I still have more questions, who should I ask?
Please contact us 24/7 at 855-630-1800 ext. 9941. We're available to answer all of your questions and provide any guidance necessary.
How many pictures can a listing have?
We currently allow an unlimited number of pictures to be uploaded per auction listing.
Will my property be placed on the MLS?
Yes, your home will be placed on the MLS and advertised on multiple online platforms with the appropriate terms and disclosures. Our agents will handle all of those details for you.
Do auctions really work?
Answer: Absolutely, but the key to success is good marketing. Our platform is the tool to display your listing professionally and accept offers (bids) online. We incorporate your auction listing as the focal point of all our offline and online marketing. We handle all of that for our sellers.
Do I need to be a real estate agent to list a property on this site?
Yes! Only “auction certified” agents from EXP Realty can place properties on this site. If you would like to sell your property, please contact Dick Carr at: (563) 594-5444
Can I do anything if the high bidder backs out?
Yes! You can report the high bidder to us if you are not working with one of our agents. If we determine the buyer is at fault, we will remove their privileges on our site. A Seller can also choose to pursue them for default.
Is the high bidder guaranteed to buy my property?
No, but an online auction is a binding agreement and how far a seller pursues a non-performing bidder is up to them.
However, the buyer is represented by a Realtor who must submit an IA or IL Residential Purchase contract and an earnest money check must be submitted to an Escrow Agent within 24 hours of winning the bid. By doing this, it will help identify a non-performing bidder right away.
In addition, a buyer must provide a full loan approval letter from a Licensed Mortgage Lender prior to bidding. If they are paying cash they must provide a proof of funds to us before bidding.
Does a Seller have to accept the highest bid?
No. A seller can counter or reject an offer. You should discuss strategy with your Quad City Homebuyer Auctions agent.
Does the buyer pay any fees?
We DO NOT charge a fee to list a property on our web site.
However, it is up to each individual seller whether or not they charge a buyer’s premium. Make sure you understand all the terms and conditions of an auction before you place a bid on it.
What is the Buyers Premium? Using the our auctions option, real estate commission can be paid by the seller, the buyer or both. The buyer’s side of the commission is called “Buyer’s Premium”. (Highest Bid + Buyer’s Premium = Sales Price)
This is the MOST transparent way for a seller to offer the lowest price on their home and still compensate the real estate agents who conduct and close the transaction.
Each property listed on our web site may offer different terms, conditions and buyers premium, so be sure to research the property and all of the details on the property bid page.
Can I view the home before bidding?
On most Auctions we will have an Open House the weekend prior to the end of the auction. That will be the opportunity to view the home for all buyers.
Please contact the EXP Listing Agent identified on the Auction Property page.
Can I get an inspection?
Yes. In most Auctions once the sale is approved, the buyer will have an additional inspection period to complete any additional inspections. If there are inspections already done they will be available as a link from the auction page. In most Auctions, any and all inspection requests will be honored. Simply ask the agent to set up a preferred time for your inspector. Please read the complete terms and conditions of an auction before placing any bids.
Is there a fee to register or place a bid?
No, there are no fees required to register or bid. However, some sellers may require that you verify your identity using a valid credit card before placing a bid. In that case, an authorization is done with your credit card but you are not charged.
Also, each property may require a specific deposit once you are declared the winning bidder. Each property will list the required deposit amount in the terms
Where do properties on this site come from?
The properties on this site are offered for sale by local real estate agents on behalf of private homeowners, wholesale investors and some Banks or Lending institutions.
What are the bidding increments?
Bidding increments will vary depending on the specific home and it's price range. It will often be $500 or $1,000 at a time....sometimes more, again, depending on the property and it's price range.
Do I have to pay cash or can I get a mortgage?
Yes, you can use a mortgage. However, in order to submit a bid, you will need to provide us with a “pre-approval” from a licensed mortgage lender. A pre-approval is different than a pre-qualification. Once you register one of our agents will contact you and help with the process. There are cost and interest rate savings by working with some of our preferred lenders. If you have any question on getting a home loan, contact us for more details.
If you are paying cash, you must provide a “proof of funds” document prior to be approved for bidding.
How do I place a bid?
You must be a registered member of our site. Registration is currently FREE. Working with a Realtor is required. Once the winning bid is achieved a Realtor MUST facilitate the entire process from bidding, contract submission, inspections to closing.
If you need an agent, we can provide one of our “auction experts” who work with auction buyers. This is all they do and are experts at guiding you through the process. In addition, there may be cost savings available to you.
If you have an agent, simply provide their name and contact information when registering.
CLICK HERE to read the complete bidding instructions.