Redfin Update on the Brix and Gallery Auctions

Two weeks ago, we posted information about the 83 downtown condos to be auctioned off on September 27th. Since then, we’ve had a lot of clients touring and inquiring about how the Gallery and Brix auctions work. Here’s what you need to know if you’d like to tour or make an offer on an auction property and work with Redfin to get back 50% of the commission:

How To Tour Auction Properties With Redfin

If you want to work with Redfin to bid on an auction property, you need to take your first tour of the auction buildings with a Redfin agent so that the listing agents know you’re working with us. If you’ve already visited the auction buildings on your own without an agent, just make sure you go with a Redfin agent the next time you tour. Here’s how to set up a tour of the auction properties:

  • To see the Gallery units, navigate to this listing and select “Go See This Home” button on the top right hand corner. You’ll see a warning message that the listing is marked as Contingent. Just click Yes to proceed with the tour.
  • To see the Brix units, navigate to this listing and select “Go See This Home” button on the top right hand corner.
  • This doesn’t mean you’re only touring this one condo unit. Since the auction units aren’t listed in the MLS, the buildings just show a few MLS numbers to represent all the units.   Feel free to ask the Redfin agent who schedules your tour if you have questions.

Registering to Bid at the Auction

In order to bid, you need to register for the auction. When you register, be sure to indicate you’re working with Redfin when you fill out the broker referral form.

You Must Be Pre-Approved

You also need to get pre-qualified for a loan with one of their onsite lender to participate in the auction. This doesn’t obligate you to get your loan with them. They just want to make sure that you’re able to get financing.  Keep in mind, even if you use another lender for your loan, you still must get pre-qualified with their onsite lender to participate in the auction.

To work with Redfin, we also require that you get pre-approved before making an offer.  We recommend that you work with one of our preferred lenders, but you can use any lender of your choice.

Bring a $2,500 Cashier’s Check To the Auction

If you’re going to bid, you need to bring a $2,500 cashier’s check made out to yourself. If you end up winning, you’ll endorse it to First American Title and it will become part of your 3% earnest money deposit on the home. You’ll be able to pay the rest of the deposit on the day of the auction with a personal check.

Submit an Offer to Redfin by September 20th

If you’re serious about bidding on an auction unit, we ask that you submit an offer with us by Sunday, September 20th so we can call you on Monday to discuss pricing strategy and the ins and outs of the auction scene.

Here’s how to submit an offer on an auction unit:

1. Go to our offer wizard

2.  If you’re not signed in or haven’t registered with Redfin, you’ll be prompted to sign up for an account.

3.  Once you’re logged in, you’ll be asked to Enter a Property by MLS Number or Address.

4.  Click the Address tab on the left hand side bar and enter “Gallery Auction” or “Brix Auction” in the Street field, along with Seattle, WA and the zip code.

5.  Click “Tell Us About Your Offer.”

6.  Enter all the information about the units you like and your proposed price and terms.

7.  Click “Done” at the bottom of the page.

A Redfin agent will follow up and answer all of your questions.  Anyone out there who has toured Brix or Gallery?  Let us know about your experience!

http://www.redfin.com/buy-a-home/getting-pre-approved#Seattle