Why do you do market this way?
Because many of our clients have pets and kids or some other reason that makes it difficult for them to sell their home in the traditional manner. Or they need to sell fast for some reason. It is just a more efficient way for us to sell some the homes we represent.
When can I view the property?
The home listed will be wide open from Noon to 5pm on the date listed. You and your agent can show up anytime between those hours and you will have all the time you need to experience the house.
Who can attend the Open House and bid on the property?
Anyone may attend the Open House, of course, but all Bidders must be registered in order to participate in the Live Auction. They can do so at the Open House or at our auction website: IEHomeAuctions.com. All Bidders are required to present a pre-approval letter (or proof of funds if making a cash offer) and must be represented by an agent.
Do I need to bring anything to the Open House?
A great attitude is always appreciated. Nothing else is required.
Why is the price so low?
This is an auction “style” sale. Traditionally an auction starts with a low minimum bid price and then goes up from there. The seller is, of course, hoping to get more than the minimum bid.
What is the “Buyer’s Premium”?
There are absolutely no fees for viewing or bidding on this website. However there is a Buyer’s Premium set on each property. This is figured on the bid price (Highest Bid + Buyer’s Premium = Sales Price). Each property listed on our web site will offer different terms, conditions and Buyer’s Premium, so be sure to research the property and all of the details on the property bid page.
This is the MOST transparent way for a Seller to offer the lowest price on their home and still compensates the real estate agents who conduct and close the transaction. Each property listed on our web site will offer different terms, conditions and Buyer’s Premium, so be sure to research the property and all of the details on the property bid page.
Is there a live auctioneer?
No. Once registered, if you like the home, you or your agent may place bids on the home. At the end of the auction, the TOP THREE bids received will be called that evening and asked to submit a CA RPA (the regular purchase agreement we all use). These will be given to the seller to choose from. All other bidders will be called the next day and given an opportunity to place a backup offer, if desired.
Do you only take Cash offers?
No. We accept all kinds of offers: Conventional financing, Cash, FHA, VA and any other type of financing that the property qualifies for is fine with us. You do NOT need to have a cash offer.
Is this a “depressed property” sale?
If this listing is a short sale, foreclosure, or home needing major repairs it will be listed as such in both the MLS and on the property bid page.
What if the home does not appraise at the purchase price?
As in all transactions, if a home does not appraise at the purchase price the buyer will have the option of paying the difference, backing out of the transaction or renegotiating the price.
Does the buyer have to take the home “As Is”?
Most of the auction properties are sold in “As Is” condition. The buyer has all the normal buyer rights to Home Inspections, Appraisal, Loan Contingency, etc. If there are problems that come up on the inspections the buyer will have the usual options of either taking the home in it’s present condition, backing out of the transaction, or asking the seller to correct items or credit money for repairs. The Seller then also has the right to refuse any of the repair requests. Should they do so, then the Buyer will have the option of backing out of the transaction or accepting the home without any or all of the requested repairs.
Auto Bid Option – It is not always convenient to watch the auction over several days. You may place your bid up to the “maximum high” that you are willing to offer on the property. The system is designed to raise your bid in increments of $1,000 above the last bid placed only.
Example: If the current bid is $200,000 and you set your “maximum high” of $250,000 the system will raise your bid only to $201,000 and you will be shown as the high bidder. If someone places another bid of $202,000, the system will automatically increase your bid again to $203,000 and so on. If someone, places a higher bid, say $220,000 the system will automatically increase your bid to $221,000 and so on. However, if someone places a bid of $251,000 or greater, this person will be selected as a high bidder and the system will no longer increase your bid since your “maximum bid” would have been exceeded.
Bidding Auto Extension – Auction “sniping” is the practice of placing a bid likely to exceed the current highest bid as late as possible — usually seconds before the end of the auction — giving other bidders no time to outbid the “sniper”.
Our system prevents last second bidding by automatically extending the bidding time. If a Bidder places a bid within 5 minutes of the end of the bidding time, the system will automatically extend the bidding time by another 5 minutes in order to allow all other bidders the opportunity to respond. Fair and equitable bidding is our goal.