Questions About Online Bidding
Questions About Onsite Auction
Questions About Online Bidding
How do I search for properties?
The search for properties is FREE and you are not required to register to search for properties. If you choose to get more details about a property, you must create a profile and register. Your information is protected and will not be sold or given to anyone outside the Accelerated Real Estate Services Partner Network.
How do I register to bid on online?
Creating a profile is FREE and only takes a few minutes. Find the property you wish to bid on and click the "Bid Now" button. Complete the simple registration and accept the terms of the sale.
Why do I need to register with a credit card if registration is free?
A credit card is required to register for bidding to ensure you are of legal age to purchase real estate and confirm identity. No charges will be billed to your credit card although some banks will hold the $1 credit in a pending account for up to 30 days. Please see your bank for details. The name on your credit card must match the profile information you provided during registration. An email will be sent to you to confirm you are approved to bid or if additional information is required.
Debit cards are not recommended. The registration/verification process debits your account $1 per registration for deposit. Then immediately reverses/voids the transaction. Most banks put a hold these funds for a period of time before returning the funds your account. Accelerated Real Estate Services does not hold these funds and can not be responsible for your bank's security policies. Please see your bank for details.
Is my information safe?
Yes. All personal information is strictly confidential, and will not be disclosed to any third party without your consent. It is kept secure and in confidence per our privacy policy.
Will my registration for an auction automatically put me on an email list?
You will receive auction alerts from ARES based on your profile selected interests. Upon completion of your profile information, you will receive a confirmation email with your user name and password.
Can I view an online auction without registering?
No. You must have a profile to see more details about a property. You can view some auction details including bid and countdown from the summary page.
Is there a charge for participating in online?
There is no charge to register. If you are the successful highest bidder and the Seller accepts your bid you must make a 5% ($1,500 MINIMUM) non-refundable deposit per property at the conclusion of the auction. Electronic wire funds, credit card, check by phone and cashier’s checks are the only forms of payment accepted. This is accomplished by coordinating making the deposit with the designated ARES consultant and the escrow agent. Their contact information is included on the property detail page. Once the seller approves the sale, the deposit will be credited to the contract. The balance of the purchase price and all closing costs are due within 30 days.
How many auctions can I bid on at one time?
There is no limit to the number of auctions that can be bid on at the same time, although you must register and be approved for each auction individually. Once registered you will continue to use the same user name and password for all auctions for which you have successfully registered.
Can I register for online bidding on the day the auction closes?
Yes. We do recommend you register at least three days prior to the sale. Please refer to the terms and conditions of each auction for specific details of that auction.
Must I register for each online property if I want to bid?
Yes. Each auction will have its own set of terms and conditions that you will need to read, understand and accept prior to bidding. Once registered you will continue to use the same user name and password for all auctions for which you have successfully registered.
How do I bid online?
Bids may be submitted by clicking the "Bid Now" button. You may enter the minimum for the next bid or the maximum bid (proxy) you wish to pay. The electronic proxy will automatically increase your bid at predetermined increments to maintain the high bid. It will only raise your bid if you have been outbid by another bidder and will stop when you have won the auction or reached your maximum bid.
What are the bid increments online?
The bid increments for online are set as follows: Bids increases are set by the designated ARES consultant and different for each property.
Can I retract my bid?
No. By bidding you are representing to Accelerated Real Estate Services and the Seller that you have read and agree to be held accountable to the terms and conditions for this sale. If you do not agree with any of the terms and conditions DO NOT BID as you will be bound by those terms and conditions.
Can I have an agent place a bid for me?
For security reasons, we recommend only you make bids on properties you choose.
How do I know if my bid was accepted by the Seller?
At the end of the auction, you will be contacted by the designated agent if you are the high bidder and the Seller has accepted your bid. If you are the highest bidder and have not been contacted by the ARES consultant, you will still have an opportunity to attend the live auction and bid onsite.
What happens if I am the high bidder for an online auction and the bid is accepted by the Seller?
Within 12 hours immediately following the close of the auction, you will contact based upon the contact information you entered when registering. The closing will be coordinated by the designated agent for each property.
Questions About Onsite Auction
What is the Accelerated process?
The accelerated process of selling real estate utilizes the truest form of sales…an auction. A Real Estate Auction is a method of buying and selling real estate. It is an intense and accelerated real estate marketing process that involves the public sale of property through open, competitive bidding.
What do I need to bring to the Accelerated Real Estate event in order to bid?
You are required to bring a personal, business or certified check for deposit purposes. Funds will be given 72 hrs to clear in case you need to move money from a retirement vehicle or money market.
