If you have received a Pre-Auction Offer, the next step will be to review the offer and decide if you want to accept or reject it. You will also receive an email notification whenever you receive a pre-auction offer on the property.
Please note: buyers will be able to make pre-auction offers up to 48 hours prior to the start of an auction event.
To review a Pre-Auction Offer:
- If any of your properties have received a Pre-Auction Offer, their Status will be Pre-auction Offer Received. You will also receive an email notification letting you know that your property has an offer.
- Click the Review Offer(s) button under Next Steps.
- You will be directed to the summary page for the property. This page shows a list of pre-auction offers, transaction history, bid history, and the property detail summary, as well as a quick look at the auction status.
- Under the Current Pre-Auction Offers tab, you will see any pre-auction offers that have come in on your property. You will be able to see the amount of the offer, the date and time it was received, the payment type, the percentage of list price for the offer, and the percentage of reserve price for the offer.
Pro tip: For more details on the offer, you can click the View Details link to open the Offer Summary. It gives you additional information such as the earnest money deposit, buyer’s premium, details on the payment, and any title company information. - Click either the Accept button or the Reject button, depending on what you want to do for that offer.
- If you click Accept, select the Yes button in the popup to indicate that you are sure you want to accept this offer. If you clicked this by mistake, you can select the No button to go back. You will get a message that the offer amount was successfully accepted. Click the OK button. The pre-auction offer Status will be changed to Accepted and moved to the Transaction History tab.
The property record will then move from the Marketing tab to the Post Auction tab, since an offer was accepted before the auction event took place. Then you will begin the process to close on the property. - If you click Reject, select the Yes button in the popup to indicate that you are sure you want to reject the offer. If you clicked this by mistake, you can select the No button to go back.
The pre-auction offer Status will be changed to Rejected and moved to the Transaction History tab. The property will then stay in the Marketing tab with the status of Event Scheduled until either a new pre-auction offer is received, or the auction event begins.
- If you click Accept, select the Yes button in the popup to indicate that you are sure you want to accept this offer. If you clicked this by mistake, you can select the No button to go back. You will get a message that the offer amount was successfully accepted. Click the OK button. The pre-auction offer Status will be changed to Accepted and moved to the Transaction History tab.
Please note: if there are any pending pre-auction offers on a property when the auction begins, they will be automatically rejected by the system.