Frequently Asked Questions
How do I bid on a property?
You must create an account if you want to bid on a property. To create an account, you will need to establish a user name and password. To bid on a property, you will have to register to bid on the property detail page using your user name and password. You can then bid one of two ways:
You can hit the "refresh" icon in the box where bids are entered. The system will enter a bid for you equal to the current bid plus the incremental bid amount. You don't have to use the "refresh" icon. You can enter the same bid manually.
You can enter a maximum bid (a max bid) by entering the highest amount you are willing to pay for the property. As other people bid on the property, the system will enter bids automatically on your behalf (in the minimum increments), allowing you to outbid others automatically until your max bid is reached.
Can I increase my max bid?
Yes. You can increase your max bid by entering a higher bid amount before the auction ends.
Can I decrease my max bid?
Yes, with one exception. You can decrease your max bid by entering a lower bid amount before the auction ends, but you cannot lower your max bid below the current bid.
What if more than one person places the same max bid?
If more than one person enters the same max bid, the system will accept the bid that was placed first.
What if I enter the wrong bid by mistake? Can I correct it?
You can increase or decrease your max bid as described above but you will not be able to correct a bid entered by mistake if the bid you entered by mistake is the current bid. You will have a chance to confirm your bid before entering it; please review your bid carefully!
Can an auction be postponed or cancelled?
Yes. An auction can be postponed or cancelled. If an auction is postponed or cancelled, a notice of this will be given on the property details page.
Can I inspect the property?
No. You cannot trespass or disturb the owner or occupant.
What is a buyer's premium?
If you are the highest bidder and the property includes a buyer's premium, the amount of the buyer's premium will be added to your bid to determine the contract price. You will have to pay the contract price to complete your purchase of the property. As an example, if you submit a bid of $100,000 on a property that includes a 5% buyer's premium, you will owe a contract price of $105,000 for the property.
Why does the auction sometimes remain open for bidding after it was scheduled to end?
If bidding occurs in the final moments of the auction, the end of the auction will be extended by fixed periods of time (the anti-snipe time). The auction will end after no bidding occurs during the anti-snipe time. Online auctions are extended like this to give all bidders an opportunity to submit their highest bid before the auction ends.