Details

• Register on the Website In order to be able to bid on any property, you must be a registered user on the website. Register now.
• Browse, Select, Visit Browse through the listings and find the properties you are interested in. Be mindful of the transaction details for each listing, as that explains the way the transaction is expected to proceed. Visit, inspect, and do your research.
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• Pre-Qualify with your Lender If you intend to finance your purchase, the best time to pre-qualify is now. Talk to your lender and find out up to how much you are pre-qualified to borrow. Then set your purchase limit accordingly.
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• Place your bid Place the amount of your bid and click the "Place Bid" button. If you are out bid, you can place another bid at a higher amount to be the high bidder. Click here for detailed instructions.
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• Winning Bid If you are the high bidder who placed the Winning Bid, you will contact the Listing Party and start the purchase process. note that seller can accept any bid at any time as the winning bid.
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• Closing Process Once your Winning Bid is accepted and you establish contact with the Listing Party, you are on your way. The closing process including financing (if any) and other items are the same as any other property purchase.
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• Buyer's Fee is equal to $777 plus 2.77% of the Transaction Value based upon your Winning Bid.
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• Total Purchase Price  On purchase transactions, Buyer's Fee is added to the Transaction Value to arrive at the Total Purchase Price.

 

Info-graphic

I have a real estate broker. Is that OK?

Yes. Your broker/agent will receive the “Buyer’s Broker Commission” that is offered by the Listing Party, if any. This commission, if offered, is shown in the listing detail page in the highlighted “Important Transaction Details” box. The Website is not involved in the transaction or the brokers’ commissions.

How do I start bidding on properties?

To be able to bid on any properties listed here, you need to be a registered user and login before you can bid. Registering is free and painless.

Are there occupied properties for sale also?

At times, there may be occupied properties for sale, whether leased, or otherwise. If the property is occupied, the Listing Party indicates occupancy status in the Transaction Details area of the listing details page. 

What do I need to have before placing my bids?

You must have available at least the Earnest Money deposit. This amount must be deposited into escrow upon being declared the Winning Bidder and signing a Purchase Agreement.

How much is the Earnest Money?

The Earnest money deposit for each property is the deposit amount you pay at the time of signing the Purchase Agreement, and is set by the Listing Party (Seller’s Broker or Agent). This is an amount that must be deposited into escrow upon signing the Purchase Agreement. 

How much is the Buyer’s Fee?

The Buyer’s Fee is equal to $777 plus 2.77% of the Transaction Value based upon the Winning Bid, unless otherwise noted on the Property detail page. 

Do I need to be a U.S. citizen to bid?

No. Anyone can bid and buy here. If you are outside of the U.S., you need to wire the funds into escrow. 

What if I forgot my password?

You simply click on “Forgot your password?” , “Forgot username”, or  “Forgot login?” Links and follow the instructions. Your login information will be emailed to you to login to the site. Once you login, you can bid and buy. 

Can I take title in a business entity name?

Yes, you can take title in the name of your corporation, limited liability company (LLC), partnership, trust, etc. Just make sure that you provide the documentation that the escrow agent requests as soon as possible well in advance of the closing date. 

What are the documents needed to take title in business entity name?

Escrow agent will guide you regarding the paperwork needed in your state for the type of entity you want to take title in. 

What is required as proof of funds?

When Listing Party requires proof of funds on cash-only sales, bank statements and/or investment statements for securities (stocks, bonds, etc.) should be adequate. 

Do I have to bid exactly the amount of the minimum bid?

No. You can bid equal to the minimum bid amount or any amount higher than that. You just cannot bid lower than the minimum bid. The bidding increment is pre-programmed in the bidding platform and will change as the bidding progresses. 

Can I bid on more than one property at a time.

Yes. As long as you are bidding within your limits and you have enough funds to purchase the properties you bid on. You can bid on as many properties as long as the total of your bids do not exceed your available funding. 

Do you have proxy/automatic bidding to set my maximum bid in advance?

Yes. You can set your maximum acceptable bid and the system will bid the next minimum bid amount every time you are out-bid up to your maximum amount. This is called “proxy bidding”, and you start it by checking the “bid as proxy” box before placing your bid. 

When does the bidding end?

Each auction-style listing has its own start and end date and time. The bidding ends at listed end date and time, or when the Listing Party accepts a current bid, whichever comes first. Please note that the Listing Party may accept a bid at any time, and that includes before the listed end date and time. In order not be left out, place your bid as soon as you can. 

How do I get to know when I am the Winning Bidder?

You will receive an email informing you that you are the Winning Bidder. At that time, you and the Listing Party are to contact each other and arrange to execute (sign) a Purchase Agreement and follow through up to the closing. 

Can I see the property after the bidding?

That depends on the provisions of the transaction details. This information is in the highlighted box on the listing detail page. If Listing Party has allowed for inspection time, you can make an inspection appointment and visit the property with your inspector, if any. Contact the Listing Party.

What kind of title will I receive?

Generally, you should be receiving insurable title without liens unless otherwise indicated by Listing Party in the Transaction Detail box on the listing detail page. 

How about financing?

Unless the Transaction Details indicate otherwise, you are responsible for your own financing, and can use any funding source you desire, and the closing is not contingent upon your financing availability. The listing detail page may have further details, and whether a financing contingency is available. 

What about closing costs?

Standard and customary closing costs for the property location will apply unless otherwise noted in the listing details page. 

Can I assign my contract to someone else?

If you are the Winning Bidder, you are expected to purchase and close on the Property in the Listing. Having said that, it is up to the seller to allow contract assignment or not.  Please read your purchase agreement thoroughly, and/or discuss with Listing Party. 

Can I cancel if I change my mind?

Once you become the Winning Bidder, you are expected to purchase the property. 

Do you publish bidding results?

No we do not publish bidding results. You may check public records after the closing date if you are interested.