Help for Sellers & their Agents
The process of selling with homesale.plus is extremely simple and requires very little involvement on the part of sellers and their agents. There are two types of sale - those in which offers can include contingencies and those in which they can not (auction sales, where offers are called bids). However, these two types of sale have many features in common, and the commonalities are discussed here. The processes that are specific to each type of sale are covered in the next section entitled Offers & Bid.
There are two simple steps involved in both types of sale. The first is account creation, which is free, easy and takes a couple of minutes. It's recommended that both the agent and their client create accounts so that the accounts can be linked. This will allow for the property to be listed under the seller's own account and for the agent to manage the sale on their behalf.
The second step is to provide homesale.plus the property's listing ID in the MLS (the local or regional Multiple Listing Service) and access to original photos, for example via a dropbox account. These two things are all the homesale.plus project manager needs to create the draft homesale.plus property listing under the seller's account. When the draft listing on homesale.plus is created, the seller and agent will both be notified and will have access to review it before it is activated (published to the public on homesale.plus). When it is activated, both the seller and the agent will receive another notification.
Once the sale begins, the seller and their agent will receive email and text notifications as offers are made. There is a predetermined timeframe during which offers may be submitted, generally five days to a week, but this period is at the seller and their agent's discretion (in an auction [i.e., non-contingent] sale, this period is typically three days).
In order to list a property for sale on homesale.plus you must first create a free account. Our required information includes your name, address, phone number and email address (by registering you also confirm that you are 18 years of age, or the appropriate age of majority for your home state, are of sound mind and have the legal ability to participate and accept our Terms and Conditions). Upon registration, a confirmatory email will be sent to you - you agree to keep your registration information confidential and allow homesale.plus to communicate with you: These procedures allow us to protect all of our registrants.
For agents, there is some additional information required pertaining to their team and/or brokerage and their real estate license (state license number). Once registered, agents can link client accounts to their own. This is a simple process which only requires submission of an email address (the address that the client provided for their homesale.plus account). The client will receive the request for the accounts to be linked, along with a verification code that the client must give to their agent. Once the agent receives the code they can complete the process of linking the accounts. Again, linking the accounts allows the agent to manage the client account on their behalf while leaving the client full control and access.
Submitting Offers and Bids.
Upon activation of the homesale.plus listing, and until the offer period ends (generally one week but this is at the discretion of the seller and their agents) registered buyers will be able to submit offers. In an auction sale, the time period during which bids can be submitted is usually shorter, often three days. Bids in an auction sale contain one parameter only - price - whereas offers include five parameters: Price, down-payment amount (100% if the offer is cash), whether the buyers wishes to have an inspection contingency, number of days required to settle, and the type of finance contingency (Conventional, FHA, VA or Cash if no contingency). Buyers can also submit comments (as can sellers, and all comments are visible to all particpants), which can modify the terms of their contingencies and add conditions to the offer. For example, a buyer might offer to remove the appraisal contingency from their finance contingency, or make their inspection contingency 'as-is.' A buyer could also add a request, perhaps for seller help with closing.
During the last few hours of both types of sale, and particularly in the last twenty minutes, the action tends to get hot and heavy, and it's this period at the end of a sale with contingencies allowed that demands seller/agent attention. If an offer is made in the last ten minutes, an additional ten minutes will be added to the clock, and this ten minute process will repeat until no further offers are made. This anti-sniping feature also applies to auction sales, but in an auction sale the winner is selected automatically - it is simply the highest bidder (assuming the bid meets the seller's reserve amount - the minimum acceptable prices, which is set in advance of the sale). Because of this, in an auction sale there's no real need for the seller or their agent to follow the action, they will be notified of the outcome as soon as the auction ends.
However, in a sale with contingencies, when the clock finally runs down, a new, seller decision period begins and is displayed on the timer. This period is also predetermined - generally for ten minutes but this is also at the discretion of the seller and their agent. During this period, the seller must decide whether to accept an offer. Doing so only requires the click of a button, and all participants are notified of the outcome (notifications go out regardless of whether an offer is accepted). Again, in an auction sale, where price is the sole bidding parameter, the highest bid that meets the seller's reserve automatically wins the property.
