In order to place a bid on an online auction you must either provide Proof of Funds (cash) or a pre-approval loan letter from a mortgage lender.
If you are interested in applying for a loan clicking here
CLICK HERE to register for access to the bidding platform.
Buyers and agents can bid online anytime from the beginning until the end of the published auction date.
Working with a licensed real estate agent is required. The winning bidder shall provide a purchase agreement within 24 hours of acceptance of the winning bid by the seller. If the buyer does not provide the purchase agreement within the time frame specified above the seller reserves the right to accept other offers!
If you already have a licensed agent, the registration page will provide you with the option of entering your agent’s contact and license information. Our auction experts will contact your agent and review the auction procedures, or if you need an agent you will have the option to have one of our agent’s contact you.
Our agents are auction experts and can guide you through the entire process from beginning to end. They can also explain the financial benefits of working with our team.
BUYER’S PREMIUM: Buyer’s premium will be added to the winning bid amount which shall establish the final sales price. Highest Bid + Buyer’s Premium = Final Sales Price!
Our online auction platform is the most transparent way for a seller to offer the lowest price on their home while still compensating real estate agents who conduct and close the transaction.
Each property listed on our site will offer different terms, conditions, and buyers premium. Please be sure to research the property and all of the details on the property bid page.
Properties will typically only be available for viewing on the day(s) of the open house specified on the property bid page.
Sellers reserve the right to accept, negotiate, or reject the highest bid.
An online auction is a binding agreement and a seller can legally pursue a non-performing bidder.
Be sure to contact us if you have any questions regarding the auction process.
Terms You Should Know:
BIDDING AUTO EXTEND: Our system prevents last second bidding by automatically extending the bidding time for an auction. 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 selected as the winning bidder please have your agent submit a signed purchase agreement to the seller within 24 hours of being selected as the winning bidder. If you do not have an agent, please Contact Us.
NOTICE TO WINNING BIDDER: If you are the winning bidder selected by the seller and back out without submitting a purchase agreement you may be liable for a $500 penalty fee issued by Five-Star Realty Auctions and your account may be disabled.