This page contains general answers to frequently asked questions (FAQs) concerning Kennedy Wilson auctions. In the event of any conflict, the specific instructions for each Property offered on this website and the terms and conditions in the Property Brochure, purchase and sale contracts, CA Probate Code and Court orders supersede these FAQs. These FAQs and all terms and conditions are subject to change without notice.
I am interested in a property that I heard Kennedy Wilson will be auctioning. How can I get more information?
- Thanks for your interest. You may search for the property on our website at BidKW.com using the search bar in the upper right hand corner of every page. Note: Do not use prefixes or suffixes. Example: For W Van Nuys Blvd, enter 'van nuys'. If you don’t find the property go to this page to learn how to sign up for notifications to receive an email whenever we add new properties.
Does this website only show property offered at a live real estate auction?
- Properties offered on this website are offered by a variety of methods including live in-person auction, live online and timed bidding, sealed bid auction, call for offers and more traditional sales method (i.e. Best Offer). Please refer to each property page for a definition of how to participate for that particular property.
What's the benefit of purchasing property at a real estate auction?
- As a buyer, you determine the purchase price, not the seller. The open forum of an auction also allows you to see immediately the true market value of a property since you are getting first-hand knowledge of what others are willing to pay. Auctions also eliminate the uncertainty of long negotiation periods and reduce time to purchase the property.
What kinds of properties are available at auctions?
- Available properties includes homes, condominiums, investment properties, land and commercial/industrial property.
Are auctions only used for distressed property?
- Not at all! Property types include new homes and condos, luxury resort style homes, office and retail centers, land, among others. There are countless reasons for selling property using a variety of sales methods. An auction is simply alternative to other sales methods.
Why is the owner selling at an auction?
- The seller has made a business decision to market the property through the auction process because he or she feels this is the most effective way to sell the property. For sellers, auctions accelerate the sales process and they have confidence knowing that buyers are prepared to buy.
What happens on auction day?
- The process is exciting, fun, and simple.
- As a registered bidder for a live auction held in a ballroom, you will receive a "Bidder Package" when you arrive on auction day. When you wish to bid, simply hold up your bidder number, as this allows the auctioneer to know that you are bidding. Floormen are available to help you when they see that you wish to bid.
- As a bidder for a Probate Property held on-site, you will view the property and will show the auctioneer your ID, Cashier's Check, and blank personal check - then you will receive a bidder card. The auction will begin promptly and move quickly. As a bidder for a Probate Property held in court, you will attend the hearing and approach the judge if you are interested in overbidding.
Must I be present to bid?
- You must be present for a live auction of a Los Angeles County Probate property held on-site at the property (or at the subsequent court confirmation hearing, if any). However, you can appoint someone to act on your behalf with a notarized, specific power of attorney.
Will you accept a sealed bid or offer prior to auction?
- As stated above you must be present for a live auction of a Los Angeles County Probate property held on-site at the property since bidding is done orally at the time and place of the auction.
Do you cooperate with Buyer's real estate agents?
- Check the terms and conditions as it varies by property. In many cases, we do cooperate with qualified buyer's agents. If it is a live auction at the property the buyer's agent must accompany the buyer in person to qualify for the selling commission.
Does my agent need to register with the auctioneer?
- For a live auction of a Los Angeles County Probate property held on-site at the property your agent must register the day of the sale. The real estate agent must also be present during the bidding and the completion of the paperwork immediately after the auction.
What is the commission for a buyer's real estate agent?
- For probate properties offered by the Los Angeles County Public Administrator, the Estate will pay to the Buyer’s Brokerage Firm, one half of the total commission approved by the court (the total commission is normally 4% of the purchase price), out of transaction proceeds. Prior to submitting an offer, the Buyer and the Buyer's Agent must review the terms and conditions contained in the Commission Agreement attached to each property's Brochure. If in doubt, please refer to website for the specific property.
Do I need to pre-register prior to auction day?
- Check the terms and conditions as it varies by property. In some cases there is a pre-registration deadline. This helps us determine how many plan to attend.
NOTE: If you are bidding at a Los Angeles County Probate auction at either the live on-site auction or at the court confirmation hearing (overbidding), neither the prospective buyer nor their agent need to pre-register prior to auction day. However, you must have in your possession at the time of bidding, and show the same to the auctioneer prior to bidding, all of the necessary documents such as a cashier's check in the amount specified, a blank check for the balance of the deposit, valid photo ID and all signatories on the contract must be present.
Where do I register for the auction?
