How House Auction Works?
- A property is loaded into our system and the marketing and auction process begins after the $249 marketing fee has been paid.
- We contact our local affiliate to get the property loaded onto the local MLS system.
- We begin marketing the property to buyers and set a date for the online auction (31-90 days).
- If a traditional buyer makes an acceptable offer on your property prior to the auction date, we cancel the auction and sell the house.
- If no offer is presented prior to the date of the auction, an open house is scheduled during the time of the auction so that buyers can bid either online or in person.
- Buyers must be pre-approved prior to bidding and provide a 1% earnest deposit if their offer is accepted.
- In the case of multiple offers, a 24 hour bidding period may be administered where each bidder will have the opportunity to provide their best and final offer.
- A contract will be written and a typical 30 closing period will apply.
- Inspections, appraisals, title work, and mortgage processes will be scheduled as is with typical real estate transactions.
- The property will close via traditional methods.