Auction 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 - Due Diligence
Before you bid on a property, it is important to complete your due diligence. This means understanding all the various details surrounding the property, including neighborhood, purchase history, potential liens and possible repairs. Working with a qualified real estate professional can greatly assist you at this stage, especially if this is your first time bidding in auction. Completing your due diligence will allow you to determine your “highest-and-best" bid before the auction begins.
Once you have completed your due diligence and are ready to bid, it’s time to register for the auction. Registering for an online auction on the ServiceLink Auction Powered by Hudson & Marshall website is easy: simply find the property on which you want to bid, go to the Property Details Page (PDP) and click on the “Register for Auction” button. Just follow the on-screen prompts to complete the registration process. Unlike other real estate auction sites, there is no bid deposit fee required to register for an online auction event.
Bidding in Auction
Once the auction starts and the countdown timer appears, you can place your bids. You can either bid directly from the Property Details Page or from your Dashboard. Under the countdown timer, you will see the “Starting Bid” indicated (If bids have already been place on a property, you will see “Current Bid” under the countdown timer instead of “Starting Bid”). The bid you enter must be at least the “Starting Bid” amount (or the next bid increment). You can either type it into the field or enter it by pressing the plus (+) sign to show your bid. Once you place a bid, you should see a message highlighted in green on top of the bid box indicating that you are the high bidder. If your bid is lower than a previous proxy bid placed by another bidder, you will receive an “outbid” notification and you will not see a “high bidder” notification. If you place a bid above the minimum bid increment, that bid will become your proxy bid and Hudson & Marshall will bid on your behalf up to your proxy bid amount. You can see your proxy bid amount in the bid box.
Hudson & Marshall may bid on behalf of the seller up to the reserve price (but not above reserve) to help buyers and sellers to reach a mutually agreeable price. To give yourself the best chance to be the high bidder, submit your highest-and-best bid in the auction. Note: if a bid is placed within the last two minutes of the auction, the countdown timer will be reset to two minutes to allow all interested parties to continue bidding.
One last note: all bids placed in auction are final and may not be rescinded. Please conduct your due diligence prior to placing a 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 highest-and-best bid and let our system bid for you. At any time during the auction, just enter your highest-and-best bid in the bid box. The system will automatically place bids for you when you are outbid until your Proxy Bid amount has been reached. If you are outbid after your “Proxy Bid” is reached, you will be notified by email and will still have the opportunity to either place manual bids or set a new “Proxy Bid”.
A property’s “Reserve” is the minimum amount that a seller will accept for the property. The reserve 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 published price set by the seller and posted on the Multiple Listing Service (MLS) by the listing agent. It may be disclosed on a Property Details Page with seller approval.
The “Starting Bid” is the lowest amount a bidder is allowed to bid in an auction.
A buyer's premium is a fee paid by the winning bidder, typically 5% ($2500 minimum) of the winning bid amount.