Your homesale.plus Control Panel
Once your listing is published and the sale is set, you can monitor the action in two ways. The first is from the property listing page, which shows the current offers or the current highest bid, and has links to the detailed offer or bidding history. You can see all of the information that has been provided (documents provided by users registered to make offers on your property) and watch the offers or bids as they are made. You can also track activity from the My Listings section of your Control Panel on homesale.plus. You can track everything both in real-time and anytime after the fact - every offer or bid that is made, including the date and time at which it is placed. Your homesale.plus account gives you unprecedented power and control over the sale of your property.
Your Control Panel can be accessed from the upper right corner of the homesale.plus website. When you are logged in, you will see a box with a message that reads "Hello" followed by the username you created when you registered. By clicking that box, you will see a menu that includes the following items:
- Create Listings
- My Listings
- My Bids
- My Account Home
In the My Listings section of your Control Panel, you will see the following options:
The Drafts section shows all listings that you have created but that have not been published. Only a homesale.plus Administrator or Project Manager can publish a listing, which creates a sale. The Active section shows all of your listings that are currently available to place offers or bids on. The Scheduled section displays all of your published listings for which there is an upcoming sale. The next three sections are for sales that have ended - those shown in the Successful section have sold while those in the Unsuccessful section have not.
Help for Buyers & their Agents
Buying a property on homesale.plus is simple and easy, but before you get started you should familiarize yourself with a couple of key aspects of our marketplace. First, you should clearly understand the mechanics of how our sales work – the basic rules that govern the offering/bidding process. You should also be able to find and understand all relevant information relating to a property that you are interested in buying, and be comfortable with the terms of sale that apply to that property.
In order to submit an offer or bid you must have a free homesale.plus account. Our required information includes your name, address, phone number and email address (by registering you also confirm that you are 18 years of age, or the appropriate age of majority for your home state, are of sound mind and have the legal ability to participate and accept our Terms and Conditions). Upon registration, a confirmatory email will be sent to you - you agree to keep your registration information confidential and allow homesale.plus to communicate with you: These procedures allow us to protect all of our registrants.
For agents, there is some additional information required pertaining to their team and/or brokerage and their real estate license (state license number). Once registered, agents can link their client accounts to their own. This is a simple process which only requires submission of an email address (the address that the client provided for their homesale.plus account). The client will receive the request for the accounts to be linked, along with a verification code that the client must give to their agent. Once the agent receives the code they can complete the process of linking the accounts. Again, linking the accounts allows the agent to manage the client account on their behalf while leaving the client full control and access.
Register for a Sale.
As we covered in a separate tutorial, in order to bid (non-contingent sale) or make an offer on homesale.plus you must register for each sale you wish to participate in. This is a different process for each of the two types of sale - auction (non-contingent) versus contingent - and is in addition to general website registration (account creation). When you register to use our website, you acknowledge that you accept homesale.plus’s Terms and Conditions of Use, which cover a broad range of issues. However, each sale has its own specific terms of participation, and you will be asked to read and accept these terms when you register for it.
In particular, you will be asked to confirm that you have read and understood the contract of sale for the property you are registering to bid or offer on. The Contract of Sale can be found on the property listing page, along with a number of other documents that homesale.plus makes available to compliment your due diligence investigation. These documents generally include a Title Abstract and a Neighborhood Report, among other things. All available documents will be found under the heading Due Diligence documents. These are pdf files that you can open directly in your browser or download to your computer.
The method by which this is handled can vary from browser to browser and may depend upon how you have your browser configured to handle such documents. Generally speaking, if you are on a windows computer and left-click one of these documents, it will open directly – either in a new tab or browser window, or in whatever program you have associated with pdf files, such as Adobe Acrobat. If you right-click with your mouse, or tap with two fingers on a touchpad, you will have the option to download these files to your computer. On a Mac, opening the files is accomplished by a mouse click or a tap of the touchpad, and downloading by control-click or a tap of two finders on a touchpad. Handling of these files on a phone or other mobile device is discussed in a separate tutorial.
Homesale.plus listings also include photos, and sometimes video and 3d virtual tours. Photos, and video if any, can be found just above the due diligence documents. You can scroll through the thumbnails, select one by clicking on it, and open it in a larger view by clicking again. If there is a video, it will be represented by the YouTube icon, and can be viewed by clicking the icon. If there is a 3d tour, the link will be displayed in the full description box.
