Thursday, December 05, 2019
Bidding Demo
 
Here's how bidding works on our system!
  • It's an "online, real time" format.
     
  • When you place a bid, you enter the maximum amount you're willing to pay for the property. The seller and other bidders won't know your maximum bid amount.
     
  • Our system places bids on your behalf starting with the next bid increment for the property. It will bid as much as necessary to make sure that you remain the high bidder (or to meet the reserve price, if there is one). It will keep bidding for you until bidding reaches your maximum amount.
     
  • If another bidder has placed the same bid before you or a higher maximum bid, the system will let you know that you've been outbid so that you can place another bid if you want. However, if no other bidder has a higher maximum bid at the end of the auction, you are the winner even if your bid doesn't go as high as your maximum bid. You could pay significantly less than your maximum price. This means you don't have to keep coming back to re-bid every time another bid is placed.
     
  • You won't necessarily pay the amount of your maximum bid. Our system will increase your bid on your behalf, using only as much of your bid as is necessary to maintain your high bid position. Your maximum bid is kept confidential (until it is exceeded by another bidder).

Important Notes: 

  • In Reserve Price listings, if your maximum bid is the first to be greater than the seller's reserve price, our system will automatically jump the price up to meet the reserve, and bidding will continue from there.
     
  • Please make sure you have read and agree to all of the "Terms" of each listing before bidding.
     
  • Watch the property listing to monitor the bidding.  You may be outbid, especially near the end of the bidding period.  The bidding information will update automatically as new bids come in (no need to refresh your browser window)
     
  • Any bids coming in near the listed closing time will automatically extend the closing time briefly to make sure that all bids are received.
     
  • When the bidding closes, if you are the "High Bidder," you will receive an Email from us verifying your successful bid!
     
  • You can view Example Bidding Scenarios on the right, or to practice bidding, you can visit our demo.

It's FREE to Register!

 

 

****** VIP ****

In order to place a bid/offer on any property available by auction with PalmSpringsHomeAuctions.com, you must, if paying  in cash, either provide a Proof of Funds letter from a legitimate banking institution OR a FULLY Underwritten Loan Approval Letter From a Mortgage Lender prior receiving access to the bidding area.

You can get the loan approval started by
clicking here.
 
CLICK HERE to register for access to the bidding platform.

Upon acceptance to our online bidding platform, you will receive your user name and password to allow access to bid/offer on properties that meet your criteria.

Should you decide to work with a licensed real estate agent and your bid is the winning the bid, then a signed CAR (California Association of Realtors) contract must be prepared by a California licensed agent and must be submitted within 24 hours after the winning bid along with the earnest money deposited with Lawyer’s Title & Escrow.

A licensed California real estate agent must prepare those documents and initiate the process. If you prefer not to deal with a real estate agent, we can complete the CAR contract. A Buyer’s Premium of 10% is still a requirement.

If you are working with a real estate agent, the bidding page will provide you with the option of entering your agent’s contact information. Our agents will contact them and review our auction procedures. Or, you will have the option to have one of our agents contact you.

Our agents are experts in this process and can guide you through the entire auction process from beginning to end and answer all of your questions. They can also explain the financial benefits of working with us.

What is the “Buyers Premium” – Using the PalmSpringsHomeBuyerAuctions.com option, the real estate commission is paid in the form of a “Buyer’s Premium”. A Buyer’s Premium can range from 5% to 12% of the “Final/Highest Bid Price” (not the Final Sales Price). The final sales price is calculated in the following manner: Highest Bid + Buyer’s Premium = Final Sales Price.  Realtor Fees/Commissions are paid on the Final/Winning bid and NOT the final sales price.

This fee is added to the winning bid amount and is paid by the Buyer. High Bid + Buyer Premium = Selling Price.

Each property listed on the PalmSpringsHomeAuctions.com’s web site will offer different terms, conditions and buyer’s premium.  It behooves you to research the property and all of the details on the property bid page.

A property will be available for viewing only on the day(s) of the open house (unless agreed otherwise)

A buyer must be approved for bidding manually by PalmSpringsHomeAuctions.com.

The seller reserves the right to accept, negotiate or reject the highest bid.

NOTE: An online auction is a binding agreement and a seller can legally pursue a non-performing bidder. The deposit, in most cases, will be forfeited.

Be sure to contact us if you have any questions on the auction process.

Terms You Should be Familiar with:

Bidding Auto Extend – Our system Prevents Last Second Bidding by Automatically Extending the Bidding Time.

If a bidder places a bid within the last 2 minutes of the end of the bidding time, the system will automatically extend the bidding time by 5 minutes in order to allow other bidders the opportunity to respond.

Attention Winning Bidders

If You Are the Winning Bidder: Please have your agent submit a signed purchase agreement to PalmSpringsHomeAuctions.com within 24 hours of the auction ending PLUS THE 10% Earnest Money/Deposit with Lawyer’s Title & Escrow Company. If you do not have an agent, please contact us.

Notice to Winning Bidder:
Important – If you are the winning bidder at the end of the auction and back out without submitting a contract, you will have been considered breaching our Terms of Use of our bidding submission system and you may be liable for a $750 withdrawal penalty fee.  The legal department will invoice you for that amount.
 

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