FREQUENTLY ASKED QUESTIONS

Familiarity leads to smooth transactions. We want you to be familiar and comfortable with LASTBIDrealestate.com and the online auction process and make sure that all your questions are answered, so that your experience buying real estate at online auction is a positive one. Our Frequently Asked Questions are a compilation of many questions and have put together from actual questions we have experienced, this list is extensive so that you have the answers and familiarity you need to be an informed, confident bidder. We want to provide you with a smooth transaction, meeting and exceeding all your expectations!

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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 and they have properly filled out the broker participation form.

I won’t be by a computer on auction day, can I still bid?

Our system is set up so that bidders may leave an unrevealed, absentee bid on the property at any time in the event that they will not be near a computer on auction day. On auction day, the computer opens that bid and enters the minimum on behalf of the bidder. As other people bid throughout the day, the computer will enter more bids on a person’s behalf up to the maximum bid amount they have entered.

Why does the bidding continue past the closing time?

Scheduled ending times are stated in the bidding area for each property. Our system is a dynamic bidding, anti-sniping type system, meaning that if someone bids within the last 10 minutes of the auction, the auction will go into an overtime period and will extend ten minutes past the stated end time. If someone bids within that overtime period, the auction will extend another 10 minutes and so on until there has been a 10 minute overtime period without bidding activity. We believe this is the fairest way to make sure all parties have an opportunity to bid and don’t lose out in the last few seconds because of a slow internet connection or computer issue. The key to the 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.

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 premium?

A buyer premium is a transaction fee added to the high bid, paid by the buyer as part of the Auctioneer’s compensation. For example, a bid of $100,000 and buyer premium of 10% will result in a purchase price of $110,000. The buyer premium and deposit are unrelated.

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

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