Why is the property being sold this way instead of using the traditional listing method?
Some owners require an Accelerated Sale for various reasons including: foreclosure, divorce, partnership breakup, bankruptcy, bank REO, estate settlement, job transfer, surplus disposal or corporate liquidation. Our clients usually need to know when their property will be sold.
How do I bid online?
An online event is probably the easiest way to buy real estate. Imagine “point & click” real estate sales. On our bidding platform, you register with a credit card and your contact info. The credit card is not charged but utilized to verify that you have an account only. During registration, you will choose how the platform will contact you, via e-mail and/or text.
When you are ready to bid, you may place a “Max” bid or just place one bid on the asset. A “Max” bid allows you to enter your limit or max and the platform will bid for you up to your max limit. Of course, the system will only bid for you in the pre-determined bid increments displayed on the site. The “Max” bid is the best method as the first Max bid will “own” the space until you are “outbid”. Once you are outbid, the system will notify you of the “outbid” situation.
When you are the winning bidder, the bidding platform will send you a congratulatory e-mail with additional instructions. Our office will e-mail an “electronic” contract for your signature that you may sign on your smart phone, tablet, laptop or desktop. In addition, we will ask you to wire transfer, hand deliver or mail a deposit in certified funds.
What is a Buyer’s Premium?
The Buyer’s Premium is added to the winning bid price to arrive at the final contract price. You can think of the BP as similar to the “tax” you pay at the grocery store. For example, if the winning bid is $100,000 on a property then you would add the BP of ten percent or $10,000 for a total contract price of $110,000. Or, if the BP is five percent then you would add $5000 for a total of $105,000. If there is a BP, then please consider this and stop bidding at a lower price to stay within your range.
What about title? Am I buying a property with back taxes, liens or title issues?
The majority of our sales are sold with good, insurable title and no liens, judgments, mortgages or back taxes. The seller is responsible to provide good title. If the title cannot be cleared, which is very rare, we return the deposit to the buyer and the sale is null and void.
How do I inspect the property?
Most of our improved properties (homes, commercial buildings and vacant apartment units) are usually held open at designated times prior to the event. Some properties are shown by appointment only. Please feel free to bring your contractor or home inspector to the preview.
In some cases, our clients have a current home inspection for review. We will provide this report to you at no charge.
If I cannot be at the event, can I bid online?
Yes. We offer online bidding at “live” events and for “online only” events. Please contact our office for details.
Can I come to a live event just to watch?
Yes. We encourage everyone to attend and learn about our method. Hopefully, you will enjoy the process and participate in the next one.
Does the winning bidder ever NOT close on the transaction?
Every once in a while the winning bidder does not close on the sale. When this occurs, we will notify the “backup” or 2nd highest bidder immediately to negotiate an offer. If this doesn’t work, then we contact the other registered bidders and the open market.
Can I make an offer prior to the accelerated marketing event?
Yes. Most of our sales are available for offer before the event. The SVN Gilmore Team will be happy to prepare the offer or you can have your agent handle it. Of course, we recommend that you make your best offer at this time.
Will the Seller be bidding up the price?
No. The owner and SVN Gilmore are prohibited from bidding. Rest assured, you will only be competing against other bidders at an SVN Gilmore event.
What does “by the acre” mean?
Some land parcels are offered “by the acre”. The winning bid is multiplied times the number of acres to create the purchase price. For example, 1000 acres at $2500 per acre would equal $2,500,000.
What is “high bidders choice”?
Properties that are similar (such as residential lots) may be sold using the high bidder’s choice method. The winning bidder may select from all of the lots in the group, and choose multiple lots. Of course, if the chooses five lots the bid is multiplied by five. In order to have the opportunity to choose your lot, you must compete and become the winner.
Is there additional information on these properties?
We distribute property information on our website and via e-mail. Any last minute information is sent out to interested parties by e-mail. Please make sure that you are on our e-mail subscriber list.
This is my first time bidding, any tips?
First, we recommend that you decide how you are going to pay for the asset. If you are planning to borrow some of the purchase price, then you should see a lender and get a prequalification letter.
Check out the values in the neighborhood or area and inspect the property. You should be able to find comparable property information at: www.realtor.com, www.zillow.com, www.loopnet.com, www.costar.com.
Set a range of value for your property. Maybe decide on a low price (a steal), a medium price (a great deal), and a high price (still a good deal but your top price).
When it is time to bid you will be prepared. Good luck in your bidding.