Welcome to AuctionMyDeal.com, a free Real Estate Investor Online Auction Platform for You and Your Seller to give your listings Maximum Visibility in front of over 10,000 local real estate investors.
Auctionmydeal.com uses Cutting Edge Technology to help Real Estate Professionals create more demand on Your fixer upper and/or distressed listings.
Auction sites have generally only been for Banks & Asset Managers who are selling off their REO's (foreclosed properties). These large Billion dollar institutions use auctions to sell their distressed inventory for the highest price the market will pay, because it helps them Net the Most Money. This site offers Realtors this same opportunity.
Auctions are not for most retail properties that don't need any work, unless the Seller is very motivated and needs to sell quick? Check out an article from the National Association of Realtors that shares "What Properties are Suited for an Auction?" HERE
The ideal properties to post on this site are properties that need a major rehab, or houses that have flooded and the Seller doesn’t want to make any repairs.
Banks and mortgage companies won’t loan money on properties that have serious defects like foundation, structural, old leaking roofs, safety hazards, flood defects, unless they are repaired before closing. So unless the Seller wants to make these repairs, then they will need to price their property at a price that would attract a cash buyer or investor who is approved with a Hard Money Loan.
All properties must be approved to Auction, so the first step is to help your Seller set their Minimum & Buy Now Selling Price.
All properties must be approved to Auction, so the first step is to help your Seller set their Minimum & Buy Now Selling Price.
In order for your property to get approved to auction, you must prove that your Minimum Selling Price is at or below 85% ARV (after rehab value) minus repairs.
Example: $100,000(i) x 85%(i) = $85,000(i) – $15,000(i) =$70,000(i) would be the highest Minimum Suggested Selling Price that could be Approved
Your Sellers "Buy Now" Price is the list price on MLS or a reasonable price that’s on the high end of what they would be happy to accept.
Most investors are looking for deals they can buy at 65% to 75% ARV – repairs, but some landlords will pay closer to 80% to 85% ARV if the property can still cash flow. (i)
Our goal is to help you Net the Most Money possible for your Seller, and if there's no other Realtor on the Buy end, then you can keep 100% of your commission. (hopefully 5% to 6%)
That's right, our Real Estate Investor platform doesn't cost Sellers or Realtors any money to use this site. At this current time we are also offering this site for FREE to all bidders for a limited time, and then will charge the Highest Bidder a reasonable Internet Transaction Fee.
AuctionMyDeal.com will aggressively market your property through our SEO & SMO (Search Engine and Social Media Optimization) by attracting visitors to our website via Google, Facebook, Twitter, Youtube, LinkedIn, Instagram, Yahoo, Bing and Pinterest. Users will be able to Bid, Sell & Watch properties that will keep them coming back. We will advertise your property using our Cutting Edge email & text system to over 10,000 local real estate investors to give your property Maximum Visibility. Plus, we will provide a large Online Auction sign to put in front of your listing once your property is approved to Auction.
Please read Bidding as an Agent and Selling as an Agent to learn more about how this FREE Platform can help You and Your client Net More Money?
Selling as Agent:
To post a property as a licensed Real Estate Agent you must:
- Have an active license with the Texas Real Estate Commission
- Have your Seller execute a Listing Agreement with the Exclusive Right to Sell their property
- Seller to execute an (Amendment to Listing) that gives you the right to Auction their property at AuctionMyDeal.com.
- Educate your Seller: As a listing agent, your goal is to help your clients sell their property for the highest price the market will pay based upon it's condition. This site is geared toward properties that need a lot of work, or where Your Seller is motivated and needs to sell quick to the Highest Bidder. If your seller isn't motivated and wouldn't accept a Minimum Selling Price at 80% to 85% ARV – repairs then this site probably isn't the right fit for their property.
- Get contractor(s) or put together estimated rehab costs. Download FREE Excel Estimate of Rehab Costs) This will make your deal more credible, unless it's land or needs to be torn down.
- Provide Market Comps, list of rehab #'s and Advise your client (Seller) what their Minimum Selling Price and Maximum (Buy Now Price) should be. The Buy Now Price can not be more than any listed price on MLS or other sites where advertised.
- Once you and your Seller believe their property is a good candidate to Auction, then Register or login to your Free account at AuctionMyDeal.com.
- Go to SELL
- Click Auction Participation Agreement, click that you are a real estate agent submitting listing, upload your Executed Listing Agreement, Listing Addendum, Sellers Disclosure, Lead Based Paint & HOA Addendum. Then check all other boxes to confirm your acceptance, and be able to submit your property. (Click here if you have any Questions?)
- Fill in Property Details, Deal Analysis estimated numbers, upload your estimated ARV proof (Top 3 Sold Comps), description of repairs (contractor estimate or Free Excel Estimate of Rehab Costs), auction details, upload at least 10 to 20 pictures and a video of the property.
- Click Submit, and your listing will be under review until we approve it for Auction or email you why your property doesn't meet our terms and conditions to Auction.
- Once we Approve your listing to Auction, then it will be listed under Coming Soon until your start date at 12:01 am. At that time, Live Online Bidding will start. We suggest that you start to aggressively market your listing as soon as it's Approved to Auction. Important: You should always list your properties in your local MLS for Maximum Visibility. The MLS is one of the Best sources to drive traffic to your Online Auction.
