Question. Why should I use SellMyHouse.com to sell my property?
Answer. Simply put, we offer our clientele every option to maximize the potential sell of their property. Through a combination of our Powersite™ Marketing System, Local MLS listing, and our online auction format we maximize the opportunities to sell the property to both retail buyers and investors. This creates the ultimate situation for getting buyers to get off the fence and make an offer on your property.
Question. Do I need to register to bid at the auction?
Answer. Yes! You can register online and there is no upfront cost. We suggest that you register at least 48 hours prior to the auction in order to receive all pertinent information relating to the event. If you plan on bidding on-site you will need to provide the auction representative your pre-approval letter before being allowed to bid.
Question. Will there be any liens on the property since I’m buying at auction?
Answer. No! The sellers guarantee free and clear title on everything sold. You will receive a standard “Title Policy” as part of your closing transaction. If clear title can not be offered then the seller must remedy the lien or you can walk away from the deal.
Question. When should I get financing if I’m the winning bidder?
Answer. All financing should be lined up prior to the auction. We will not allow you to bid on a property if we have not been presented with a pre-approval letter either online or on-site from a qualified lending institution prior to the auction.
Question. What if there are multiple bidders?
Answer. If there is no clear winning bidder, we reserve the right to extend process into a multiple offer situation. You will then be given 24 hours to come up with your best and final offer which will be presented to our local representative.
Question. Should I inspect the property prior to bidding at the auction?
Answer. Absolutely! Many Foreclosure/REO properties are sold ‘as is’ so it will be important that you inspect the property to make sure you are aware of any major defects prior to bidding. By bidding at the auction, you are certifying that you have inspected the property prior to bidding and have considered all relevant property information and disclosures in making your determination on a bid price. Our local representative will help you answer any questions you have about the property.
Question. How long does each auction last?
Answer. Typically, each individual auction takes place within a one hour period. Multiple offer situations may extend the timeframe another 24 hours. If multiple auctions are taking place the entire process may take place over several hours.
Question. What is the 1% Buyers Premium?
Answer. The 1% Buyers Premium is standard practice utilized to offset the cost of operating the auction. You will add this to the total bid price and it will be used as Earnest Money to secure a contract.
As an example:
A property sells for $100,000. The buyers premium would be $1,000 (1% of the winning bid amount) thus making the final selling price $101,000. Your Earnest Money deposit will be $1000. Please see each auction's details for specific details on each property.
Question. Can I cancel the transaction after my offer has been accepted?
Answer. No! Once your bid has been accepted you must follow through with the transaction and a contract.
Question. How should I set my Reserve price?
Answer. If your home enters the auction phase of the cycle you need to remember that this is designed to help you sell the property. You should be aggressive with your Reserve price. Remember that by this time we have marketed your home on several formats at a price of which did not bring a buyer. Keep that in mind when you make the pricing decision.
Question. Do you utilize Realtors® in your process?
Answer. Yes! We believe it is critical to the selling process to make sure that local licensed professionals help you and potential buyers through this process. To get on the MLS you must also be listed with a Realtor®.
Question. What are your fees?
Answer. We charge a $99 marketing fee upfront along with commission of 3.9% upon a completed sale paid by the seller. A Buyer's Premium of 1% is also charged to the buyer. The marketing fee includes a custom website, submission to several search engines and real estate sites, yard signs, and targeted email campaigns to investors and Realtors. If the property does not sell then no commission is paid. If a property sells prior to the auction date then standard commission structures apply per each listing agreement.