Auction sales are generally listed on homesale.plus for one to two weeks before the auction begins (contingent sales generally for a period of one week, during which period offers can be submitted). At the end of that period the auction begins and generally runs for one to three days. Before the sale, please perform your Due Diligence - explore the area and property, search records and visit the property, inspecting the outside and inside - in many situations Open Houses will be listed at specific times. While our website provides a wealth of information you are responsible for your own Due Diligence.
There are two types of sale on homesale.plus: One that allows offers to include contingencies and conditions, another that doesn't (i.e., a straight auction). In an auction sale, buyers are bidding price alone and the highest price automatically wins if the seller's reserve is met. The first type of sale has no automatic winner - acceptance of an offer is at the seller's discretion, as with a typical real estate sale.
1 — Registering to make offers.
The first step in registration for a sale is confirmation of your phone number. You can use the number that you provided for general website registration or you can enter a different one here, but to continue you must be able to receive a voice or text message from us. When you click the Get Code button, homesale.plus will send a text message to your phone containing a verification code (if you do not have a mobile phone you will receive a voice message with the code). When you receive the code, enter it in the Verification Code box and submit it by clicking the Verify Code button.
The second step is acceptance of our Terms of Participation, which you must acknowledge you have read and understood, and that you accept them. Our Terms of Participation can be read by clicking the highlighted text link. Please consider them carefully. Please read all of the disclosures in the text box as well as the full Terms of Participation by clicking the highlighted text as indicated. If you’ve read, understood and accept the terms, check the box, then click the Next button.
The third and final step is to provide a pre-approval letter from a lender, if you plan to finance your purchase, or a financial statement from a bank if you plan to offer cash. You should provide a letter or statement that supports the highest amount you think you might offer. If you don't, and you wish to make an offer that is higher than the amount supported by the documentation you provide, you will need to submit new documentation supporting the higher amount. When you’ve submitted the documenation, click Register.
And you’re ready to participate in the sale, you may now submit offers.
2 — Registering to bid in an auction.
The first step in bidder registration is confirmation of your phone number. You can use the number that you provided for general website registration or you can enter a different one here, but to continue you must be able to receive a voice or text message from us. When you click the Get Code button, homesale.plus will send a text message to your phone containing a verification code (if you do not have a mobile phone you will receive a voice message with the code). When you receive the code, enter it in the Verification Code box and submit it by clicking the Verify Code button.
The second step is acceptance of our Terms of Participation, which you must acknowledge you have read and understood, and that you accept them. Our Terms of Participation can be read by clicking the highlighted text link. Please consider them carefully. While homesale.plus tries to provide as much information as possible about the properties it auctions you are responsible for your own due diligence. Buying a property on homesale.plus is different from a typical, traditional real estate transaction. Importantly, there are no contingencies – our auction sales are cash only and the properties are sold as-is. While you may certainly finance your purchase, your obligation to buy is not contingent on your ability to obtain a loan. Nor is it contingent upon an inspection or anything else. Please read all of the disclosures in the text box as well as the full Terms of Participation by clicking the highlighted text as indicated. If you’ve read, understood and accept the terms, check the box, then click the Next button.
The third and final step is to provide a credit card against which we can place a $2,500 hold. If you are not the winning bidder, the hold will be released within 1 business day of the end of the auction. If you are the winning bidder, it will be released one business day after you wire the purchase deposit to REXTAR Title Company (a homesale.plus affiliated company), which will hold your deposit in escrow. You may use any title company of your choice, but REXTAR Title will initially hold your deposit (however, because the title work is done in advance of every auction, you can likely save money by utilizing REXTAR Title). Note that if you wish to register for another auction before the hold is released, and the second auction is scheduled to end within 30 days of the time the hold was taken, it is not necessary for homesale.plus to take an additional hold - you can use the existing hold to bid on as many auctions as you wish if they fall within the same 30 day window. When you’ve completed the credit card form, click Register.
And you’re ready to bid. You can now participate in the auction.
