FAQs

FAQs


General

Are all your auctions held online?

  • Yes

What type of properties are available for sale on REIAuction.com?

  • REI Auction markets studios, single-family homes, one, two, three, and four units, multi-family residences, condominiums, townhomes, mixed-use properties, mobile homes, and land.

Are the properties ‘as-is’?

  • Yes, your due diligence needs to be completed prior to bidding
  • Can I back out after I win the auction
    • No, you will be in breach and be responsible for the auction fees which you agree to pay prior to winning the auction

How does your REIauction.com’s auctions work?

  • Our auctions are traditional auctions. You can not purchase the properties before the auction ends
  • You need to complete a full user Profile and agree to the Terms Conditions and Fees to be able to place a bid.

What fees do I have to pay?

Who pays closing or title fee costs?

  • The winning bidder is responsible for both the seller and buyers closing costs (title and HOA). Most properties have title open at Pioneer Title Agency where an investor rate is given to all transactions.

Can I view the property before I bid on it?

  • Yes, Unlike most other auctions, we allow you to go look at it before you place your bid. However, you must be completely registered before being granted access to the properties being auctioned. Some properties maybe occupied.  In those cases an open house is usually scheduled prior to auction for inspection.

How do I get the digital deadbolt lock code?

  • After registered and being approved to bid, text 866-REI-AUCT, your name, property street name, you would like to view, and brokerage if applicable.

How do I register to bid online for property I’d like to buy?

  • From REIacution.com go to the Login/Register field at the top of the page.  Follow those instructions. Once logged in, follow the step-by-step registration instructions. Making sure to complete all boxes, the ACH form, and agree to the Terms Conditions and Fee Schedule.
  • Some properties require additional bidding qualifications and will be identified as such. In such a case, an REIAuction.com staff member will contact you via email and telephone, providing specific instructions on how to gain approval to bid on these special properties.

I am trying to register for the auction but am having problems. Why?

  • Try a different internet browser
  • Make sure the web page is approved on your security settings www.REIauction.com
  • Registration for online auctions opens from the minute a property is assigned an auction date right up to the auction ending date. Contact Customer Service at 800-REI-AUCT for assistance.

What else do I need to participate in one of your online auctions?

  • All you need to participate is an internet connection and a bank account that will cover your Auction Fees with a completed Profile accepting the Terms and Conditions of the Auction.

What is the earnest money deposit?

  • The earnest money deposit is the amount of money you are required to pay within 24 hours of being declared the winning bidder of an online auction. This is usually $5,000.00 (US)

How can I pay the earnest money deposit?

  • The earnest money deposit must be paid by wire transfer or, in special circumstances, a cashier’s check can be accepted. A confirmation that the wire transfer has been initiated by your bank must be provided within 24 hours of close of the auction. There are no exceptions to this requirement.

Can I purchase more than one property at an online auction?

  • Yes, as long as you have, or are able to acquire, the funds to pay for the properties you purchase, including the separate earnest money deposits required for each purchase.

I am having trouble submitting a bid online. What should I do?

  • Make sure you have completed the ACH form and agreed to the Terms Conditions and Auction Fees.
  • If that does not work please contact our Customer Care team via email at [email protected] or call us at 800-REI-AUCT.

What does the contract look like?

  • You can see a sample copy of the contract here

Registration

Do I need to register to bid on a property?

  • Yes, you need to register to bid on a property. This includes completing the ACH form and agreeing to the Terms & Conditions and Auction Fees. These can be found on the bottom of our Home Page

How do I register to bid online for property I’d like to buy?

  • From REIacution.com go to the Login/Register field at the top of the page.  Follow those instructions. Once logged in, follow the step-by-step registration instructions. Making sure to complete all boxes, the ACH form, and agree to the Terms Conditions and Fee Schedule.
  • Some properties require additional bidding qualifications and will be identified as such. In such a case, an REIAuction.com staff member will contact you via email and telephone, providing specific instructions on how to gain approval to bid on these special properties.

What do you do with the information I enter?

  • The information is used to verify your identity. We keep all information in a secure server.

Why is there a business entity name, buying entity name, Selling Entity name?

  • Some investors have a company name and like to put properties in other entity names.
  • We also offer the auction platform to sellers if the property fits the REIacution.com profile. For more information you can call 866-REI-AUCT

Title

Are there liens on some of the properties?

  • It is your responsibility to review the transaction details for each specific property to determine the type of title you will be receiving. Each bidder has the right and should conduct their own due diligence, to include researching the property’s title report and possible liens.

Bidding

What is a reserve price?

  • A reserve price is the lowest price in which a seller is willing to sell a property. If bidding doesn’t reach the reserve price, the seller isn’t obligated to sell.

Why isn't the reserve price published?

  • The reserve price isn’t published because it can be lowered. Depending on market conditions, the seller has the flexibility to adjust the reserve downward in order to sell the property at a price that works for everyone.

Automatic 5 minute time extensions?

  • Every auction has an end time. If any bid is placed within the last two minutes of the auction ending the clock will automatically add 5 minutes to the auction. This allows all bidders appropriate time to increase their bid if they choose to. The time will continue to extend until no one bids in the last two minutes.

Finance

Can bidders provide their own financing?

  • Yes, but on ALL properties on our site, sales will not be contingent upon financing, escrow closing will not be contingent upon financing, nor will escrow closing be extended for that purpose. Winning bidders providing their own financing must present a written lending commitment from their lender within 24 hours of being declared the winning bidder. Bidders must also allow sellers to confirm the bidder’s credit status.

Submitting A Property To Sell

Who can submit a property to be auctioned?

  • Must be an owner of the property, this will be verified

Why would I want to have you auction?

  • Auctions historically have brought more money to the sellers and simplified the selling process

What do you charge to auction my property?

  • Currently there is no charge to sell a property you own on the site. There could be a fee of $150.00 per property to put the correct lockbox/door hardware on.  The property does have to meet the REIacution.com underwriting review before it will be assigned an auction number, date, and time.

Can the property be occupied?

  • In rare cases that must be approved it may be allowed to auction an occupied property.
  • We have found that a Vacant property performs better through the auction process.