Seller Frequently Asked Questions

Aren't auctions only for distressed properties?

Absolutely not - Auctions work best whenever two or more parties are interested in a property, regardless of if the property is distressed or not. The auction method has traditionally been used for distressed properties but non-distressed, luxury properties are sold at auction every day.

Will people bid on my property "Site unseen"?

No. The people that bid on your property have inspected it prior to the auction. A "Site unseen" bidder is extremely rare, and most likely had someone inspect the property for them prior to placing a bid.

Do I have to sell to the highest bidder?

No. You can set a "Reserve", which is the lowest price you will accept. Bidders do not know what the reserve price is (it's not to be confused with a minimum or starting bid) however, bidders are notified during the bidding process when the reserve has been met and the property will be sold to the highest bidder. Only in an "Absolute" auction must you sell to the highest bidder, regardless of price.

How do I know the bids are "real"?

Our system requires that bidders register with a credit card for validation and identification purposes. This eliminates people who are not serious about bidding on your property. We also require that they produce proof of funds to close or mortgage approval when they write their contract with your Realtor (within 48 hours of the close of the auction).

Aren't real estate auctions held "Live" on my property?

Not any more. Bidders will preview the property prior to bidding. There is no need to hire (and pay) an auctioneer to call a "live" auction. By holding the auction online, you enable a larger pool of bidders to participate over a longer period of time. More bidders = More bids = Highest sales price.