In order to place a bid/offer on any property available by auction, you must either provide Proof of Funds if paying in cash OR a FULL Underwritten Loan Approval Letter From A Mortgage Lender prior to getting access to the bidding area.
You can get the loan approval started by clicking here
CLICK HERE to register for access to the bidding platform.
Upon acceptance to our online bidding platform, you will receive access to bid/offer on properties that meet your criteria.
Working with a licensed Real Estate Agent is required. Upon winning the bid, a signed CAR contract prepared by a California licensed Agent must be submitted within 24 hours after the winning bid along with the earnest money deposited with an escrow agent.
A licensed Real Estate Agent must prepare those documents and initiate the process.
If you have an Agent, the registration page will provide you with the option of entering your agent’s contact information. Our agents will contact them and review the auction procedures. Or, you will have the option to have one of our Agent’s contact you.
Our agents are experts in this process and can guide you through the entire auction process from beginning to end and answer all of your questions. They can also explain the financial benefits of working with us.
What is the “Buyers Premium” – Using our Home Auctions option, real estate commission can be paid by the seller, the buyer or both. The buyer’s side of the commission is called “Buyer’s Premium”. (Highest Bid + Buyer’s Premium = Sales Price)
This is the MOST transparent way for a seller to offer the lowest price on their home and still compensates the real estate agents who conduct and close the transaction.
Each property listed on our web site will offer different terms, conditions and buyers premium, so be sure to research the property and all of the details on the property bid page.
Property will be available for viewing only on the day(s) of the open house (unless agreed otherwise)
Buyers must be approved for bidding manually by the seller or seller’s agent.
Sellers reserve the right to accept, negotiate or reject the highest bid.
An online auction is a binding agreement and a seller can legally pursue a non-performing bidder.
Be sure to contact us if you have question on the auction process.
Terms You Should Know:
Auto-Bidding: The system can be set to automatically enter bids for you. You choose your starting offer (cannot be less than the starting bid) and then determine the increments your bids can increase. (must be at least or more than the minimum increments listed on the property page.)
Then, you enter the “maximum” price you are willing to pay.
The system will begin to activate your bids 6 hours before the end of the auction. If other auto-bids are set, the system will manage the process of “bid submission” until your maximum offer has been met.
If another bidder has a higher “maximum bid” the system will continue the bidding process.
Of course, if you change your mind on the day of the auction, you can login to your account and manually submit additional offers.
At the time, all auto bids have been submitted, bidders can still continue to submit offers manually.
One hour before the bidding ends, ALL bidders will start to receive bid updates via e-mail. However, you can monitor the screen for real time updates and bids.
Bidding Auto Extend – Our system Prevents Last Second Bidding by Automatically Extending the Bidding Time.
If a bidder places a bid within 5 minutes of the end of the bidding time, the system will automatically extend the bidding time by 10 minutes in order to allow other bidders the opportunity to respond.
Attention Winning Bidders
If You Are The Winning Bidder: Please have your agent submit a signed purchase agreement to the seller within the time specified in “sale terms and conditions” (please see the posting details). If you do not have an agent, please Contact Us.
Notice to Winning Bidder: Important – If you are the winning bidder at the end of the auction and back out without submitting a contract, you will have been considered breaching our terms of use of our bidding submission system and you may be liable for a $500 withdrawal penalty fee. We will invoice you for that amount.
