How do I register?
Registration is easy. Simply visit 1800lastbid.com and click any of the company logos at the top. Then, click the "Register" icon at the top of the page and proceed to complete the four easy steps. This will generate a username/password that will allow you to access all of our auction sites, as well as our licensed auctions. Please refer to our Privacy Policy regarding protection of your personal information.
Will my email address automatically be placed on any mailing lists by registering?
No. The option to sign up for free auction notices is presented during the registration process, but it is not required or automatic. You can also sign up for auction notices by email in the 'My Account' section after registering, or by calling our office and requesting to be added to our postal mailing list.
What should I do if I get a "Credit Card isn't Valid" message during the registration process or when bidding for the first time?
A "Credit Card isn't Valid" message usually means that the information entered doesn't exactly match the way it reads on your card. Verify that the card number, name, expiration date, three-digit security code on the back of the card reads EXACTLY as it appears on the card. The billing address also needs to be entered exactly how it shows on your billing statement. This includes middle initials, periods, etc. If all information is confirmed to be accurate, please contact your bank or credit card issuer.
Is my information safe?
Yes. Our system is fully encrypted and personal information and credit card information are kept in completely different systems. We do not sell our lists to anyone. Your contact information will only be used by our staff if you are the high bidder.
What do I do if I forget my username and/or password?
This happens to everyone at one time or another. First, click the logo at the top of the page of the company you'd like to bid with. Then, click "Log-In" on the top side of the page. Next, click the link to retrieve your password as picture below.*
*The page will require your username and will ask for the answer to the 'hint question' that you answered upon creation of your account. If your account was created before November 2009, or if you simply don't know your username, simply call 866-672-4806 to have your password information reset.
Can the username and password that I create be used on all auctions?
Wherever you see the OAS logo your username and password are accepted.
How do I edit the information in my online account?
Click on any company logo at the top of the page, then log into your account using the link on the left side of the page. From there you can edit your personal information, update credit card info and view the items you're watching as well as the items you've won in the last 30 days.
How do I place a bid?
Click the image of the item of the "Item details & bidding" box on the auction page. This will take you to the specific page for the item. From there, place your bid in the field on the right side of the page and click "review bid". You'll then be prompted to enter your password and review your bid. After logging in, you'll arrive at a page to confirm and place your bid, or modify your bid if it does not satisfy the required minimum bid. All bids are final and non-retractable.
I won't be near my computer while the auction is live. Is there a way to bid in advance?
Yes. All Miedema Auctioneering websites feature the option for the user to 'pre-bid' on the item. A pre-bid is a specified dollar amount that is initiated before the auction goes live. This allows you to establish a maximum that you're willing to pay for the item. During the actual auction, your name will be displayed as the high bidder as long as your pre-bid remains the highest bid.*
Posted closing times and displays of Auction Co.'s current time are approximate. Auction Co. reserves the right to close early or extend auctions at any time at its discretion. It is strongly recommended that bids be placed early to avoid losing out due to an ill-timed, last minute bid. All times are based on the Time Zone as specified on the auction. Dynamic bidding - The dynamic bid on this website is a feature that does NOT allow an item to sell at the end of the auction until there is 10 minutes of bidding inactivity. Example: An item is bid on at 7:50pm. An auction is scheduled to close at 8:00pm. When this bid is placed the ending time will automatically extend to 8:10pm. When another bid is placed at 8:01 the auction will extend to 8:20pm. This will give the bidder 19 minutes to place another bid. If no bids are placed this auction will conclude at 8:20pm. The key to your dynamic bidding feature is that the auction extends from the preset closing time in 10 minute intervals, NOT 10 minutes from when you placed your bid.
*Assuming that there are no higher pre-bids placed by other users before the auction begins
What is a 'Maximum Bid'?
A maximum bid can be placed in the pre-bidding stages of the auction or during the auction itself. Establishing a maximum bid allows you to establish the most you are willing to bid for a specific item. It ensures that you will continue to be the highest bidder at the lowest qualifying bid until another user either outbids your maximum or establishes a higher maximum bid than you have. If the auction closes before your maximum bid is reached, then you will have won the item for less than you maximum bid.
What is 'pre-bidding'?
Pre-bids are bids that are placed before the auction starts. They are not visible until the day of the auction and can also serve as a user's maximum bid.
What are 'bid increments'?
A bid increment is the required minimum amount that the auction bid can successfully be increased by. For example, if bidding for a particular item has reached $20, and the bid increment is $5, than the next acceptable bid would need to be $25. Any placed bids that exceed the bid increment are treated as a maximum bid.
How do I know if my bid went through?
