BrightHome Auctions – Frequently Asked Questions (FAQs)
Live On-Site & Online Auctions – Seller Guaranteed Clear Title – Buyer’s Maximum 2% Premium
General Questions
1. What is BrightHome Auctions?
BrightHome Auctions is a leading live on-site and online real estate auction platform designed to maximize buying power with lower fees and guaranteed title clarity.
2. How is BrightHome Auctions different from traditional real estate auctions?
- ✅ Live & Online Bidding – Participate in real-time, anywhere.
- ✅ Lower Buyer’s Premium – Maximum 2% (compared to the industry-standard 10%).
- ✅ Agent Commission Capped at 2.5% – Ensures fair and competitive costs.
- ✅ Seller’s Option to Split Buyer’s Premium – Sellers can offer added incentives.
- ✅ Guaranteed Clear Title – No hidden liens or claims.
Bidding & Buying Process
3. How do I participate in a BrightHome Auction?
- Register online or on-site before the auction.
- Provide proof of funds or financing pre-approval.
- Inspect properties before bidding (open house events available).
- Bid live or online in real-time.
4. What happens if I win a bid?
- Sign a purchase agreement immediately after the auction.
- Submit a deposit (typically 5-10% of the final price).
- Close within 30-45 days, per auction terms.
5. Can I bring a real estate agent to represent me?
Yes! However, agent commissions are capped at 2.5%, ensuring that:
- The buyer’s total cost (premium + agent commission) does not exceed 4.5%.
- Buyers benefit from professional representation without excessive fees.
Buyer’s Premium & Cost Structure
6. What is the Buyer’s Premium, and how does it compare?
- Bright Home Auctions: Maximum 2% Buyer’s Premium
- Standard Auctions: Typically, 10% of Buyer’s Premium
7. What if I have a real estate agent?
- Buyer’s Premium: 2%
- Agent’s Commission: Capped at 2.5%
- Total Buyer’s Cost: Cannot exceed 4.5%
| Final Bid Price | BrightHome Buyer's Cost (Max 4.5%) | Standard Auction (10% Premium + Agent Fees) | Savings |
|---|---|---|---|
| $100,000 | $4,500 | $15,000 | $10,500 |
| $250,000 | $11,250 | $15,000 | $26,250 |
| $500,000 | $22,500 | $75,000 | $52,500 |
| $750,000 | $33,750 | $112,500 | $78,750 |
| $1,000,000 | $45,000 | $150,000 | $105,500 |
8. What is the Seller’s Option to Split the 2% Buyer’s Premium?
- Sellers may choose to cover part or all of the Buyer’s Premium, making their property even more attractive to buyers.
- Example: Seller covers 1% of the Buyer’s Premium, reducing the buyer’s cost. This incentivizes more bidders, leading to potentially higher final sale prices.
Title & Property Considerations
9. What does "Seller Guaranteed Clear Title" mean?
Every property sold at BrightHome Auctions comes with a clear and lien-free title, ensuring:
- No unpaid taxes
- No liens or legal disputes
- A smooth, risk-free closing process
10. Can I inspect the property before bidding?
Yes! Buyers can attend:
- Open house events before auction day.
- Private property inspections (by request).
11. What happens if I change my mind after winning the auction?
Auction sales are legally binding. Backing out may result in losing your deposit or other penalties.
Online & Live Auction Features
12. How do online auctions work?
- Register on BrightHome’s secure auction platform.
- Please take a look at the detailed property listings and disclosures.
- Place real-time bids against live and online bidders.
- You can complete transactions through a secure, fast closing process.
13. Do you know if online bidding is secure?
Yes! BrightHome Auctions’ platform features encryption and fraud protection to safeguard bidder information.
Why Choose BrightHome Auctions?
✅ Live & Online Bidding – Participate from anywhere!
✅ Buyer’s Premium Capped at 2% – Lower fees, more savings!
✅ Agent’s Commission Capped at 2.5% – Fair and competitive for all parties.
✅ Guaranteed Clear Title – No unexpected legal issues.
✅ Seller’s Option to Split 2% Buyer’s Premium – Attract more bidders!
Ready to Bid? Register now at our bidding platform or contact us for more details!
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