In order to place a bid/offer on any property available by auction, you must REGISTER and create an account. If you are working with an Agent, you will need to provide us with their contact information at the time of registration.
to register for access to the bidding platform.By creating your account, you agree to accept AND you understand the Terms and Conditions of the auction process and the IEHomeAuctions.com bidding platform.
In addition, you must either provide Proof of Funds if paying in cash OR a FULL Underwritten Loan Approval Letter From A Mortgage Lender prior to getting access to the bidding area.
Again, if you are not registered and/or you have not provided suitable documentation, you will NOT be allowed to bid on a property!
We also STRONGLY encourage you or your agent to login to your account prior to the end of the bidding time on the property you wish to bid on. It is IMPORTANT to understand the steps and functionality needed to place your bid. Technical or agent support will not be available after 12:00 pm on the final day of the auction.
You can get the loan approval started by CLICKING HERE
Upon acceptance to our online bidding platform, you will receive access to bid/offer on properties that meet your criteria.
Working with a licensed Real Estate Agent is required. Upon winning the bid, a signed CAR contract prepared by a California licensed Agent must be submitted within 24 hours after the winning bid along with the earnest money deposited with an escrow agent.
A licensed Real Estate Agent must prepare those documents and initiate the process.
If you have an Agent, the registration page will provide you with the option of entering your agent’s contact information. Our agents will contact them and review the auction procedures. Or, if you do not have an agent, you will have the option to have one of our Agent’s contact you.
Our agents are experts in this process and can guide you through the entire auction process from beginning to end and answer all of your questions. They can also explain the financial benefits of working with us.
What is the “Buyers Premium”?
Using our system, any real estate commission can be paid by the seller, the buyer or both. The buyer’s side of the commission is called “Buyer’s Premium”. (Highest Bid + Buyer’s Premium = Sales Price)
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 buyers premium, so be sure to research the property and all of the details on the property bid page.
Property will be available for viewing only on the day(s) of the open house (unless agreed to otherwise)
Buyers must be approved for bidding manually by the seller or seller’s agent.
Sellers reserve the right to accept, negotiate or reject the highest bid.
An online auction is a binding agreement and a seller can legally pursue a non-performing bidder.
Be sure to contact us if you have question on the auction process.
Terms You Should Know:
Auto Bid Option – 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 $300,000 and you set your “maximum high bid” of $350,000 the system will raise your bid only to $301,000 and you will be shown as the high bidder. If someone places another bid of $302,000, the system will automatically increase your bid again to $303,000 and so on.
If someone, places a higher bid, say $320,000 the system will automatically increase your bid to $321,000 and so on. However, if someone places a bid of $351,000 or greater, this person will be selected as a high bidder and the system will no longer increase your bid since your “maximum high bid” would have been exceeded.
Bidding Auto Extend – Our system prevents last second bidding (called sniping) 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 10 minutes in order to allow other bidders the opportunity to respond.
Attention Winning Bidders
If You Are The Winning Bidder: Please have your agent submit a signed purchase agreement to the seller within the time specified in “sale terms and conditions” (please see the posting details). If you do not have an agent, please contact us.
Notice to Winning Bidder: Important – If you are the winning bidder at the end of the auction and back out without submitting a contract, you will have been considered breaching our terms of use of our bidding submission system and you may be liable for a $500 withdrawal penalty fee. We will invoice you for that amount.