To bid on a property either online or at the auction with SellMyHouseAuction.com, please follow these simple steps:
1. Register to bid.
2.Get Pre-qaulified Apply Now
All bidders must provide proof of funds in order to qualify for bidding. If you have not provided proff of funds either to the onsite agent or to the corporate office you bid may be removed. If you have your own financing lined up with your bank please fax your pre-approval letter to 309-279-0982 or give it to the agent onsite.
3. Buyer’s Premium of 1%
Buyer’s must provide a 1% Buyers Premium paid the day of the auction upon acceptance of any agreement. For example if the winning bid is $100,000, the Buyer will be paying $101,000 for the property with $1000 being collected and submitted toward an Earnest Deposit on the day of acceptance.
4. Property Inspection
Properties are available for inspection at any time prior to the auction date. Please contact the property’s listing agent who’s name and contact information can be found on each listing. We strongly recommend that you view the property prior to bidding. If you do not view the property prior to bidding and you win the bid, you will still be required to accept the property regardless of its condition. Please note that most REO/foreclosure property is sold ‘as-is’ with no contingencies for inspection or financing. Please review the notes on each listing for specific details.
5. Auction Date Bidding Process
www.SellMyhouse.com offers both an on-site and online auction format on the day of the auction. You may post your bids online or visit the property during the auction and place your bid with the listing agent. In the case of a multiple offer situation where no clear wining bid has presented itself, SellMyHouse.com reserves the right to extend the bidding process 24 hours and follow a best and final offer format. All bidders will be contacted under this situation.
If you are a winning bidder and you fail to complete the earnest deposit process, a $350 penalty fee will be charged to you. If the transaction fails to be completed thru fault of your own, the Buyer’s Premium/Earnest Deposit is retained as liquidated damage.
7. Acceptance of Offers
SellMyHouseAuction.com and our licensed Affiliate’s reserves the right to notify you of an acceptance of your offer for up to three business days after the conclusion of any auction. Under a multiple offer situation several days may be needed to evaluate the best offer presented.
Inspections, appraisals, title work, and mortgage processes will be scheduled as is with typical real estate transactions. A title company in most cases will be hired to offer title insurance and manages the closing process.
www.SellMyHouse.com, our Affiliates, or our sellers reserve the right to accept or reject any bid on this website regardless of how that offer is made, whether or not it exceeds the reserve price and whether or not it is the highest bid offered. REO property and short sale situations typically require a final review and acceptance by the bank's managers. No offer shall be deemed fully accepted by the seller until a written contract has been executed by both parties regardless of the nature and circumstances of that potential transaction.