What is pre-auction bidding?
- Pre-auction bidding is a designated time that the Seller will review offers submitted through our website prior to the live auction dates. During the pre-auction/pre-sale period, offers are reviewed and may be accepted by the Seller. If the offer is accepted by the Seller, the property will not be offered during the designated live auction dates. All bids are sealed and confidential.
Why do you have properties on your website that say “Coming Soon”?
- The Seller(s) have asked ServiceLink Auction, powered by Hudson & Marshall, to market these properties, however, we haven’t received the final approval to submit it into an auction.
Can I ask how many offers have been submitted on a property and what the highest bid during Pre-Auction or Post-Auction were?
- No, unfortunately offers submitted are confidential. When placing a bid, submit your highest and best offer.
Can you tell me what the Seller’s reserve is?
- Unfortunately, the Seller does not disclose the reserve.
How do I know what to bid?
- Before submitting an offer, view the property. If you need assistance, use a real estate agent to obtain additional information and/or answer your questions. Submit a reasonable offer based on what you feel the property is worth.
I’ve submitted my offer, what is the next step?
- Once you’ve submitted your offer you will be notified via phone or email by the Bid Coordinator assigned to the property who will work as a liaison between you and the Seller to get your offer approved. You can also contact ServiceLink Auction, powered by Hudson & Marshall, at 800-441-9401, provide the property address you bid on and the customer service representative will provide you with the name and contact information of the Bid Coordinator.
I’ve submitted an offer, when can I expect someone to contact me?
- Generally, you can expect to receive some form of communication within 24 hours.
What is Last Chance to Bid?
- Last Chance to Bid (also referred to as Post-Auction “Still Available” properties) are properties that did not sell during the pre-auction or live auction sale dates. The Seller gives an additional time-frame for offers to be submitted to try to get these assets sold. The Seller is extremely motivated to sell these assets.
I placed a bid in the online auction for a specific property and noticed a pop-up that stated “Bid Placed by Seller’. What does that mean?
- While not common practice, some Sellers reserve the right to bid on their properties up to the reserve amount, as long as it is fully disclosed at the time the bid is placed. When a buyer registers to bid on a property on the ServiceLink Auction, powered by Hudson & Marshall, website, they must check a box that says “I agree” to the terms and conditions of the sale. In the terms and conditions for the sale of the property in question, the following verbiage was included:
“If a property is being sold at auction with a reserve price, Bidder understands that the reserve price must be met in order for the property to be sold. The seller of the property may instruct the Auctioneer to place bids on any property up to the amount of the reserve price. If Bidder is the high bidder but the reserve price is not met, the property has not been sold to the bidder.”.
- Additionally, during the auction, if a bid is placed by the seller, the words “Bid Placed by Seller” appear in red text next to the bid, so anyone actively bidding or watching the bids on a specific property will know if the seller is bidding.