Buying Real Estate the Auction Ohio Way
Experience a better way to buy real estate that allows you to compete against all buyers under the same terms, in a transparent process where you can see all bids and compete to buy real estate at your price.
Registration on the site is required to participate in a real estate auction. The first step is giving us general information about who you are, contact information, mailing address, etc. You will create and confirm your password. You will be required to enter a credit card as a part of the process. Your card will NOT be used to pay for a deposit or purchase of real estate. Once you have completed the registration process, you will receive a text/email with your bidder ID that you can use to Login to begin bidding.
Terms, conditions, registration requirements will vary for all auctions. Please read thoroughly.
By typing your name, you are electronically signing and agreeing to the terms and conditions for the auction.
Some auctions may require you to upload additional documentation to be approved. Documents may include, but are not limited to, Proof of Funds, Loan Approval, Hold Harmless Agreements, etc.
If automatic approval is in place, you will be notified on screen that you are approved to bid. When documents or a manual approval is required, the auctioneer will review your registration and/or applicable documentation. Once you are approved, you will receive a message granting you permission to bid. It is in your best interest that we vet all bidders so that you are not competing against unqualified bidders.
Clicking the Quick Bid button allows you to bid the next required bid amount with ease and without risk of a bidding error.
If you desire to place the quick bid, simply click on the quick bid button. There will be a pop-up window asking you to confirm you're bid amount. Once your bid is confirmed, the bid will be placed and an affirmation window will appear, informing you of the new status of the real estate. The bidder ID of the current winning bidder will instantly appear beneath theCurrent Bid. You can click on the number of bids placed on an item to view theBid History. All of your personal bidding history can be found in theMy Bids section of your bidder dashboard.
This option will allow you to place an exact bid which would be higher than the next required bid. Clicking the Bid/Set Max button will provide a text box for you to type in your desired bid, please submit and confirm.
Once you type in your desired bid amount, click on the submit bid button. To ensure you haven’t made a mistake or typo, a window will pop up asking you to confirm your bid. Once your bid is confirmed, the bid will be placed and an affirmation window will appear, informing you of the new status of the real estate. The bidder ID of the current winning bidder will instantly appear beneath theCurrent Bid. You can click on the number of bids placed on an item to view theBid History. All of your personal bidding history can be found in theMy Bids section of your bidder dashboard.
This option will allow you to set the maximum price that you are willing to spend on a property. The system will then bid on your behalf up to the amount of your max bid. Max bids are not disclosed, and the system will only bid for you if another bidder places a bid. To place an MAX bid click on the Bid/Set Max button and use the Set Max field.
Submit a Max Bid to set the maximum price that you are willing to spend on that item. The system will then bid on your behalf, according to the standard Bid Increments, up to the amount of your max bid. Max bids are not disclosed and will not be visible to any other bidders. The system will only bid for you if another bidder places a bid, and it will only bid one additional bid increment. You can also increase your max bid amount without affecting the current price of the item. Once you type in your desired bid amount, click on the submit bid link. To ensure you haven't made a mistake or typo, a window will pop up asking you to confirm your bid. Once your bid is confirmed, the bid will be placed and an affirmation window will appear, informing you of the new status of your bid. Max bids are not disclosed and will not be visible to any other bidders. The system will only bid for you if another bidder places a bid, and it will only bid one additional bid increment. You can also increase your max bid amount without affecting the current price of the real estate. The bidder ID of the current winning bidder will instantly appear beneath theCurrent Bid. You can click on the number of bids placed on an item to view theBid History. All of your personal bidding history can be found in theMy Bids section of your bidder dashboard.
The Consumer Guide to Agency is provided to you, prior to bidding, as a disclosure of how the listing Real Estate Broker conducts business and can act as an agent in the State of Ohio.
The Agency Disclosure is provided to you as a disclosure of who the listing Auctioneer/ Broker-Agent and selling Broker-Agent (if any) is representing in this transaction.
This form is provided to you, prior to bidding, and required on 1-4 family residential real estate dwellings built prior to 1978
Paying the earnest money will be pursuant to the terms of the auction. In some cases ACH ONLINE payments are accepted in which case you will be sent a link to make the payment. There are some that might require a certified / bank check. Please look at the requirements listed on the auction.
This form is provided to you, prior to bidding, and required on 1-4 family residential dwellings. There are some exemptions (estate, trustee, etc.) in which the seller is not required to complete the Residential Property Disclosure. In such cases you are provided, prior to bidding, an exemption form stating the reason for exemption.
The listing Auctioneer/Realtor will deliver the fully executed contact to the escrow/title company who will coordinate next steps to close. These next steps may vary from region to region in Ohio based on the acceptable business practices for the area.