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Bidder Sign up and Auction Bidding Process

Sale By Auction Program Bidder Sign up and Auction Bidding Process

1. All buyers/bidders need to be pre-approved 24 hours prior to auction date/time.

2. When you place a bid, you acknowledge that you have read, reviewed and understand all of the information contained in the bid packet for the particular property you are bidding on. You also acknowledge that immediately following the close of the auction, you are prepared to execute the Purchase Contract agreement and pay the appropriate deposit amount in a method deemed acceptable to the Auction Company listed for the property.

3. An auction property can be purchased prior to the start of the auction by placing a Pre-Auction Offer to purchase the property. This follows the normal purchase processes of a traditional property sale.

4. You must be logged in to your user account to place a pre-auction property offer, and your user account must be enabled as a buyer/bidder.

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5. If the offer to purchase is accepted by the seller or broker/agent, the property listing will be removed from the upcoming auction event.

6. You must be logged in to your user account in order to place a bid on an auction property, and your user account must be enabled as a buyer/bidder.

7. As the auction progresses, when you want to make a bid, you enter the amount you wish to bid in the appropriate box and click the BID NOW button. You will not be allowed to bid against yourself. The online auction will be conducted under the total control of the auctioneer.

8. You will receive an email after the auction ends if you were the highest bidder on the property.

9. If you have any questions or need any assistance, you can click the "ask a question" and email your question to one of the Auction Team members. These individuals are there to help you -understand the process completely.

Typical Questions

Do I Need To Be Pre-Approved In Order To Bid?

Yes. You will need to be pre-approved with our lender prior to bidding. The pre-approval process will consist of providing proof of funds for the down payment. If you are an all-cash buyer you will be required to provide proof of funds to close escrow without having to obtain financing. For buyers who will be obtaining financing you will also be required to provide access to your credit profile for all three credit bureaus and any other documentation our lender would require to determine your qualifications to become a bidder.

The bid is not contingent upon financing and, if you are the successful bidder, the deposit will not be refunded if you fail to subsequently execute the Purchase Contract and close. The Purchase Contract is included in full in the bid packet, is a form which is required by the Seller and the terms and conditions of which may not be altered or modified, in any way.

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What Is A Buyer's Premium?

A Buyer's Premium is a percentage that is added to the bid price to determine the total purchase price. In our auctions, there will be a Buyer's Premium added to the successful bid amount to create the total purchase price; the amount of the Buyer's Premium can be found in the bidder's packets, as they vary from property to property. (Highest Bid + Buyer’s Premium = Sales Price)

Earnest Money Deposit

The earnest money deposit will be non-refundable (except otherwise specifically provided in the Sellers' Purchase Contract) and due within 48 hours of date and time on which you are sent an email informing you that you are the successful bidder. The balance of the contract purchase price shall be due at closing.

PLEASE NOTE: – If you are the winning bidder at the end of the auction and back out without depositing your earnest money deposit, you will have been considered in breach of our terms of use of the bidding submission system and you will be liable for a $500 withdrawal penalty fee. You will be liable for the $500 withdrawal penalty fee and we will invoice you for that amount.

Back-Up Bid

After an auction event has ended, you can submit a back-up bid on an auction property in case the property sale to the highest bidder is not successful.

Back-Up Bids will be accepted up to 48 hours after the auction has closed.

You must be logged in to your user account to place a back-up bid on an auction property, and your user account must be enabled as a buyer/bidder.

Do Your Due Diligence

As is true with any major purchase, you should thoroughly investigate your investment before you go through with a real estate transaction. Always do your homework. Although it may be tempting to purchase a property without taking time to dig into it, we do not recommend it. Here are a few suggestions:

  • • Read the contract in full
  • • Physically visit the property – Drive by only, do not disturb the tenants.
  • • Review due diligence documentation

Additional FAQ'S

What is a reserve price?

A reserve price is a price that is set by the seller and hidden from all bidders. The auction will not end successfully unless the bidding reaches the reserve price or higher. The reserve price is used by a seller to attract more buyers by starting the bidding below the minimum price they will accept.

What is an "absolute" auction?

All auctions that don't have a reserve price are considered "absolute" auctions. The seller is agreeing to take the highest bid at or above their starting bid.

What does auto-extend mean?

All listings on our site will not end until bidding stops in the last 30 seconds. If a bid comes in within the last 30 seconds, the bidding time will extend.

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