Submitting Offers and Bids; Tracking Offers and Bids
If you decide to make an offer on a property, and have registered for the property sale, you can submit an offer by clicking the Make Offer button on the property listing page. This will bring up a form with five input fields - offer amount, down payment, inspection, days to close, and financing. Please enter the amount of your offer (and down payment) with numbers only - no commas or dollar signs. In the down payment field, enter the amount of the down payment you intend to make. When you enter the down payment amount, you will be shown the percentage of the sale price that the amount represents. For example, if you enter a purchase price of $200,000 and a down payment of $20,000, it will display 10%. If you enter the full amount, it will display 100% and, in turn, set the Financing field to CASH (because you are paying all cash for the property). Please indicate whether you wish to have an inspection contingency, enter the number of days to close (the amount of time you need from execution of a purchase agreement until settlement) and, finally, the type of finance contingency you require (the options are Cash - i.e., no contingency - Conventional, FHA and VA). When you have completed the form, click Review Offer. This will display a summary of your offer for your review. If you are satisfied with it, click Submit Offer.
Upon submission, you will be returned to the property listing page, where your offer will be highlighted in color, to distinguish it from other offers. You can also submit comments, which will be visible to the seller and all other buyers. You can use a comment to add conditions to your offer parameters, e.g., to request seller help with closing, or to modify one of your contingencies (for example, remove the appraisal contingency from a finance contingency). The seller can also submit comments directed at a buyer. The sellers comments are also visible to all buyers.
You can modify an offer at any time during the offer period - the time remaining is prominently displayed on a timer that is always visible - by cancelling it or by submitting a new offer, which will replace the previous offer. If an offer is submitted during the last ten minutes of a sale, an additional ten minutes will be added to the clock. This is to allow all buyers to make their best offer in light of what the other buyers are offering. Unlike a traditional sale, where buyers have no clear idea of what they are competing against, with homesale.plus a buyer need never lose a deal if they are willing to make the best offer.
When the clock finally does run down, a new, seller decision period will begin (generally ten minutes). During this period, the seller will decide whether to accept one of the offers. All buyers will be notified of the sellers decision. If you are the winning buyer, from this point forward the transaction will proceed in the usual way. Note that the buyer/agent only writes a contract if their offer is accepted.
If you decide to bid on a property, and have registered for the property auction, you can submit a bid in two ways – by clicking the Quick Bid button, which will bid the minimum amount needed to become the current high bidder, or by entering an amount you wish to bid and clicking the Submit Bid button. While this is quite simple, there are a few things you need to understand about how bids are tallied, and we’ll use an example to make this clear.
Every auction has a minimum or opening bid – this is the amount that must be offered to start the process – for the purpose of explanation we'll use $50,000. Every auction also has bid increments. An increment is the amount that must be added to the previous bid in order to beat it. For example, if the current highest bid is $50,000, and the bid increment is $1,000, the next bid must be $51,000. So, if we open with the minimum bid of $50,000 by clicking Quick Bid, we’ll see that the Quick Bid price – the minimum that must be bid in order to become the high bidder – changes to $51,000.
Bid increments can vary with the amount of the current highest bid – on homesale.plus, there are currently two levels of bid increments: $1,000 for bids under $1,000,000, $5,000 for bids above $1,000,000. The bid increment determines the amount of every bid after the opening or first bid. However, your bidding is not limited by the bid increment. Homesale.plus employs PROXY BID, also referred to as AUTOBID, which allows you to set the maximum amount you are willing to bid and then, if necessary, automatically bid for you in the required increments. In this example, if instead of bidding $51,000 you were to bid $60,000 – homesale.plus would treat your bid as the maximum that you are willing to bid for the property: it would first bid $51,000, and continue to automatically bid for you, in increments of $1,000, up to $60,000. This means that you can set a maximum that you are willing to offer, sit back and watch what happens until the bidding either reaches that level or you become the winning bidder at some lower price. If the bidding were to exceed $60,000, you would have the option of setting a new, higher maximum.
So you participate in the action as it happens or, if you wish, set an entirely automatic bidding strategy – set the maximum you are willing to pay then walk away until the auction ends… You’ll be notified in real-time - by email and text message (please check to make sure you are receiving text bidding notifications from us if you are going to rely on text) - as each bid occurs, you’ll be notified if someone outbids you, and if you become the winner. You should be aware that, because other bidders may employ a similar strategy, it’s possible for the bidding to escalate very quickly. For example, if the current price is $50,000, and both you and another bidder set maximum bids of $100,000, the price will instantly become $100,000, and whoever entered the $100,000 amount first will be the current highest bidder.
