Frequently Asked Questions
AuctionMyDeal.com is a state of the art online bidding platform for local real estate investors who want to get more money for their wholesale/fixer upper properties by auctioning them off to the Highest Bidder.
AuctonMyDeal.com is geared toward helping local real estate investors auction their wholesale/fixer upper deals to the highest bidder. Most auction sites only allow banks, asset managers and Realtors to post their properties. Then they either charge the Seller 6% commission, or the buyers have to pay a 3.5% to 5% buyer premium if they are the winning bidder. AuctionMyDeal.com offers a FREE platform for Wholesalers, Sellers or Realtors to post their deals, and only charges the buyer a $1,000 or 1.5% of the sales price (whichever is greater) as an internet transaction fee. One of the Biggest Differences is there’s NO Reserve Price, so you can put in a bid at the lowest price and if no one bids higher then you are able to buy the property without having to worry about meeting the Reserve Price.
You can Register at the top right of the screen, and if you find a deal you want to make a bid on or you want to post a property you can register on that page. The requirements for membership are to follow the terms and conditions that regulate this site, and use Ethical Business Practices. Any member who acts unethical will be banned from this site.
No, you have to register before you can submit a property on the website.
No, this is a free local real estate investor platform that allows Wholesalers, Motivated Sellers and Realtors to post their wholesale/fixer upper deals for free. The only catch is the Wholesaler, Motivated Seller or Realtor has to agree to send all potential buyers to website during the time their property is in Active Auction Status, and they must accept any approved offers at or above their Minimum Selling price or they will have to pay a $997 for defaulting on the terms and conditions of this site.
A member has the ability to chose for their property to be auctioned off in 7, 14, 21 or 30 days. 14 days is suggested, so that the property has time for other investors to see the property.
Yes, you must register before you can submit a bid or “Buy Now”.
You will get a message in your Inbox that you are not the highest bidder. There will be a link that will take you back to the Full Property Profile, so that you may bid higher, “Buy Now” or stay as a back up offer?
A property will be posted as a Coming Soon listing under Buy on home page until it goes to Active Auction Status determined by the seller. Bidders can chose to “Buy Now” before the bidding starts or they can make a bid when the property goes Active.
There will be a timer that will be counting down, and will end when the timer ends. Note that during the Auction, bidding activity may occur in the final moments of the Auction. If any Bidder bids in the last three minutes of the bidding period, the deadline will extend by 3 minutes. The bidding period will automatically extend for successive three minute periods until three minutes pass with no new bids placed. At this point, the bidding period closes. Upon the close of an Auction, the Highest Bid is submitted to the Seller for consideration and approval.
No all active properties start out at a Minimum Bidding price that is acceptable to Seller. So if you see a property you like you don’t have to wait for the Reserve price to be met.
1 – Winning Bidder
Our closing department will send you a email to re-verify your bid, and the term of the contract. If terms are accepted by Highest Bidder then the Seller will be notified for acceptance
2 – Offer Accepted
Our closing department will email you the accepted Purchase Agreement and Addendum’s to e-sign, and send your deposit
3 – Cash or Hard Money
You will be assigned to one of our closing managers if you have any questions, who will help you get this property closed
You will be notified by email about you being outbid, and you can keep your bid as a backup offer or move on to another property. Backup offers get first right to purchase property before it goes by up for Auction.
Yes, when possible the Seller will put preview/inspection times under Property Details. It is highly recommended that All bidders view & inspect any properties before they bid on them when possible. If winning bidder needs 3 days to inspect property after executed contract then they will be required to pay $997 deposit that is non refundable if they back out during their inspections. This fee will only be credited back to the buyer if they buy the property.
No, you do not have to have a real estate license if you own the property or own the contract that you are selling. Although, it is highly suggested that you get advice from a Realtor or experienced Investor that you trust.
The seller will pay for the owners title policy, half the escrow fees and prorated taxes & HOA dues up to the day of closing. The buyer will pay for half the escrow fees, any loan fees, survey & HOA resale cert & documents (if needed).
The Watch feature is found on the property details page, and it will keep you updated about the changes to a property’s status with real time email notifications.
Click the Watch button on the property details page and the property will be saved to your Watched properties list. User can manage these alerts by going to their Watched properties tab in their user panel.
These are estimates that are given, but you must do your own due diligence. User should visit the property on the preview time and date with their contractor.
Post Auction is when property goes from Live Online Bidding to qualifying the “Buy Now” or Highest Bidders terms of offer. It is also where properties go when the count down has ended and there’s no bidders. The Bid & Buy Now button will be disabled unless property goes back to Live Online Bidding.
1. “Buy Now” Buyers get priority VIP attention, because they are willing to pay the Sellers “Buy Now” Price. When a bidder choses to “Buy Now”, then the property will go into Post Auction Status until the Bidders offer gets verified and accepted by Seller.
2. If there’s a Winning Bidder at the end of the bidding countdown the property will go to Post Auction Status until the Seller approves an offer. The Seller has the right to accept or reject any offers if they fill the terms of another offer is better than the one with the highest price. No bidder should consider them the winning bidder until the Purchase Agreement is executed by the Seller.
3. If the property doesn’t have any bids at the end of the Auction countdown then the property will go into Post Auction Status. The Seller can withdraw their property from AuctionMyDeal.com without any costs after Auction ends and there’s no offers at or above the Minimum Bid, or they can relist it to Auction. If they want to relist to Auction, they need to reduce their Minimum Selling Price 7% in order to reapply to Auction off their Deal on this site.