The day is here and you are ready to bid! Bidding in auction can seem a bit intimidating but don’t worry, that’s why we are here.
Before you bid on a property, make sure to do your due diligence. It’s important that you are well versed in the property and feel comfortable in purchasing it if you are the winning bidder. Once you are ready to bid, first register for the auction. Once you have been registered, you can start bidding on any assets within that auction event.
There are two ways to bid, on the Property Details Page of the asset or from your Dashboard.
When an auction has opened, the Property Details Page will show a countdown of how long you have to submit your final and best offer on that property. Under the countdown you will see the “Starting Bid”. This is the starting amount for that asset. The bid you enter must be at least the “Starting Bid” amount. You can either type it into the field or enter it by pressing the plus (+) sign to show your bid amount. The amount you enter will automatically be set as your “Proxy Bid”. Use this to your advantage! Enter your highest and best amount and let the system bid you up in increments depending on the activity of other bidders on the property.
If bidders have already started placing offers on the property it will read “Current Offer” under the countdown instead of “Starting Bid”.
Don’t have time to sit at your computer and outbid your competitors in an auction? No need! Use our “Proxy Bid” system to set your maximum bid and walk away. Here’s how it works. You want to place a bid on a property and the maximum you will pay is $250,000. The “Starting Bid” is $200,000. Enter $250,000 on the Property Details Page when the auction begins. You will be the current high bidder at $200,000, since that is the “Starting Bid”. The system will bid you up in increments but only if you are outbid by another bidder, keeping you the high bidder until your maximum proxy bid has been reached. If your maximum “Proxy Bid” is reached and you are outbid you will receive an email notification giving you the opportunity to enter a new “Proxy Bid”.
A property’s “Reserve” is the minimum amount that a seller will accept for the property. This information is undisclosed to the public by most sellers. If the reserve price is met, the highest bid is submitted to the seller for approval depending on seller guidelines. If the auction ends without any bids that meet the reserve price, the seller is not required to sell the property to the highest bidder; however, the bid may still be sent to seller for consideration.
The “List Price” is the market price posted on the Multiple Listings Service (MLS) by the listing agent.
The “Starting Bid” is the amount at which the property will begin when the auction event opens to initiate bidding activity on the asset. This price does not always reflect the seller’s reserve.
Buyer’s Premium varies by auction type and seller. Once the seller has accepted the offer, the company will collect the Buyer’s Premium.