The homesale.plus platform does NOT allow Bid Sniping, which is the practice of placing a bid in the last moments of an auction in order to win, attempting to eliminate the chance for other bidders to bid again. On the homesale.plus platform, if a bid is placed within the last 10 minutes of the auction, the auction time limit is extended an additional 10 minutes, and this will continue until no other bid is received for a period of 10 consecutive minutes.
Tracking Offers and Bids: Your homesale.plus Control Panel
Your Control Panel can be accessed from the upper right corner of the homesale.plus website. When you are logged in, you will see a box with a message that reads "Hello" followed by the username you created when you registered. By clicking that box, you will see a menu that includes the following items:
- My Listings
- My Bids
- My Account Home
In the My Bids section of your Control Panel, you will see the following options:
- Not Won
The Watching section shows all listings that you are interested in following. To add a property to this list, simply click the "Add to Watch List" link that you will find on the listing page for the property you are interested in. The Active section shows all of the sales that are currently active and for which you have registered. In the Won section are all the sales that you won, and in the Not Won section are those for which you registered but did not win. The Offers section will show you all properties that you have made offers on, current and past.
As mentioned, you will be notified of each offer/bid as it occurs – by email and text. You can also review the entire bidding history for a property via Bid History link on an auction property page, and the offer history via the Detailed Offer History button above the property photos for a property accepting offers with contingencies.The offer history will show the details of every offer made by every participating buyers. The bidding history of an active auction sale will show you the current price - which is the amount of the most recent, highest bid - the number of bids made up to the current time, the time remaining in the auction, and the start and end dates of the auction. You’ll also see the username of the seller; the date, time and amount of each bid; and the username, partially obscured for privacy, of the bidder.
If you are the winner of an auction, you will receive the Contract of Sale that was posted on the property listing page and will be asked to execute it electronically, by email. You are required to execute and return the contract upon receipt. While you may choose the title company of your choice to handle your closing/settlement, REXTAR Title will initially hold your deposit, which must be transferred to REXTAR Title within 24 hours. REXTAR Title will of course be happy to help you with closing - REXTAR Title prepares the Title abstracts provided with our Due Diligence materials (REXTAR Title is affiliated with REXTAR, LLC, which operates homesale.plus).
Auction FAQs & Glossary
Nuts & Bolts
A. Send yourself a password reset via email.
- From the sign in page select the Forgot password? link or click here.
- Enter your email address associated with your account and click the [Submit] button.
- Check your email inbox. If the email does not arrive in your inbox be sure to check your junk mail folder or spam filter.
- Click the reset link in that email.
- Choose a new password.
A. You can change your password at any time.
- From your logged in account, go to your "My Account" area.
- From the left hand menu, select "Account > Password."
- Enter your current password.
- Choose your new password.
- Save your changes by clicking the [Change Password] button.
A. If you are not receiving expected site emails, please check the following:
- Check your junk mail folder or spam filter for the missing emails.
- Make sure that your email address, in your account settings, is entered correctly.
- Verify that your email client, such as Outlook, is not in “offline” mode.
- If you use a POP3 connection to retrieve your email, please verify that the emails were not downloaded to a different computer.
If you are still not receiving our emails, please contact us.
A. You can change your email address by editing your account details within your “My Account” area.
A. Every user must select a username for their account. The username can only contain letters, numbers, underscores, and hyphens. We recommend replacing all [spaces] with either an underscore or hyphen.
Incorrect: MY Username
Or, it says that the username selected is already in use.Usernames are unique. Two users cannot share the same username. If you get a notice during registration that your username is already in use, you will need to select a different username.
A. If you get a notice that your email address is already in use when creating an account, it means that you have already created an account with us at some point. If you do not remember your login information, please enter your email address into the forgotten password form and you will be able to reset your password and log in to your account.
The property sells to the highest bidder — no reserve. Whatever the high bid is, the property sells for that amount.
Email notice you will receive when there is any activity in your account — notice of registration on our site, notice of registration for a specific auction, notice of your bid, notice that you have been out bid, notice that you won an auction.
Executed agreement between seller and homesale.plus to auction property online.
Schedule of upcoming auctions.
Used for all of our auctions. Bidder inputs the maximum amount they want to bid and our site bids on their behalf in minimum increments up to the maximum. Bidders can not see one another's maximums.
A legally binding offer to buy property.
Bid Sniping occurs when a bidder places a bid in the final seconds of the auction. This practice blocks other bidders from placing higher bids. We consider this unfair. In order to eliminate bid sniping, our site extends the bidding time by 10 minutes if a bid is placed in the final minutes of the auction. Therefore, our auctions only close when no bid has been placed for 10 consecutive minutes.
