Frequently Asked Questions

FAQ

Each property will have a dedicated Auction Manager who will provide technical assistance with functions of registration for the auction, as well as answer any questions related to the bidding platform and general customer service support.

"As is, Where is" means buyers will purchase the property with no guarantees in regards to the condition of the property. Buyers should rely entirely on their own information, judgement, and their inspection of the property. We invite you  to inspect the property during viewing times and dates. You'll have ample access to help you assess the available property. Please contact the designated Property Representative for questions regarding the property or to make arrangements

Yes, you will be able to access due diligence in the Documents section of the property page. This section contains due diligence that the Seller and/or Agent has prepared to help you make a more informed decision about the property. This information may include, but is not limited to, items such as the home inspection report, termite inspection, area information, purchase contract, and terms and conditions of sale.

 Contact the Support  or click the “Request A Showing” link on the property’s page to schedule a time to preview outside the normally scheduled times.

 Contact the Support  or click the “Request A Showing” link on the property’s page to schedule a time to preview outside the normally scheduled times.

Auctiontrade.AI offers a variety of different types of auction formats, such as reserve auctions, sealed bid auctions, and absolute – no minimum, no reserve auctions.

At Auctiontrade.AI, we welcome broker participation. All you have to do is have your broker contact the designated Auction Manager, and we will provide them with the Buyer Broker Registration Form.

Bidding
Once you are approved to bid and bidding opens to the public, you can place bids on one or multiple assets up to your approved bid limit. Please note that your bid limit applies at the sales event level – if you are bidding on multiple assets and happen to win a sale, your bid limit will be decreased by the high bid on that property.
 
Placing a Bid
To place a bid during a sale, simply click the Place Bid button. You will be prompted to confirm your bid amount. Note: as with your registration, placing a bid confirms again that you have agreed to abide by the Terms and Conditions of the sale.
 
The default bid amount is the next minimum bid increment. Users are allowed to bid above the minimum bid increment by typing in a specific bid amount, clicking Place Bid, and confirming the bid.
 
Auction Clock
A countdown clock is included on each asset page. This indicates the total time remaining in the auction. The clock will reset to 3:00 minutes if either of the following events occur:
 
A bid is placed with under two (2) minutes remaining.
The bid increment is lowered with under (2) minutes remaining.
Auction Results
A sale can result in an asset either expiring, being sold, or being sold subject to seller approval. High bidders will be contacted by Marketplace with further instructions should the asset be sold or sold subject to seller approval.
 
Platform Fee
A 5% Platform Fee is due on all assets sold on the platform unless an alternative Platform Fee is specifically posted on the asset webpage. Such Platform Fee is in addition to the purchase price and due at closing, along with the amount of the purchase price for the asset (as provided in the Purchase Agreement). This fee is not negotiable.
 
If you have any questions or need assistance on the bidding process, you can reach us at 305.725.3880 or support@auctiontrade.ai

You can register for an online auction through www.auctiontrade.ai.com. Simply click “Online Auctions” in the BUY menu. Find the auction you are interested in and click the button that says “Login & Register to Bid.” Then follow the instructions to register. You will be notified when your registration has been approved. After you have received approval notification, you can return to the auction at any time when bidding is open, log in, and bid

We recommend that you register as soon as possible. This allows you to become familiar with the online process and makes things easier when the auction opens.

Registration allows you to save properties in your watchlist, sign up for auction alerts, as well as access certain restricted features of the site

No. You must register to be able to bid, but registration does not in any way obligate you to bid.

Answer: Absolutely. We encourage you and your client to thoroughly inspect any property they are interested in. Most properties will have scheduled open houses or inspection periods. The specific dates and times for property previews are listed on each property's detail page. If a property is occupied or has special viewing instructions, those details will also be clearly noted on the listing. We highly recommend you or a licensed inspector accompany your client during the inspection period to perform all due diligence before bidding.

Answer: Absolutely. We encourage you and your client to thoroughly inspect any property they are interested in. Most properties will have scheduled open houses or inspection periods. The specific dates and times for property previews are listed on each property's detail page. If a property is occupied or has special viewing instructions, those details will also be clearly noted on the listing. We highly recommend you or a licensed inspector accompany your client during the inspection period to perform all due diligence before bidding.

Answer: Once you have completed the Broker Registration Form for a specific property, you will be able to place bids on your client's behalf. Our platform offers a secure bidding portal where you can enter the bid amount. It is essential to communicate with your client in real-time to ensure you are placing bids within their authorized budget. The bidding process is straightforward, and the system will provide real-time updates on the current high bid and time remaining.

Answer: A buyer's premium is a fee added to the final winning bid (or "hammer price") to determine the total contract price. This fee covers the costs of the auction and is a standard industry practice. For example, if the hammer price is $300,000 and the buyer's premium is 5%, the total contract price your client will pay is $315,000. It is crucial to make your client aware of the buyer's premium before they bid so they can factor it into their total budget. Your commission will typically be calculated based on the hammer price, not the total contract price.

Answer: Yes. All properties on our platform are sold on a cash basis or with a pre-approved, non-contingent loan. This means your client must have their financing fully approved and ready to close before participating in the auction. Bids are considered legally binding commitments to purchase, and there are no contingencies for financing. You should advise your client to obtain a pre-approval letter from their lender that confirms their ability to secure financing for the specific property they intend to bid on.

Answer: The commission structure is clearly outlined on each property's listing page, typically found under the "Terms" or "Broker Compensation" section. Commission is usually a percentage of the final hammer price, but some listings may have a flat fee. You will be paid your commission at the closing of the transaction. We will work with the closing attorney or title company to ensure your commission is included on the settlement statement and disbursed directly to your brokerage.

