Auction 101
- How are properties scheduled in auctions?
- How long does each auction event last?
- Do I need an account in order to place a bid on a property?
- Is a fee required to submit a bid?
- What is the difference between a quitclaim deed, special warranty deed, and general warranty deed?
- What kind of title will I receive?
- How long is a standard closing, and where do I wire the funds?
- How much are closing costs?
- How does an auction work from start to finish?
- How do I complete identity verification?
- How is my identity verified?
- What are the next steps after winning an auction event?
- Do I need to register to bid in an auction event?
- Are there separate account types for buyers and agents?
- Why do you require a credit card to participate in an online auction event?
- How do I perform due diligence on bank-owned properties?
- What is the difference between placing a bid, a pre-auction offer, and the own-it-now option?
- How do I know if a pre-auction offer is accepted or rejected?
- What does "sold subject to seller approval" mean?
- When can I start placing bids on properties that I'm interested in?
- What do “reserve met” and "reserve not met" mean?
- How can I find the reserve price for a property?
- What happens if I don’t meet the reserve?
- Is there an indicator to let me know if I'm close to the reserve price?
- Do I need to provide proof of funds or a pre-qualification letter?
- Which properties can be financed, and which are cash only?
- Is it possible to win an auction but not have the transaction move forward?
- Can the auctioneer bid?
- I missed an auction; can I still make an offer on a property after the auction ended?
- Can I lower or remove my bid?