Bidding on homes, auction.com

BIDDING PROCESS

Pre-Auction:
Prepare for the auction.

DIRECT OFFER

Direct Offer allows you to make offers directly to sellers on certain bank-owned properties. Just set your price, provide justification and submit your offer to sellers who are actively reviewing and responding to you. Watch this Video for a quick overview

View all  Direct Offer Properties

BID DEPOSITS

• A $2500 credit or debit card hold (Bid Deposit) is required to bid on a bank-owned property on Auction.com. 
•   The hold is typically removed the Saturday following the auction event, but please check with your financial institution for confirmation of available funds/credit. 
• In some cases, releases may take a longer period of time.

ONLINE BIDDING

  prepare your Proof of Funds. 

• Log onto your Auction.com account.
• Go to the property details page. Take note of the auction dates because you will need to place your bid within the online bidding period during the auction.
• When you register to bid, you’ll have an opportunity to sign up for helpful “Action Item Text Alerts.”
• When the auction begins, type in the amount you would like to bid within the bid box and click the “Bid Now” button.
• You will be required to bid at or above the increments stated on the property details page. The increments, which may change throughout the auction, will be shown when the auction begins.
• Check in often, especially in the final minutes of the auction. Bids that are placed within the final minutes will trigger an overtime bidding period to allow all interested parties to keep bidding. This extended period gives everyone a chance to place last minute bids.
• When the auction is over, we’ll send you an email letting you know if you were outbid or if you were the highest bidder. If you are the highest bidder, we will let you know if the seller accepts your bid. Sometimes, the highest bid is still too low for the seller to accept. If the seller accepts your bid, you won the auction!

PROXY BIDS

• Proxy bid is a feature that allows you to place a bid on a bank-owned property before the auction starts. The proxy bid is then automatically placed, so that you don’t have to stand by during the auction.
• To place a proxy bid before the auction, begin on the Property Details Page (PDP) where you will find a button to submit a proxy bid. After you submit your bid amount, we’ll notify you at the end of the auction if your proxy bid was the highest bid for that property. If you are the highest bidder, the seller will review your bid and if they accept your offer, you will move into closing.

Note: all auction bids are confidential.

COUNTER BIDDING

• Counter Bidding is a common practice used by all major auction houses. Auction.com will counter bid on behalf of the seller in order to move the price closer to the Reserve Price, or minimum price that a seller will accept.
• When the bidding reaches the Reserve Price, Auction.com will no longer counter bid. Counter bidding is designed to help the buyer and seller reach a price that works for both parties so the auction will be successful. Please note: The exposure of counter bids is not required in every state.

DISCLOSING THE RESERVE PRICE

• The Reserve Price is disclosed in certain instances. It’s up to the sellers to decide whether to disclose the Reserve Price (or minimum amount that they will accept for a property). The sellers have the option of accepting an offer that is less than the Reserve Price, but once the Reserve Price is met, the sellers should be agreeable to sell the property.
• When the Reserve Price is disclosed, you can find it on the property details page under the number of beds/baths or under the Current Bid or Starting Bid. You can also search the site to find properties that disclose the Reserve Price.

MAKE AN OFFER NOW

To create a more efficient experience for our buyers, we have improved Make an Offer Now.

• Start on the property details page to see if the Make an Offer Now option is available. Not all Sellers accept offers before an auction period.
• Buyers can submit their offer online and will receive notifications whether their offer was within the Seller’s minimum threshold of consideration online. If the offer does not meet the Seller’s minimum threshold after 4 attempts, Buyers will be directed to register for the upcoming auction.
• Once an offer has been submitted successfully, it will go through two reviews. First, our internal team will review the offer based on the Seller’s criteria and notify you whether your offer will move forward to the next step in the process, contracting. Once contracting is complete, the offer will be reviewed by the Seller. Once the Seller accepts the offer, Buyers will be notified within 1 business day. On some properties with multiple offers, Buyers with active offers will receive an email with a final chance to submit a final and best offer.
• If the bid is not accepted, we encourage you to register for the upcoming auction and bid again during that auction. Sellers may be more flexible in considering offers at the end of a competitive auction.