After clicking the 'place bid' button on the page, a notice will appear to indicate as to whether your bid was successfully accepted or if your bid did not meet the minimum requirement. You may set your account settings to receive notifications of bid status by email.
Can I cancel my bid?
No. Bids are final in nature and non-retractable.
Can someone else bid for me?
Yes. However to do so, they must have a document which appoints them as an Attorney-in-fact or be a legal agent for you. It is not legal for anyone to receive compensation for such services unless they are a licensed real estate broker.
Is this an absolute auction?
Some Auctions are conducted absolute, with no minimums or reserves and will be specifically stated as such. Unless specifically stated as an absolute auction, the high bid is subject to acceptance or rejection by the seller. We strive to offer only properties which we are confident will sell. We screen our sellers to make sure that they are motivated. Many properties have bank committees, lenders, courts, or trustees which must approve the transaction (or short sale if that is the case). Due to these circumstances, along with the many other issues associated with a real estate transaction, properties are sold subject to acceptance or rejection of the high bid by the seller.
What is a 'Buyer's Premium'?
A Buyer's Premium is a transaction fee added to the high bid, to be paid by the buyer as part of the Auctioneer's compensations. The Buyer's Premium is also explained in the site and auction terms of each individual auction.
How do I view items won or items watching?
To view items you are watching, log into your account and click 'items I'm watching' in the middle of the screen. You can also view items won in the last 30 days. Once you've logged into your account, click the 'my account' link and then click the 'view items I've won' link.
I was the high bidder, now what happens?
You will be contacted by a LASTBIDrealestate staff within 24 hours to coordinate execution of the purchase documents and the down payment on the property. We will then contact the seller for confirmation of the sale and coordinate their execution of the Buy/Sell agreement within 3 business days. Your down payment will be deposited in escrow. You will have 30 days to arrange closing on the property.
What is this property worth?
There are many indicators of value but the true measure of any property’s value is in what a buyer feels the property is worth to them. Some people use Equalized Values or Appraisals or comparable property sales to determine value but many factors are not always addressed in these figures such as sentimental value, environmental concerns, adjoining land owners, changes in market conditions, 1031 exchange needs, and a host of other factors all of which can have positive or negative influences on value. An auction with competitive bidding is the purest form of price discovery and indicator of value.
Do I get marketable title?
Yes. All properties are transferred by deed with a title insurance policy. Most properties will come with a warranty deed. Occasionally, some properties will come with another type of deed such as a covenant deed or trustee’s deed.
Do I get title insurance?
Yes. Title insurance is provided to the buyer by the seller at the seller’s expense.
Who pays taxes?
We deal with many different sellers and properties so taxes get handled in a number of different ways. Any prior year’s taxes are paid by the seller. The current year taxes due before the auction are usually paid by the seller and taxes due after the auction are usually paid by the buyer. Sometimes the current year taxes are prorated. Each property has specific information in the terms as to who will be paying what taxes and should be reviewed for familiarity.
How much is my deposit?
A deposit is required immediately after the auction from the successful bidder. Each property is different but most properties require a deposit of $5,000 or 10% of the purchase price, whichever is greater. Each property has specific information detailing the deposit requirements and should be reviewed prior to bidding.
Can I use a credit card for the down payment?
No. Due to final nature of a real estate auction, down payments must be in the form of cash, check, or other verifiable funds. In addition, most lenders treat credit card down payments as borrowed funds and will not allow them when financing a real estate transaction.
Can I use a bank to finance my transaction?
Yes. We recommend getting pre-approved by your financial institution, however, as an inability to get financing is not a contingency of the auction.
How long do I have to complete the transaction?
Down payments and completed buy/sell agreements are due within 48 hours. Buyers have up to 30 days after the auction to close on the property.
Do I get keys?
Keys and access to the property are provided at closing. If you have a professional (appraiser, inspector, etc.) who needs to enter the property, they should contact our office to coordinate access to the premises.
Can I do a 1031 exchange?
Yes. We can work with you to help accommodate a 1031 property exchange. You should consult your tax advisor to see whether the property you are interested in qualifies for your circumstances.
Can I consign (sell) my own items?
Yes! Miedema Companies offer several options for selling (consigning) your personal items or property.
Repocast.com, Inc - Call 866-550-7376 for specifics on selling (consigning) items at the weekly auctions.
Orbitbid.com, Inc - Contact 866-672-4806 to see why "The Online Auction Advantage Selling from Your Location" with Orbitbid.com, Inc may be the best solution for your auction needs.
LASTBIDrealestate.com, Inc - Call 800-527-8243 for further information on selling your real estate with our online auction solution.
Miedema Auctioneering, Inc - Call 800-527-8243 for further information on consigning your items at a live auction