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Buyer Frequently Asked Questions

   

Real Estate Auction StyleReal Estate Auction StyleBidding And Buying Is Easier Than You Thought

Here we have gathered buyers frequently ashed questions for your information. It’s easy to bid and buy on this Platform. Whether this is your first time or you are an experienced bidder, our auction-style bidding is simple and straight forward. All you need to do is register and login to the website. We have made bidding easy as 1 2 3.

   

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 only 1% of the Transaction Value (minimum $500) paid by The buyer at the closing, 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.

buyer benefits


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Buyer Frequently Asked Questions

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Here we have gathered buyers frequently ashed questions for your information. It’s easy to bid and buy on this Platform. Whether this is your first time or you are an experienced bidder, our auction-style bidding is simple and straight forward. All you need to do is register and login to the website. We have made bidding easy as 1 2 3.

   


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Its a simple process as shown in the diagram below. You can bid and buy directly, or through your licensed real estate professional (buyer's broker or agent). 


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Real Estate Auction Style online - How to Buy a Residential Property

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It is easy to buy a residential (or commercial) property on this platform.

Register, browse, select, visit and inspect, login, bid, buy, close.

Just follow the following steps and enjoy your purchase.

Find It Online

Bid & Buy It

Close It
  • Determine buying limit
  • Browse and select
  • Register and login
  • Visit, evaluate & inspect
  • Complete due diligence
  • Bid online
  • Message Listing Party
  • See others' bids if shown
  • Some bids are private
  • You can Buy-It-Now (BIN)
  • Some are Buy-It-Now only
  • Contact Listing Party
  • Listing Party contacts you
  • Sign Purchase Agreement
  • Seller signs agreement
  • Arrange inspection, if any
  • Arrange financing, if any,

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 Please do not contact users of this Platform for any business unrelated to specific listings. 

Property information on this platform has been obtained from sources believed reliable. We've not verified its accuracy and make no guarantee, warranty or representation about it. You are solely responsible for independently confirming accuracy and completeness of any information to your own satisfaction. Projections, opinions, assumptions, or estimates are for demonstration only and do not represent current or future performance of any property. Information affecting the value of any transaction to you should be evaluated by your tax, financial, legal, and other advisers. Please conduct a careful, independent investigation of the property to determine the suitability of the property for your needs.