(Checklist to Success) 

(Take time to review it all before you begin)

Question: Who can bid?

Answer: You can if your registered legally capable of forming legally binding contracts under applicable law.  Please, review the  “Terms  and Conditions”  for more information.  You will be that much further ahead too.

Question:What type of auctions are availalbe to bid?

 Answer:  Absolute, Reserve, or Bid and Assume auctions and are defined as:

 An Absolute Auction
    

         An Absolute Auction is the purest form of auctioning, and in many cases, the most successful form of auction in terms of getting the highest price for property.  With this type of sale, the property is sold regardless of price. This sends a strong message to the bidding public that the property will be sold for sure at the conclusion of the auction. Buyers can justify their time and effort knowing the property will be sold at the conclusion of the auction at their price. If the buyer feels he or she can buy the property at their price, then the buyer is more likely to bid.

A "Bid and Assume" auction.


      A Bid and Assume Auction is an owner-financed real estate auction. Like a "Contract for Deed" or "Deed for Contract".  In a Bid and Assume auction, potential buyers are bidding for the down payment only and the winning bidder will assume the balance amount as stated within the particular auction. 

Question: How do I Bid?

Answer: 

  Check out ourTips for buyers.  The answer is really up to you.  Bid up to the amount  you can afford and have the ability to complete the purchase of the property for.  As the auction moves forward, you will be notified if you are out bid and you will be allowed to place another bid to maintain your high-bid position.

  Before placing your first bid, thoroughly review the auction description and any additional details included in the listing. Remember, it is incumbent upon the bidder/buyer to verify all information provided and conduct additional research before placing a bid.  Use ourdue diligencecheck list.

  When you are ready to place a bid, enter yourproperty ID #and your bid amount in the Bid  Amount box. You will be prompted to login (or register, if you haven’t already.) 

  Once you are logged in, the process is free, quick and secure and your new bid will be the current high bid, it is placed immediately.

Question:  What is a Bid Increment?

Answer: 

A bid increment is the minimum amount you can bid above the current bid price. A bidder can place a bid amount that is greater than the bid increment, just not less than the bid increment.

Question: Can I place a bid for less than the Minimum Bid amount?

Answer: 

No. The Minimum Bid is set by the seller and is the floor at which bidding begins.

Question: Can I remove or cancel a bid?

Answer: 

No, a bid amount cannot be removed or cancelled from an auction once it is placed. A bid is a binding contract between buyer and seller; an irrevocable offer to purchase an item from the seller at the stated bid price.  When you place a bid, you will be asked to confirm your bid before it is submitted to the auction.

Buyers should conduct any research or due diligence of the property prior to placing a bid.

Question:  Can I change my bid?

Answer: 

Yes, you can increase it as offen as you like.

Question:  Can I increase my bid if I am the high bidder?

Answer: 

Yes. If you are the current high bidder, you can increase your bid amount. Enter your bid in the “Place Your Bid” box to submit a higher bid amount, confirm it and you will have increased your bid.

Question:  What is a deposit.

Answer: 

Most auctions conducted require interested bidders to submit a deposit —specified by the seller— once the auction is complete and the winner is determined. Following the auction, the Seller should request the deposit from the winning bidder as a purchase deposit payment for the asset. If a winning bidder, for whatever reason, does not perform on the auction their deposit is subject to our“Terms and Conditions”.

Questions:  What is an Overtime period / What is Overtime Bidding?

Answer:

Similar to when an auctioneer continues to take bids until the last bidder bids; ThePropertyDiscounter.com’s Overtime Bidding keeps an auction open for bidding until there are no further bids for 5 consecutive minutes. Overtime bidding occurs automatically when a bid is placed within the last few minutes of an auction. The auction will remain open until an entire overtime increment (5 minutes) has passed without any bidding.

Question:  What is a Buyer’s Premium?

Answer: 

Question: What is a "Bid and Assume" Real Estate auction?

Answer: 

A Bid and Assume auction is an owner-financed real estate auction. Like a "Contract for Deed" or "Deed for Contract".  In a Bid and Assume auction, potential buyers are bidding for the down payment only and the winning bidder will assume the balance amount as stated within the particular auction.  Buyers are cautioned and should carefully review the seller's terms listed in an auction — prior to placing a bid — as there may be additional collection/processing fees, closing costs, a Buyer’s Premium or other fees.