Preparing for a Real Estate Auction

If you’re considering buying property through an online real estate auction, LastBid Real Estate makes the process straightforward and accessible. Whether you’re a seasoned investor or a first-time buyer, preparation is key to a successful auction experience. Here’s everything you need to know before placing your bid.

Register

To begin bidding, simply register for an account on bid.lastbidrealestate.com. This one-time registration allows you to participate in all future auctions using your selected username and password.

Inspect Before You Invest

Most properties listed on our site comes with scheduled public inspection times. These are perfect opportunities to view the property and bring along inspectors, contractors, or trusted advisors. Inspection times are published on the property’s listing page, so you can plan.

Bidding Is Simple and Flexible

Once registered, just click the Bid Here link on the property page. You’ll review and accept the auction terms before entering the bidding platform. You can either:

Place a maximum bid and let our system automatically bid on your behalf, or
Manually bid in real-time as the auction progresses.

Determining Property Value

At auction, the real value of a property is what you and other buyers are willing to pay. While appraisals and comparable sales can be helpful, factors like location, personal needs, and market trends all influence a property’s value. Competitive bidding provides a transparent and fair market price.

Understand the Buyer’s Premium

Each property has a buyer’s premium—a transaction fee added to the high bid. For instance, if you win a property with a $100,000 bid and there’s a 10% buyer premium, your total purchase price will be $110,000. This fee is part of the Auctioneer’s compensation and is separate from your deposit.

Winning the Auction—What Happens Next?

If you’re the high bidder:

Our staff will contact you within 24 hours to begin the purchase process.
You’ll submit your deposit (typically $5,000 or 10% of the purchase price).
We coordinate with the seller to finalize the Buy/Sell agreement within 10 business days.
Your down payment is held in escrow, and you’ll have 30 days to close on the property.

Marketable Title and Title Insurance

Yes, you will receive marketable title and title insurance—paid for by the seller. Most sales transfer with a warranty deed, but other deed types (e.g., covenant or trustee’s deed) may apply depending on the property.

Who Pays Property Taxes?

Tax responsibilities vary:

Past-due taxes are paid by the seller.
Current year taxes may be prorated or divided between buyer and seller depending on the timing of the sale.

Each listing includes detailed tax information, so review it carefully.

Deposit and Payment Method

After winning an auction, a deposit is required immediately. Most properties require $5,000 or 10% of the purchase price (whichever is greater). Deposits must be made via wire transfer or cashier’s check—credit cards are not accepted.

Buying real estate at auction is a transparent and exciting way to secure property—often at a great value. At LASTBIDrealestate.com, we aim to make the process smooth and straightforward, with clear information and dedicated support at every step.

Have questions or ready to bid? Reach out to our team or explore current listings HERE.