The minimum bid amount necessary to surpass the current highest bid. These increments vary in accordance with the current highest bid: For example, with a current highest bid of under $50,000, the homesale.plus BID INCREMENT is $250, so with a current highest bid of $49,750 the next bid must be $50,000. For bids greater than or equal to $50,000 and less than $100,000 the homesale.plus BID INCREMENT is $500. The BID INCREMENTS are listed with each auction.
An amount, designated as a percentage of the winning bid price, that homesale.plus charges the winning bidder at settlement. homesale.plus'S' Buyer’s Premium varies from property to property and generally is the lowest in the industry.
Closing is the final part of the transaction. Usually occurring within 30 to 45 days from the end of the auction, the closing transfers ownership of the property from the seller to the buyer.
Condominium Owner’s Association
This is the legal instrument that transfers property title (ownership) to the buyer and is normally recorded at the county land records office.
A $2,500 credit card or debit card hold that is required to bid on a property. The hold is shown on your bank statement as a pending charge. Holds are released for unsuccessful bidders within 72 houses of the close of the auction and upon receipt of the earnest money deposit by REXTAR Title Company for successful bidders.
There are several such documents that address lead paint, seller’s knowledge of conditions, possible tenant’s rights, etc. These are listed on the page for each auction as may be applicable. Bidders should familiarize themselves with these forms and consult their professional advisers as they may feel is necessary.
Bidders are always advised to conduct their own Due Diligence. We try to provide comprehensive information on the homesale.plus website about each auction property. However, bidders should always do their own investigation including inspections (if allowed), neighborhood research, determination of repair costs, review of inspection and title reports, and anything else that a prudent buyer would deem appropriate.
Entails borrowing money from a bank or lender to be applied to the purchase of a property. The borrower has the obligation to pay back the money to the lender, who will often put a lien on the property until the money is paid back. Homesale.plus can connect buyers with lenders, not related to our firm, that may be able to provide financing.
Standard form presented to the buyer by the settlement officer (also known as title company). The form shows the summary of the buyer's and seller’s transaction expenses or credits so that both parties can prepare for closing (settlement).
A professional home inspection is an examination of the current condition of a house. It is not an inspection to verify compliance with appropriate codes. A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings. The client then uses the knowledge gained to make informed decisions about their pending real estate purchase. The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components. homesale.plus provides a home inspection for each property that it auctions on the auction page for the property. It is provided at no cost to bidders.
This is our term for the individual page for each auction. Each auction page will contain detailed property information including photos, extract of a title report, neighborhood information via Neighborhood Scout, Home Inspection Report from a licensed home inspector, and much more.
A contract entered into between the owner of a property and a tenant which states the terms of the lease including length, monthly rent, security deposit, responsibilities of each party and rules for use of the property.
A legal agreement between a lender and buyer. The lender provides funds to buy the property and the buyer agrees to pay the lender back, usually in monthly increments. The mortgage lists all of the terms of the agreement including monthly payments, interest rate, etc. Once the mortgage is paid in full, the mortgage is extinguished.
A property that is either owner or tenant occupied. Occupied properties are often not available for an open house.
Bidding on homesale.plus for a property.
A designated period of time when bidders or prospects can visit a property and inspect it for themselves. Sometimes houses are sold without an open house, with only photos and other property information posted online available. Bidders are always advised to perform their own due diligence.
The amount required for the first bid.
Planned Unit Development. This is a planned residential community with certain home and lawn characteristics subject to the rules of the Homeowner’s Association (HOA). Most HOA’s require annual dues of the homeowner. A PUD may consist of single-family homes, condos, and commercial properties.
Reserve Auctions have a minimum price that is acceptable to the seller. Bidders are unaware of the price and the highest bidder does not know if they will buy the property until after the sale, when the seller decides whether or not the bid is acceptable.
The property is sold without any warranties and are sold “AS-IS”. This is typically how property is sold at auction and is how all of our properties are sold. This is why it is crucial for bidders to do their own due diligence and know the condition of what they are buying.
A report from a title company that shows if there are any liens on the property or if there are any past/present issues or problems with the title and or ownership.
A property without any occupants — no tenants and not owner occupied.