Faq Bidders

  • What is the Home Auction Express Platform?
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      The Home Auction Express’s platform is an auction bidding program designed specifically for the totally transparent real estate purchase process including an individual auction bidding format. The Buyer is allowed to physically exam the properties before bidding on the properties. The bidding is done in the comfort of one’s home or workplace via the internet website. The platform allows you to register, get loan approval and bid. There are no charges until you are the winning bidder.   The Seller can list his property online in conjunction with his agent’s listing in the local MLS with links to PostLets, Craigslist, Realtor.com and other websites. No matter where you are located you can participate online and acquire real estate.

  • How old do I need to be to bid?
    • All bidders must be at least eighteen (18) years old to place a bid.

  • How do I get started?
    • First you must register. Second you must be approved through our online preferred lender. You may use any lender of your choice but must submit your financial information to our preferred lender to be able to receive approval and participate with our online auction bidding. Third once approved you will have the opportunity to bid online. All bidders on HomeAuctionExpress.com must be qualified. Fourth each bidder must agree to the site terms and conditions and property specific terms and conditions prior to placing a bid on a property.

  • How does the Seller place his property on HomeAuctionExpress.com to sell at auction?
    • The Seller lists his property with his listing agent. The Seller sets a bid reserve price and an opening bid price. The term of the auction is determined by the listing agent and the Seller. The auction must reach the bid reserve price before the Seller is obligated to review an offer for his property. The Seller also has the option to sell the property below the bid reserve price. The auction begins as the listing is moved from the Coming Auctions to the Active Auctions.

  • How much time do I need prior to bidding on a property?
    • In order to process the information for your eligibility to bid, Home Auction Express and their preferred lender requires 72 hours for approval once all the requested information is submitted.

  • How do I find directions to the open house location?
    •  Click on the Google map on the HomeAuctionExpress.com property detail page.

  • Are there any warranties or guarantees on the property?
    • All properties listed on the platform are sold on an “as is, where is” basis, and there are no warranties, guarantees, returns, exchanges or refunds.

  • Will I have an opportunity to view the property?
    • Open houses are held during the auction timeline. Each listing will state the time and date of all open houses for that property. If you are unable to preview the house during the open house, you will be able to make arrangements with the listing agent to view the property. You should not bid on a property if you have not previewed the house yourself.

  • Should I inspect the property prior to bidding in the auction?
    • The only way for you to make an informed decision regarding bidding and buying is to visit, view and inspect the property prior to the auction bid closing and also review any property information and disclosure documents that you feel are necessary. Do your investigations. Do your inspections. By registering and bidding at the auction, you are representing that you have not only viewed the property prior to bid closing but have inspected, reviewed and accepted all relevant property information that you deem necessary to make an informed decision.

  • How does the Buyer start the bidding process?
    • When approved, the Buyer will be notified that he/she is qualified to bid. Based on information submitted during the loan approval process, the Buyer will be told what his/her authorized bid price can be for any property listed with the auction. He/she can start bidding at any price below the authorized bid pricing and continue until he/she reaches the authorized bid price. At that time he/she may not bid further.

  • What is a reserve price?
    •  A reserve price is the amount that a Seller sets as a minimum price that he/she will consider accepting as a minimum sale price. On each property’s bidding page it will indicate when the reserve price has been met.

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  • What happens next as the Buyer begins bidding?
    • As Buyer begins the bidding process, the Buyer establishes the maximum bid amount that he/she will initially set as the maximum price he/she wants to bid for the property. The first bid amount during the auction process would be any price determined by the Buyer as the opening bid if the Buyer were the first bidder, or if bidding against another bidder, the amount would be $1,000 higher. This bidding process will continue until the Buyer reaches the maximum bid amount he/she established for the property. The Buyer then can increase the amount he/she is willing to bid to a new maximum bid amount. This process continues until the Buyer is the winning bidder or ends the bidding process. A Buyer cannot exceed his authorized bid price that is set by the loan agent. The authorized bid price is the total allowable loan amount plus the down payment. The process is shown in the following example.  The Buyer opens bidding on a property at the opening bid price set by the Seller say $150,000 and sets his/her maximum bid price at $235,000. The auction would show the bid of $150,000. Another bidder enters the auction and set his/her maximum bid price at $215,000. The bidding would adjust and show your next bid at $216,000 with you in control. The bidding would continue to adjust as other bidders enter bids until someone bids $236,000 at which time that bidder would be the controlling bidder. At this juncture you would be notified that another bidder raised the bidding higher than your maximum bid. You can increase your maximum bid and again become the controlling bidder as long as the bid is greater than the maximum entered by the new controlling bidder at $236,000. You can overbid by a thousand dollars each time or raise your limits or stop bidding. It’s your choice.

  • What is Watching?
    •  Watching enables you to keep an eye on properties you are interested in. From HomeAuctionExpress.com’s property detail, click the “Watch This Auction Button”. The properties selected will be stored in “My Account” and be available to review. Here you will be able to view and follow the properties of interest.

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  • What happens if I reach my maximum bid?
    •  You can no longer bid.

  • What happens if I am overbid by another bidder?
    •  You can continue to increase your bid one bid at a time or increase your maximum limit to continue bidding.

  • The close time was listed as 7 p.m. PST, but the auction stayed open\r\nwell past that time. Why did the auction not close at the specified\r\ntime ?
    •  Whenever there are two or more buyers are actively bidding on the HomeAuctionExpress.com website, the auction remains open for five (5) minute increments until all competitive bidding has ceased.         

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  • What happens if I am the winning bidder?
    •  You will receive an “Offering Summary Sheet” along with notification to your agent to provide a contract to purchase for your execution.

  • What is the Buyer's auction premium?
    • The total purchase price will include a Buyer’s auction premium of nine hundred fifty dollars ($950).  Therefore the actual total purchase price on auction day (and at the closing) is equal to the winning bid amount plus nine hundred fifty dollars ($950).  Total purchase price does not include other closing costs payable by Buyer such as escrow/closing fees, loan fees, property taxes, insurance and any other cost incurred by Buyer. The Buyer’s auction premium is the fee Home Auction Express charges the bidders for presenting and making available the property to the Buyer.