- A $2500 credit or debit card hold (Bid Deposit) is required to bid on a bank-owned property on Auction.com. The hold doesn’t appear as a charge to your credit card and appears as a pending transaction on your debit card. The hold is typically removed the Saturday following the auction event (unless you win an auction), but please check with your financial institution for confirmation of available funds/credit. In some cases, releases may take a longer period of time.
You can register for multiple properties with just one $2500 bid deposit, provided they are all in the same auction event. Please note that all the properties registered for an event must complete the current seven day auction cycle before the bid deposit can start the process of being released. If a property is auctioned in subsequent events and you are interested in bidding, you will need to authorize a separate credit or debit card hold.
Disclosing the Reserve Price
- The Reserve Price is disclosed in certain instances. It’s up to the sellers to decide whether to disclose the Reserve Price (or minimum amount that they will accept for a property). The sellers have the option of accepting an offer that is less than the Reserve Price, but once the Reserve Price is met, the sellers should be agreeable to sell the property.
- When the Reserve Price is disclosed, you can find it on the property details page under the number of beds/baths or under the Current Bid or Starting Bid. You can also search the site to find properties that disclose the Reserve Price.
Buy It Now
On each property there will be a Buy It Now Price before it goes to Auction. If this Buy It Now Price is met the property will be sold immediately for the stated price. All properties will have this option available (if applicable) until 7 days before the Auction begins. At that point the investors will only have the option of pre bidding on the property.
Before you bid on a property, make sure you’re prepared. Study the property details page carefully and do your due diligence. You should also prepare your Proof of Funds. After you are satisfied with your research, follow these steps to begin bidding:
- Log onto your AuctionDealsToday.com account.
- When you register to bid, you’ll need to have your ID verified. Buyers can only use one ID with one account that is linked to their Bidder Profile. This one-time process is done to ensure a secure and smooth buying experience for buyers.
- You’ll have an opportunity to sign up for helpful “Action Item Text Alerts.”
- When the auction begins, type in the amount you would like to bid within the bid box and click the “Bid Now” button.
- You will be required to bid at or above the increments stated on the property details page. The increments, which may change throughout the auction, will be shown when the auction begins.
- Check in often, especially in the final minutes of the auction. Bids that are placed within the final minutes will trigger an overtime bidding period to allow all interested parties to keep bidding. This extended period gives everyone a chance to place last minute bids.
- When the auction is over, we’ll send you an email letting you know if you were outbid or if you were the highest bidder. If you are the highest bidder, we will let you know if the seller accepts your bid. Sometimes, the highest bid is still too low for the seller to accept. If the seller accepts your bid, you won the auction!
- Counter Bidding is a common practice used by all major auction houses. Auction.com will counter bid on behalf of the seller in order to move the price closer to the Reserve Price, or minimum price that a seller will accept.
- When the bidding reaches the Reserve Price, Auction.com will no longer counter bid. Counter bidding is designed to help the buyer and seller reach a price that works for both parties so the auction will be successful. Please note: The exposure of counter bids is not required in every state.