 |
Registering
|
 1 |
(Q) How do I register?
|
|
(A) To register click on the "register" link found on both the header and footer navigation sections. To complete the registration, you must click on the link that is emailed to you. Your account is activated when you login through that link. This insures that no-one else can make an account with your email address.
|
| 1 |
(Q) I'm under 18 and can't signup?
|
|
(A) In accordance with standard law under 18's cannot participate in auctions as they legal binding contracts. |
| 1 |
(Q) How Do We Qualify Buyer's Brokers?
|
|
Some auctioned properties will pay a Buyer's Brokers commission. To qualify, a broker must be properly listed on the Register to Bid on Property Form that the buyer transmits before the first bid is placed. If the Form is submitted late, the Broker will not qualify for commission.
Buyer's Brokers must participate in the sale process to qualify for commission. It is AgencyBid.com's sole discretion to decide if the Buyer's Broker is qualified for commission. When a Broker's information is just added to the Register to Bid Form without the Broker having participated in a way that helped the auction sale, AgencyBid.com will not pay commission or may pay the lowest variable commission as listed. Please call to verify the status of your commission.
Failure to meet any of the above requirements will prevent qualification to receive commission. |
|
Selling
|
| 1 |
(Q) How can I list an item?
|
|
Please view the "SELL GUIDE" found at the top of the web page.
|
| 1 |
(Q) How can I keep track of items I'm selling?
|
|
(A) You can keep an eye on everything you are selling by visiting your members area and selecting the "selling" page.
|
| 1 |
(Q) Should the Auction Property Stay in MLS?
|
|
Yes, that's great. The more exposure the better. The price in MLS should stay the same as it was (the highest price you would expect). The auction starting bid should be the lowest the seller will accept. If the Make Offer feature is used, the high amount should be equal to the MLS list price.
|
| 1 |
(Q) What if an outside offer comes in?
|
|
The best way to deal with that is to have them place the offer online. The owner can still accept it before the auction ends.
|
|
How to Bid
|
| 1 |
(Q) What is a Buyer's Premium?
|
|
(A) A Buyer's Premium is an amount added to the highest bid. The Buyer's Premium and the highest bid are added together to form the actual sale price. It is used heavily in Fine Art auctions such as Christies in NY where the Buyer's Premium is 20%. In Real Estate, the amount is from 1% to 10%.
The Buyer's Premium is for use by Licensed Auctioneers only.
|
| 1 |
(Q) How Do We Qualify Buyer's Brokers?
|
|
Some auctioned properties will pay a Buyer's Brokers commission. To qualify, a broker must be properly listed on the Register to Bid on Property Form that the buyer Submits before the first bid is placed. The bidder must fax the Offer Form and attachments no less than SIX hours before the end of the auction. If the Broker is not listed on the Register to Bid on Property Form or either form is transmitted late, the Broker will not qualify for commission.
Failure to meet any of the above requirements will prevent qualification to receive commission.
|
| 1 |
(Q) How can I place a bid?
|
|
Please note: do not use commas when entering amounts. 123000 will work, 123,000 will not work. Decimals and pennies are not used either.
Before you place a bid on a property, you must fill out the Register to Bid on Property Form. There is a form available in several locations. This is an online form, fill it out, print a copy, then click on the Submit Form button.
To place a bid on an item you must first login to your account. Once logged in, a bidding box will be displayed on the main details page of the property. There are two types of bids, auto bid and exact bid. Please read the section How to Choose Bid Type (near the bid boxes when you are logged in).
When bidding at the "last minute", please keep in mind that this website has an "Anti-Snipping" Feature. That means that the auction will automatically extend up to 10 Minutes if there are any bids placed within the last 10 minutes. The auction will not end until all bidding has stopped for 10 minutes.
Fax no less that SIX hours before the end of the auction.
1) Signed Offer Form (available on the property information page, under Seller Info)
2) Proof of funds or a bank pre-approval letter
3) A check as listed in the Offer Form. The check will only cashed if you are the winning bidder. Bidders may be disqualified or account suspended near the end of the auction if the Offer Form is faxed in late.
4) Register to Bid on Property Form.
|
| 1 |
(Q) What If I Fax the Offer Form Late?
|
|
Bidders who do not fax their Offer Form with the required attachments may be disqualified from bidding near the end of the auction or disqualified after the aution ends. The bidder's Buyer's Broker will not qualify to receive commission if the Offer Form is not faxed in time. The Offer Form must be faxed SIX hours before the end of the auction.
|
| 1 |
(Q) How can I keep track of items I'm bidding on?
|
|
You can keep an eye on everything you are bidding on by visiting your members area and selecting the "bidding" page. It is also good to use the "Watch this item feature", then you can still see the property after it is sold.
|
| 1 |
(Q) How do I know if I am outbid on an item?
|
|
Our auction system will automatically notify you via email if you are outbid. Please see the Anti-Snipping feature in the "How can I place a bid" section.
|
