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Some Frequently Asked Questions
I still have more questions, who should I ask?
Please contact Kenneth Wozny REALTOR® at (951) 239-2554. He is available to answer all of your questions and provide any guidance necessary.
Will my property be placed on the MLS?
Yes, your home will be placed on the MLS and advertised on multiple online platforms with the appropriate terms and disclosures. We will handle all of those details for you.
Do auctions really work?
Answer: Absolutely, but the key to success is good marketing. Our system is the tool to display your listing professionally and accept offers (bids) online. We incorporate your auction listing as the focal point of all our offline and online marketing. We handle all of that for our Sellers.
Do I need to be a real estate agent to list a property on this site?
Yes! Only “auction certified” agents from eXp REALTY can place properties on this site. If you would like to sell your property, please contact Kenneth Wozny REALTOR® at (951) 239-2554.
Can I do anything if the high bidder backs out?
Yes! You can report the high bidder to us if you are not working with one of our agents. If we determine the buyer is at fault, we will remove their privileges on our site. A Seller can also choose to pursue them for default.
Is the high bidder guaranteed to buy my property?
No, but an online auction is a binding agreement and how far a seller pursues a non-performing bidder is up to them.
However, the buyer is represented by a REALTOR® who must submit an Residential Purchase contract and earnest money must be submitted to an Escrow Agent within 24 hours of winning the bid. By doing this, it will help identify a non-performing bidder right away.
In addition, a buyer must provide a full loan approval letter from a Licensed Mortgage Lender prior to bidding. If they are paying cash they must provide a proof of funds to us before bidding.
Does a Seller have to accept the highest bid?
No. A seller can counter or reject an offer.
Does the buyer pay any fees?
We DO NOT charge a fee to list a property on our web site.
However, it is up to each individual seller what to charge as the buyer’s premium (the buyer pays most or all of the total commission as a buyer's premium) . Buyers should make sure they understand all the terms and conditions of an auction before they place a bid.
What is the Buyers Premium? Using the our auctions option, real estate commission can be paid by the seller, the buyer or both. Is is up to the seller, but most of the time the buyer covers the listing commission (1.50%) as as buyer's premium. The seller would pay 2.50% (the balance of 4% total commission). However, the seller may even want the buyer to pay ALL of the total commission (4%) as a buyer's premium. In this case, the seller would pay 0% total commission.
SALES PRICE = Highest Bid + Buyer’s Premium
This is the MOST transparent way for a seller to offer the lowest price on their home and still compensates the real estate agents who conduct and close the transaction.
Each property listed on our web site will offer different terms, conditions and buyers premium, so be sure to research the property and all of the details on the property bid page.
Can I view the home before bidding?
On most Auctions we will have an Open House the weekend prior to the end of the auction. That will be the opportunity to view the home for all buyers.
Can I get an inspection?
In most Auctions once the sale is approved, the buyer will have an additional inspection period to complete any additional inspections. If there are inspections already done they will be available as a link from the auction listing. In most Auctions any and all inspection requests will be honored, just ask the agent to set up a time for your inspector. Please read the complete terms and conditions of an auction before placing any bids.
Is there a fee to register or place a bid?
No, there are no fees required to register or bid.
Where do properties on this site come from?
The properties on this site are offered for sale by local real estate agents on behalf of private homeowners, wholesale investors and some Banks or Lending institutions.
What are the bidding increments?
You can bid $1,000 at a time. You can set up an auto-bid in $1,000 increments and set a price limit to insure you are the winning bidder or you don’t exceed the price you are willing to pay.
Do I have to pay cash or can I get a mortgage?
Yes, you can use a mortgage. However, in order to submit a bid, you will need to provide us with a “pre-approval” from a licensed mortgage lender. A pre-approval is different than a pre-qualification. Once you register one of our agents will contact you and help with the process.
If you are paying cash, you must provide a “proof of funds” document prior to be approved for bidding.
How do I place a bid?
You must be a registered member of our site. Registration is FREE. Working with a REALTOR® is required. Once the winning bid is achieved a REALTOR® MUST facilitate the entire process from bidding, contract submission, inspections to closing.
If you need an agent, we can provide one of our “auction experts” who work with auction buyers. This is all they do and are experts at guiding you through the process. In addition, there may be cost savings available to you.
If you have an agent, simply provide their name and contact information when registering.
Terms You Should Know:
Bidding Auto Extend – Our system Prevents Last Second Bidding by Automatically Extending the Bidding Time.
If a bidder places a bid within 5 minutes of the end of the bidding time, the system will automatically extend the bidding time by 10 minutes in order to allow other bidders the opportunity to respond.
Attention Winning Bidders
If You Are The Winning Bidder: Please have your agent submit a signed purchase agreement to the seller within the time specified in “sale terms and conditions” (please see the posting details). If you do not have an agent, please Contact Us.
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