- Register at the auction location (usually the property site, unless stated otherwise) or on BidKW.com.
Can I bid subject to financing contingencies?
- Please read the specific terms and conditions on each brochure as terms vary from sale to sale. If you are bidding on a probate property, there are NO FINANCING CONTINGENCIES.
Will I be responsible for liens or back taxes owed on the property or will receive clear title to the property?
- Unless otherwise noted on the Auction Brochure, Buyers will not be responsible for back taxes, liens, H.O.A. Dues, or any other monetary encumbrances on the property purchased. Unless otherwise stated, the Seller will convey insurable title to the Buyer upon closing.
Do I need a deposit to bid on auction day?
- Yes, to bid at each auction, you must have in your possession cash equivalents (ie. cashier's check) and a personal check for the balance of the required deposit. Check the terms for each auction. If you are bidding ON-SITE for a Probate Property, you must have a Cashier's Check made payable to KENNEDY WILSON in the amount of $10,000 and a blank personal check - we require a 10% deposit of the high bid which goes towards the purchase price ($10,000 Cashier's Check + the remaining balance to make up 10% in the form of the personal check). If you are bidding IN COURT for a Probate Property, you must have a Cashier's Check for 10% of the First Minimum Overbid made payable to "The Estate Of ________."
Are all Probate Properties subject to overbidding at a court confirmation hearing after auction day?
- Please read the specific terms and conditions on each brochure as the requirement for court confirmation varies from sale to sale. Some properties are not subject to court confirmation.
If I would like to overbid on a Probate Property in court, how does this process work?
- If a property is subject to court confirmation and overbidding; the court confirmation hearing will be held at the Los Angeles Court Superior Courthouse located at 111 N. Hill Street in Downtown Los Angeles typically 45-60 days after the ON-SITE sale. The time, date and department for the confirmation hearing for each property will be published on this website.
- At the confirmation hearing higher bids may be accepted by the court from qualified bidders, if they are made in court and they are in an amount equal to the accepted bid, plus (5%) five percent of that amount plus an additional $500. In the event of an overbid in court the judge shall determine any subsequent incremental successive overbidding amounts.
Is the deposit refundable if I decide to change my mind?
- With each successful bid, a buyer signs a purchase agreement, which is a binding contract. Buyer can forfeit all or part of their deposit if they do not complete their purchase as contracted. In some cases, there may be a rescission period stipulated in which a buyer is allowed to reconsider purchase without penalty. Beyond that period, the buyer is legally obligated to purchase.
Do the properties offered have a previous asking price?
- In most cases there is a previous asking/listing price for informational purposes only. This is not the reserve price. If it is a Probate Property you are inquiring about, the asking price you see is just a required field on the MLS and has no significance.
Do the properties have starting bids?
- This varies by auction. In most cases there is a published starting bid. This is where the bidding will start. All bids are subject to meeting the reserve price. For Probate Property auctions on-site, there is NO starting bid - the auctioneer will ask the bidders where will open the bid. For Probate Property auctions in court, the Judge will begin the overbidding at 5% + $500 of whatever the high bid was on Auction Day.
Is there a minimum bid?
This varies by auction. Check the spectific property on our website for details.
- If it is a live auction and there is a published minimum bid or starting bid. This is where the bidding will start. If there is no published minimum or starting bid, the auctioneer will ask the bidders a price to open the bidding.
- For call for offers, there is no minimum bid. Most properties sell for more than the listing price so please submit your highest and best offer.
- If you are attending a confirmation hearing at the courthouse, the first minimum overbid is set by the probate code and the judge controls the bidding.
Are the properties open for inspection?
- Yes. Please refer to the brochure for the specific open house schedule. However, for reasons beyond the seller's and Kennedy Wilson's control, the properties may not be available for inspection even if an open house has been scheduled.
Can I have a home inspection company or termite company inspect the home prior to the auction?
- Yes, we would prefer if you could schedule the inspection during the open house period. However, if this is not possible, we can set up an appointment with your inspector.
Can I buy the property prior to the auction?
- For most auctions-no; but each auction varies.
Do I need to have any forms or papers with me if I buy the property?
- No, Kennedy Wilson will have all the necessary documents. The only information you will need to complete the documents are the following: vesting (how you are going to hold title), your address and phone number. If you are bidding on behalf of an LLC or Corporation, you must bring those official documents with you.
How can I obtain a brochure?
- You may obtain an auction brochure on BidKW.com by selecting on the corresponding property or auction.
To learn more about Kennedy Wilson’s Auction Group click here.