Answer: Registering to represent a buyer is a simple process. First, ensure you have an active real estate license in the state where the property is located. During the registration process, you will be asked to provide your license number and brokerage information. Once registered and verified, you can select the properties your client is interested in, and we will guide you through the submission of a Broker Registration Form. This form confirms your role and outlines the terms of your commission payment.

Answer: Once the auction concludes and the contract is signed, the transaction is legally binding. However, should the buyer (your client) default on the contract by failing to close, they will lose their earnest money deposit. This deposit is considered liquidated damages. The seller is then free to relist the property for auction. As the representing agent, you would not receive your commission in the event of a buyer default, as commissions are only paid upon a successful closing. We strongly recommend ensuring your client is fully committed and has all necessary funds in place before bidding.

Answer: A "reserve price" is the minimum price the seller is willing to accept for the property.

  • "With Reserve": The property will not be sold unless the highest bid meets or exceeds the confidential reserve price. The auctioneer or platform representative may place bids on behalf of the seller up to the reserve to stimulate bidding.

  • "Without Reserve": The property will be sold to the highest bidder regardless of the final price. This is also known as an "absolute auction."

  • The listing page for each property will clearly state whether it is being sold with or without a reserve. You should explain the implications of this to your client before they bid.

Answer: We believe in providing comprehensive information to facilitate due diligence. Each property listing includes a "Due Diligence Package" that you can access. This package may contain important documents such as the preliminary title report, property disclosures, a sample purchase and sale agreement, and any relevant HOA documents or covenants. We recommend that you and your client review all of these documents thoroughly and consult with any necessary professionals (e.g., inspectors, attorneys) before bidding.

Answer: The earnest money deposit is typically a fixed amount or a percentage of the total purchase price, and the exact amount is clearly stated in the property's listing. This deposit is required immediately upon a winning bid and serves as a good-faith commitment. Instructions for submitting the deposit—such as wire transfer details to a third-party escrow account or title company—will be provided to you and your client along with the purchase contract. It is crucial to send the funds by the deadline to avoid defaulting on the contract.

Answer: All properties listed for auction are intended to be sold through the competitive bidding process on our platform. The seller has committed to selling the property at auction to ensure transparency and a fair market price. As such, we do not accept offers or bids outside of the official auction. You and your client must participate in the scheduled auction to have a chance at purchasing the property.

Answer: If your client's bid is the winning bid, they will be notified immediately via the platform and email. The platform will automatically generate the purchase contract with all the auction terms, and it will be sent to the email addresses of both you and your client for electronic signatures. The executed contract, along with the required earnest money deposit, must be returned by the specified deadline (usually within 24-48 hours). The property then moves into the standard closing process, during which you will work with the closing agent to finalize the transaction.

Answer: Absolutely. We encourage you and your client to thoroughly inspect any property they are interested in. Most properties will have scheduled open houses or inspection periods. The specific dates and times for property previews are listed on each property's detail page. If a property is occupied or has special viewing instructions, those details will also be clearly noted on the listing. We highly recommend you or a licensed inspector accompany your client during the inspection period to perform all due diligence before bidding.

Answer: Once you have completed the Broker Registration Form for a specific property, you will be able to place bids on your client's behalf. Our platform offers a secure bidding portal where you can enter the bid amount. It is essential to communicate with your client in real-time to ensure you are placing bids within their authorized budget. The bidding process is straightforward, and the system will provide real-time updates on the current high bid and time remaining.

Answer: A buyer's premium is a fee added to the final winning bid (or "hammer price") to determine the total contract price. This fee covers the costs of the auction and is a standard industry practice. For example, if the hammer price is $300,000 and the buyer's premium is 5%, the total contract price your client will pay is $315,000. It is crucial to make your client aware of the buyer's premium before they bid so they can factor it into their total budget. Your commission will typically be calculated based on the hammer price, not the total contract price.

Answer: Yes. All properties on our platform are sold on a cash basis or with a pre-approved, non-contingent loan. This means your client must have their financing fully approved and ready to close before participating in the auction. Bids are considered legally binding commitments to purchase, and there are no contingencies for financing. You should advise your client to obtain a pre-approval letter from their lender that confirms their ability to secure financing for the specific property they intend to bid on.

Answer: The commission structure is clearly outlined on each property's listing page, typically found under the "Terms" or "Broker Compensation" section. Commission is usually a percentage of the final hammer price, but some listings may have a flat fee. You will be paid your commission at the closing of the transaction. We will work with the closing attorney or title company to ensure your commission is included on the settlement statement and disbursed directly to your brokerage.

Answer: Registering to represent a buyer is a simple process. First, ensure you have an active real estate license in the state where the property is located. During the registration process, you will be asked to provide your license number and brokerage information. Once registered and verified, you can select the properties your client is interested in, and we will guide you through the submission of a Broker Registration Form. This form confirms your role and outlines the terms of your commission payment

Answer: Registering to represent a buyer is a simple process. First, ensure you have an active real estate license in the state where the property is located. During the registration process, you will be asked to provide your license number and brokerage information. Once registered and verified, you can select the properties your client is interested in, and we will guide you through the submission of a Broker Registration Form. This form confirms your role and outlines the terms of your commission payment

Go to SimpliOffer.com and register to bid on an auction. As a buyer’s agent, you will not be required to put down a credit card like a buyer would.

No, that will be collected once you have the winning bid. The sellers will review and will have the ultimate say to accept, reject or counter the winning offer.

Absolutely not! We have agents all over the nation from all different brokerages use our system and help bring transparency to your transactions!.

Why wait? Register today!