Buying at auction follows a similar process to the way you are used to buying a home. The major difference is that the auction process provides transparency, an important piece of the buying equation that helps people feel comfortable putting their best foot forward. Below is a step by step guide of how the process works.
01See the home.
Contact your real estate agent to book a showing for the home.
02Get more information.
If you like the home, register on our website to review the documentation provided such as the home inspection, floor plans, agreement of purchase and sale, bidder terms and conditions, etc. The pre-populated agreement of purchase and sale will provide key details including the closing date (or date range), deposit amount, inclusions, exclusions and other terms. This will be the document you sign right after the auction ends with your real estate agent if you are the winning bidder.
03Register to bid.
This step requests some added information, including a credit card to identify all bidders and to protect the auction process.
04Bid!
The auction will take place on a set date and time and typically lasts a few hours. You may login to bid or keep track of the bidding at anytime. Please note that all bidder's identities are kept completely confidential during the auction and only the bid amounts are shown on the auction page. The bid prices increase in set increments and bidders may bid as many times as they wish. Should a bid be placed in the last few minutes of the auction, the clock will automatically extend another few minutes to allow every other bidder the opportunity to bid again (should they wish to do so).
05Auction Ends
If you are the winning bidder, congratulations! You and your real estate agent will be contacted immediately to sign the paperwork to finalize the sale. If you did not win, you can be comfortable knowing that you put your best foot forward and you can look forward to finding the home that's right for you.