Are Accelerated sales subject to inspections?
All of our sales are on an "AS IS WHERE IS" basis unless otherwise noted in the property specific terms and conditions. Each Buyer is responsible for conducting their own due diligence leading to the buying decision. You can contact each property’s specific designated agent for more detail if you have other questions.
If I am the highest bidder, what happens to the deposit money?
The deposit will be deposited with the designated escrow agent and count as a credit towards the purchase price of the property.
What happens if for some reason the Buyer cannot close on the property?
It is rare that a failure to close occurs. In the case of an Accelerated Sale event, we can follow up with the other Bidders to attempt to negotiate a deal. This is a great aspect to Accelerated process in that you have several backups in place at one time. If the contract has already been executed and the Buyer fails to close, they will be in default and the deposit will be considered forfeit under the terms of the contract.
When can a Buyer inspect the property?
In general there is only one time prior to the auction to view the property. This is usually the week leading the auction. The property is also generally available to see on the day of the auction 30 minutes to 2 hours prior.
What happens if the Seller cannot close on the property?
If the Seller cannot present the property with free and clear title, the Buyer will be refunded his/her deposit.
How are closing costs addressed?
The Buyer is responsible for closing costs per contract. Consult a title company to determine closing cost estimates.
What is an absolute auction?
An absolute auction is one in which the property is offered without a minimum price. The Seller has indicated that they are willing to accept the highest bid regardless of price.
What is the Buyer's premium?
The Buyer's premium is added to the highest bid to compensate the service providers involved in the transaction. In general, a Buyer’s premium is 10% of the highest bid. The contract price is determined by sum of the highest bid and the Buyers premium.
How are Accelerated sales prices compared to traditional market sales prices?
An auction is a very real indication of the value for a property on that day. An auction is the truest form of market forces at work. Valuations are confirmed in person as someone bids for a property.
If I were to Sell using an Accelerated process, what are typical expenses to the Seller?
Adverting is the only direct cost to the Seller. These costs are transparent and direct costs. ARES agents do not use their advertising expertise as a profit center. An advertising budget is developed as part of the marketing strategy. That budget is then adhered to upon approval from the Seller. Again these costs are direct and no premium is charged for the expertise.
What makes an Accelerated process a successful way to sell property?
- Selection of an auction company that has a foundation in real estate.
- Being realistic and understanding the marketability of each property. That is why ARES is so successful in that all ARES agents are Realtors first and foremost.
- An auction is not a passive way to sell property.
- The Seller must be committed to the process.
- Development and execution of the marketing strategy is critical. This must include the Seller’s input.
- The market forces are brought to bear on a property specific basis with Sellers and Buyers seeing pricing occur.
What makes a property a candidate for the Accelerated process?
Each property must be analyzed separately as to the Seller’s motivation for sale and the marketability of the property. Not every property is a candidate, but the free analysis provided by the ARES agent will present all matters clearly and an auction will not be taken for the sake of conducting an event.
Will an Accelerated process hurt the value of my property?
Accelerating the sales process actually determines the value of properties on that day. Property values will always increase and decrease based on many factors. In just 4 weeks, a Seller can determine the market’s price tolerance for their property and make an educated decision as to the value. In a traditional sales method, a Seller is always chasing the market and discounting until the price level that works is determined. This length of time is more detrimental to a property.
Are investors the only people buying at auctions?
Bidders come with many forms of motivations. Our experience is that auction attendees are made up of spectators, investors, and end users. More and more end users are using auctions to buy property. They have learned that this is a great way to confirm value for a property and make an educated buying decision.
What is a typical marketing strategy for an Accelerated process?
Each property requires a marketing strategy analysis. In general marketing consists of print advertising, newspaper advertising, outbound calling, and email campaigns to the proprietary database of past clients. Also included is leveraging the existing Realtor networks to bring Buyers.
How long after the Accelerated process will the property close?
In general, each Accelerated property closes 30 days after the effective date. The effective date is the one in which the contract is actually executed. Some properties close sooner. Be sure to review terms and conditions for each property specific details.
Do Accelerated Real Estate Service Partners pay broker fees?
For our On-line and onsite Accelerated event, ARES agents cooperate with all registered and licensed brokers. We pay brokers for referrals, if they are the listing agent, as well as brokers who represent a buyer at an auction. The amount depends on the particular situation. For instance, a listing agent will receive different compensation than a broker who represents a buyer on auction day.
Representing a Buyer can either be done online or on site at the auction