We took over thirty years of traditional real estate auction experience and created an entirely new approach to the auction concept. It gives buyers more information, control and options without the high stress of making an important home buying decision in a matter of seconds.
Unlike traditional auctions, our bidding system gives buyers unprecedented access to seller pricing during the auction. All home prices are displayed on our large on-site electronic screens or on your computer monitor and bids entered into the system are posted in real time, giving instant transparency to all of the prices for all of the homes in the auction. This lets buyers make smart decisions on which homes to bid on – allowing them to bid on different homes and switch their bids, further increasing their chance of getting the home that best fits their price and preference.
Intellimarket lets you preview all of the homes available in the auction, up to 30 days prior to the auction day. Our auction team also walks buyers and their brokers through all steps of the process, holds numerous How to Buy Seminars, and conducts a practice auction beforehand to ensure our participants understand exactly how the auction works. During the preview, lenders will also be on-site to answer any questions you may have regarding financing options.
If you decide that you’re interested in participating in the auction, we require all prospective buyers to register for the auction and get pre-qualified with one of our preferred lenders or an outside lender of your choice. This step ensures that only qualified bidders attend the auction in fairness to all other bidders.
Once registered, you will be invited to attend the auction, which is typically held on-site or at a nearby hotel. Once the auction begins you’ll be able to submit your bids and see your bid, as well as other bids – all displayed on the large Intellimarket auction screen. Unlike other auction companies, Intellimarket does not bid on behalf of the seller or have hidden reserve prices. We believe in fair, fully transparent sales events.
If you have the winning bid for a home, you begin a simple and secure purchase process. First, you sign a contract on your new home, then you have the opportunity for a customary post-contract unit walk-through and inspection, followed by your final financing and closing. You will also have a loan contingency period that allows you to source your loan and get all necessary loan procedures done. Typically, you’ll be moving into your new home within 30 days!
No other auction company employs our technique or technology and you will not find a more intuitive, user-friendly format anywhere. Our proprietary auction system appeals to buyers and brokers intimidated by the traditional auction process or who may have had bad prior auction experiences. It’s an innovative approach driven by insights from running thousands of auctions the traditional way. Co-Founder Bill Stevenson is an auction pioneer and co-founder and former President of Kennedy-Wilson, which he built into the largest real estate auction company in the world during his 20-year tenure. Co-Founder Dr. Charles Plott is the leading auction expert in the industry, developer of Intellimarket’s Auction Systems, and a distinguished 35+ year professor of economics and auction theory at California Institute of Technology.