I still have more questions, who should I ask?
Please contact Five-Star Realty Auctions at (317) 204-4433. We are happy to answer all of your questions and provide any guidance necessary.
Will my property be listed on the MLS?
Yes, your home will be listed on the MLS and advertised on multiple online platforms with the appropriate terms and disclosures. Our agents will handle all the details for you!
Do auctions really work?
Absolutely, but the key to success is great marketing! Our system displays your listing professionally and accepts offers (bids) online. We incorporate your online auction as the focal point of all our offline and online marketing.
Do I need to be a real estate agent to list a property on this site?
Yes! Only “auction certified” agents from Five-Star Realty Group can place properties on this site. If you would like to sell your property, please contact our team at (317) 204-4433!
Can I do anything if the highest bidder backs out?
Yes! Please report the highest 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 immediately. A Seller can also choose to pursue legal remedies for default.
Is the highest bidder guaranteed to buy my property?
No, but an online auction is a legally binding agreement and the seller can pursue legal options for a non-performing bidder.
The winning buyer will be represented by a Realtor who must submit an Indiana Residential Purchase Agreement and an earnest money deposit to an Escrow Agent within 24-48 hours of winning the bid.
All registered buyers must provide a pre-approval letter from a Licensed Mortgage Lender prior to bidding. If a buyer is paying with cash they must provide proof of funds to us before bidding.
Does a seller have to accept the highest bid?
No! A seller can counter or reject any offer. You should discuss selling strategies with your Five-Star Realty Group agent.
Does the buyer pay any fees?
We do not charge any fees to list a property on our site.
However, it is up to each individual seller whether or not they charge a buyer’s premium. Make sure you understand all the terms and conditions of an auction before you place a bid.
What is the Buyers Premium? Using our auction options, real estate commission can be paid by the seller, the buyer, or both. The buyer’s side of the commission is called the “Buyer’s Premium”. (Highest Bid + Buyer’s Premium = Final Sales Price)
This is the most transparent way for a seller to offer the lowest price on their home and still compensate 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 a home before bidding?
Most online auctions we will have an Open House the weekend prior to the end of the auction. This provides an opportunity for all buyers interested in potentially placing a bid to view the home.
Can I get an inspection?
Once the sale is approved, most online auctions provide the buyer an additional inspection period to complete any due diligence. If an inspection has already been performed details will be available as a link from the auction listing. In most online auctions inspection requests will be honored, just ask the agent to set up a time for your home 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 on an online auction.
Each property may require a specific deposit if you are declared the winning bidder. Each property will list the required deposit amount in the terms and conditions.
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, real estate investors, and some Banks or Lending institutions.
What are the bidding increments?
You can increase your bid $1,000 at a time. You may also setup an auto-bid in $1,000 increments and set a price limit to maximize your chances of being the winning bidder while not exceeding the price you are willing to pay.
Do I have to pay cash or can I get a mortgage?
Yes, financing options such as a mortgage are permitted. However, in order to submit a bid, you will need to provide a “pre-approval” document from a Licensed Mortgage Lender. Once you register on the site one of our agents will contact you and help answer any questions.
CLICK HERE if you are interested in applying for a mortgage.
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 prior to placing a bid. Registration is FREE, but you must be working with a Realtor. Once the winning bid is achieved your Realtor must facilitate the transaction from bidding, contract submission, inspections, and closing.
If you need an Realtor we are happy to provide one of our “auction experts” who regularly work with auction buyers.
If you have an agent, simply provide their name and contact information when registering on the site.
CLICK HERE to read the complete bidding instructions.