What does it mean when I “win” the bid

“Winning” a bid simply means you have the highest bid on a property. As the highest bidder, your bid is sent to each seller for review. Winning a bid just secures your bid as “highest”. Highest bids do not constitute a sale.

Do I have to send a deposit or down payment? 🖋

YES. A 5 to 10% deposit is required upon winning a bid. The deposit is required within 48 hours of winning a bid. The deposits are only to be given through wire, check or cashier’s check to the Escrow company. Keller Williams Victor Valley, Realtors or affiliates are NOT responsible for deposits and will NOT hold funds.

I was the highest bidder and the reserve was met. Why wasn’t I chosen to proceed with the sale? 😱

The reserve price is the price set by the seller indicating the lowest price the seller might accept for a property. The seller is not obligated to accept bids that meet the reserve price. Ultimately, the seller reserves the right to accept or reject a bid that meets the reserve price, negotiate with any bidder regarding the terms of the sale or relist the property. Although sellers have complete discretion regarding bids, bidders will have the best chance of becoming the selected bidder if the bid meets the reserve price. We at Keller Williams Victor Valley have an agreement with every seller which states that every winning bid must be approved in order to move to the next stage. Upon winning a bid, if the seller so chooses, will review all terms and contracts. If a seller agrees, then the buyer will move to the purchase stage. ALL SALES ARE SUBJECT TO SELLER APPROVAL.

Will the seller need to approve each HIGH bid? 🧐

Yes. At the end of each auction, the seller has the right to review, accept, reject, or negotiate all terms and components of each ending auction. All terms including, but not limited to, Seller Carry Financing, Loan Approvals and any term MUST be approved. ALL SALES ARE SUBJECT TO SELLER APPROVAL.

Will Covid-19 affect On Site Auctions? 😷

NO. We at Keller Williams Victor Valley are keeping a close eye on the CDC and the State’s mandates. As things change, we may change the process of the on site auction. All of our auctions are safe and physically distanced. We want all of our clients to feel safe when experiencing the auctions. You can also visit our Covid-19 page for more details.

I’m a Realtor, can I get paid commission? 💵

Yes. Your commission is established and agreed upon between the seller and Keller Williams Victor Valley. The commission percentage will be displayed in the MLS (Multiple Listing Service). You will get paid upon close of Escrow.

Is “Shill Bidding” allowed? 👎🏼

No. We at Keller Williams Victor Valley believe in fair bidding. Shill bidding is when a seller uses a separate account, be it one of their own, a friend or a family members or they ask someone to bid on their auction to artificially raise the price of the auction. We DO NOT allow shill bidding.

What is Seller Carry Finance? 💸

Seller Carry Finance, opens up a whole new option to Real Estate purchases. This allows you to purchase a property, with a minimal down payment, a competitive APR and a specific term. Example: 5% down of said purchase price. 10 year term at 5% APR. Each term may vary based on the property. See our properties page for specific property details.

In order to qualify for 0% down and seller carry financing buyer must provide

  • 3-years tax returns
  • 2-years bank statements
  • Credit report from a recognized organization
Can I use “Bank or Lender” Financing? 🏦

Yes. However, some properties are being sold in “As-IS” condition. Meaning, there are no contingencies on the properties. You should be pre-qualified by a lender as to the amount you can afford to spend for a property being sold for “Cash, “As-Is.” Additionally, the financial institution must be able to close within 30 days of the acceptance of the offer. For more information please call us at 844.9.BUYING

Can I have Realtor/Broker representation? 👩‍💻

YES. While Auctions provide the opportunity to minimize the number of persons in real estate transactions. You are welcome to have representation at the auction but it is not necessary.

An auction allows for the buyer to communicate directly with the Auction site. Even though Keller Williams Victor Valley represents the seller, we have the responsibility to treat all parties fairly and in accordance with real estate law. If the buyer feels comfortable having agent representation, he or she may bring their agent to an auction or specify having agent representation upon winning an online auction. Buyer premiums and fees may change based on the agreements between Keller Williams Victor Valley and the sellers.

Can I view properties? 🏡

Yes you can. Properties will be viewable as long as they are vacant. Any occupied homes are not allowed for viewing. If a home is occupied, we are not allowing tours at this time. Due Diligence can be done prior to the bidding process. In order to view one of our vacant properties, you can have a Realtor contact us, register and gather showing information and instructions.

What is the bidding process? ✅

In order to bid, you must REGISTER with us to create an account. REGISTRATION IS FREE. You will receive an email with a link to Activate your Account. After activation, you can log in and place bids!

We have 2 types of bidding.

ONLINE BIDDING. This allows you to choose from our ONLINE auction properties. Some of these auctions will have their own ending dates. These properties will go to the live auction in the final hours of the auction, whether or not the reserve is met. You can bid until the Auction ends even during the live auction.

Do I have to send a deposit or down payment? 🖋

YES. A 5 to 10% deposit is required upon winning a bid. The deposit is required within 48 hours of winning a bid. The deposits are only to be given through wire, check or cashier’s check to the Escrow company. Keller Williams Victor Valley, Realtors or affiliates are NOT responsible for deposits and will NOT hold funds.

What are my Buyer Fees?

Buyer fees apply to certain properties. Buyer fees will be 1% of winning bid or a Minimum of $1,000, whichever is greater. Buyer premium paid through escrow at the close of winning bidders escrow. Terms and conditions may vary. Some fees may increase to include Realtor commissions. For more information please email us at info@eauctioncenter.com or call us at 844-9-BUYING (844-928-9464)

Can I use my own Escrow and Title Companies?

Yes. However, the terms of sale which are stipulated and agreed upon by the seller and Keller Williams Victor Valley in the Contract will still apply.

What is a Reserve Price?

All auctions have a Starting Bid Price. This may not be the price that the seller is willing to take for the property. The minimum amount that a seller is willing to accept, is called the Reserve Price. Once a property has passed the Reserve price, the highest bidder is the winner at the end of the auction. If the Reserve Price isn’t met by the end of the auction, the property will be re-listed and will be featured in one of our auctions, whether online or live.

How is the highest bidder announced? 🎉

Once an auction ends and if the “reserve” price has been met, the highest bidder will receive an email confirmation with instructions on the next steps toward the “purchasing” stage.

What is Proxy Bidding?

Proxy bidding (also known as automatic building) – our automatic bidding system makes bidding convenient so you don’t have to keep coming back to rebid every time someone places another bid. When you place a bid, you enter the maximum amount you’re willing to pay for the property. The seller and other bidders don’t know your maximum bid. We’ll place bids on your behalf using the automatic bid increment amount which is based on the current high bid. We’ll bid only as much as necessary to make sure that you remain the high bidder, or to meet the reserve price, up to your maximum amount.

What is a Silent Auction?

A silent bid auction is a type of auction process in which all bidders simultaneously submit silent bids to the auctioneer, so that no bidder knows how much the other auction participants have bid. The highest bidder is usually declared the winner of the bidding process.

What is “Anti Sniping”

Anti Sniping is a rule where you cannot wait until you have 1 second left on an auction time to bid higher and become the highest bidder. Our auction tickers are set up for this. If you bid within any time frames of an auction ending, 2 minutes will be added until bidding ends and a high bidder is determined.