if we welcome the agents who represent active home seekers and investors.
Most auction companies want to work directly with buyers, pay reduced commissions and rarely use standard C.A.R forms. We openly cooperate with agents and brokers, pay a standard 3% commission on most properties and we allow real estate professionals to handle the purchase and escrow process as in any standard transaction.
Basically there are just a few differences in purchasing an auction property:
Due Diligence. All inspections must be completed prior to auction day as the sale will be without contingencies.
EM Deposit. We require an earnest money deposit of $2,500 to bid. If this amount is over 3% of the purchase price, only 3% will be applicable to liquidated damages. Some properties may require an increase of deposit during escrow.
Loan Approval. Buyers must be pre-approved for a loan, or be able to show proof of funds required to close escrow.
Buyers Premium. Ten percent (10%) will be added to the final auction price as buyer's premium.
To represent a buyer at auction we will require C.A.R. forms AD (Disclosure Regarding Real Estate Relationships) and BRE (Buyer Representation Agreement).
CENTURY 21 Mirage Auctions will provide C.A.R. form CA (Commission Agreement) to the broker or agent representing the winning bidder.
To represent a buyer you must be present with your buyer or, if bidding by proxy, submit the required forms before the auction starts.
All buyers at auction must be represented by a licensed California real estate broker or agent.
Brokers/Agents as Principals
To make the auction process as fair as possible to all involved, Century 21 Mirage Auctions does not allow licensed real estate brokers or agents to receive a commission while representing themselves in the purchase of auctioned real estate. This practice allows agents and brokers to purchase properties at an amount discounted by the commission rate and would be an unfair advantage at auction.
Brokers and agents may represent themselves in purchasing without commission, or they may have another licensed broker/agent represent them.
Brokers and agents may represent themselves in selling real estate or may have another licensed broker/agent represent them. The commission rate on the selling side is not set or controlled by CENTURY 21 Mirage Auctions.
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