- The following statement must be added to the MLS under Agent Remarks:
- "All offers need to be submitted through Online Bidding at www.AuctionMyDeal.com. For questions or assistance with your online Bidding, email Support@AuctionMyDeal.com."
- You are required to offer the same commission on MLS to any Real Estate agent licensed by TREC (Texas Real Estate Commission) who has submitted the highest accepted Bid. Listing Agents are required to list what commission they are offering under disclosures.
- Listing agent & Seller agree to pay $997 if they withdraw their property off the market after Live Online Bidding has started, or if they don't accept their Minimum Selling price when the countdown of the auction ends.
- There is a Post Bidding time frame of up to 7 days for properties that did not get any bids during Live Online Bidding.
AuctionMyDeal.com is designed to keep you, the real estate professional fully informed throughout the entire Online Bidding process. Our team is here to assist you with selling your listings faster, for More Money and More efficiently through a transparent and fair bidding process.
You can choose 7, 14, 21 & 30 day time frames from when the Auction begins until it ends. We suggest doing 14 to 21 day Auctions to get your property the Most Visibility before the Auction ends.
For more information about the Auction Selling Process go to (Seller) under Help.
Bidding as an Agent:
Auctionmydeal.com is a local Real Estate Investors Platform that helps Wholesalers, Agents & Motivated Sellers net More Money by auctioning off their deals to the highest Bidder while providing some of the most credible real estate opportunities online.
If you're Bidding as an Agent, you're not always guaranteed to make a commission, unless there's another Realtor who is offering a commission and/or it's listed on MLS. Check on the bottom left of the Full Property Profile under Property Auction Terms & Disclosures to see what properties are paying a commission to Realtors. Most investor/buyers don't expect for you to work for free, so make sure you sign them to a Buyers Rep that states they will pay a commission if there's not one offered.
Process of Bidding for your client:
- Create Your Free Account.
- Check the box licensed Real Estate Agent and any other category’s you fall in.
Your license must be Active with TREC (Texas Real Estate Commission) to get paid a commission.
- Register or log into your free account, and read terms and conditions.
- Have your client sign a Buyers Representation giving you the right to bid for them on AuctionMyDeal.com under Special Provisions. Real Estate Agent will be the bidder for their client.
- Find a property that your client wants to bid on.
- Do your own due diligence to determine if the property meets your client's investment goals. If it doesn't then keep looking for a better property that meets their criteria. (i)
- Accompany your client to the viewing of the property before the auction starts if permitted with your/their contractors and/or inspectors. (i)
- Determine your buyers low and high price they are willing to pay for the subject property.
- After Auction goes live, then submit your bid or select the "Buy Now" price if your buyer doesn't want to wait and risk the chance of losing the property.
- Advise your client when they get over bid to determine if they want to be the next highest bidder or if they want to stop bidding.
- Closing coordinator at AuctionMyDeal.com will reconfirm buyers proof of funds and/or financing of all bidders.
- Closing coordinator will present all offer(s) to the Seller, and the seller will choose which offer & terms are best for them within 24 to 48 hour business hours. If none of the offers are at or above the reserve price, the seller has the right to negotiate with any offers that were submitted, or they can relist the property if they reduce the price by at least 5%. Or they can terminate their property from the site at no cost or future obligation.
- If bidder selects to "Buy Now", or their offer is selected by Seller as the Highest Bidder then they will get an email to verify the acceptable terms of the contract and a questionnaire to verify all names, addresses, phone numbers, proof of funds, fees & closing costs and anything else that Seller wants to make sure is negotiated on the front end. If Buyer doesn’t accept or has a question about the terms emailed to them then they can respond with a question or counter. Then Seller will have a right to evaluate their response and either accept another offer or accept/reject or counter current offer. Seller has the full right to evaluate all offers and accept any offer that they deem to be the best offer for them.
- After winning bidder accepts all terms of the Contract, Auction Addendum & All Disclosures then they will be emailed a contract through Docu-sign.
- Once the buyer has e-signed the contract, then the Seller will e-sign all documents and the contract will be Executed. Then we will open title, and send all documents to buyer, seller, investor or Realtor within 24 business hours of receiving all documents.
- The buyer will have 24 business hours to drop off earnest money or Seller has a right to cancel their contract and go with another offer.
- All offers must be Cash, Hard Money or Line of Credit. No Conventional/FHA financing.
- We ask all Sellers to open title with Preferred title company within 7 days of auction start date of property, so that title company can verify that they can clear title.
- Our goal is to make closing a smooth process, and we are committed to helping you get the title cleared so that there's no issues in closing. It's better to know on the front end than finding out on the back end that there's problems.
- Closing must take place within 7 to 21 days, subject to clear title & survey.
- If there's any title issues that would prevent the property from closing then all parties are notified. Then the contract can be cancelled by buyer or they can extend the closing until the seller can obtain clear title. Seller must extend the executed contract if the property doesn't close due to no fault of the buyer for up to 6 months.
- Title Company will get all payoffs including mortgages, liens, taxes & HOA dues to verify if they can offer clear title. Then they will ask buyer if they want to order survey or use an acceptable survey provided by seller. If not, then buyer will have to sign that they don't want a survey. Or one will be ordered by title company and paid by the buyer.
- Then title company will provide Closing Disclosures to the Buyer, Seller, Investor and/or Real Estate Agent, and set up closing.