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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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 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 adviser to see whether the property you are interested in qualifies for your circumstances.

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.

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.

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