FREQUENTLY ASKED QUESTIONS
There are many questions that we are asked every day and here are a few that I hope will answer some questions:
Am I bidding on the FULL PURCHASE PRICE of this home?: This question is our number one question for sure. Yes, you are bidding on the full purchase price of the home. We will send you a deed to the home and the keys to the property. It will be your home after we receive your full payment. Along with your bid price there will be a transaction fee that will need to be paid in addition to the purchase price. Terms vary, but are listed in each individual listing.
Your description claims that your require an immediate deposit of $2,000.00 after the auction ends. What if the winning bid is less than that amount?: We often start listings at $100.00 and let the course of the auction run. We have never sold a home for less than $2,000.00, but if the auction sells for less than $2,000.00, you will be required to make that payment to us. If the home sells for less than $2,000.00, we will honor the auction.
My bid was cancelled. Why?: It is very expensive for us to list properties at auction and when we feel that there is a reason to make contact with our bidders and we do not get a response within 24 hours, we will cancel your bid and place your ID in our Blocked Bidder List. If you are interested in our auction, please email or call our office and we will add you into our bidding list and allow your bid. Our criteria to determine ones bid would be low feedback or excessive negative feedback. Overall we are trying to work with everyone, but there are some bad apples out there and we are trying to protect the integrity of the auction.
I am interested in your property. Is there a number where I can reach you?: Yes, you may call our office and speak with someone in our staff about any listing or any details you have questions for. Please remember we have never been to the home and are not able to provide details that you or your own agent would be able to discover, but we are more than happy to talk to you. Give us a call or email us. Our contact information is listed in the “Contact Us” section.
Where did you get this property? Is it a foreclosure?: We buy properties from all sources. We get our homes through professional contacts, banks, private citizens, tax authorities, and various other sources. We are not able to disclose our sources. Some properties are foreclosures or bank repos and will be conveyed to you using a Warranty deed.
Are there any liens?: There are no liens or any mortgages on the homes we offer unless specified. Our properties are all purchased through title companies and we guarantee a clean title. We will usually provide the new buyer a copy of our title report as part of the new buyers paperwork.
Will you finance any or part of this purchase?: We are not able to provide financing on any property. The properties we offer are based on cash prices and we are just not capable of maintaining financing on so many properties. After you purchase the property and pay for your purchase is the time for using financing options. Please make sure your funds are available at the time of your bid.
How much time do I have to pay for my home purchase?: We require payment in full within 48 hours of any auction ending unless we are using escrow for closing. If we are using a closing agent to finalize the purchase, you must fund the transaction within 24 hours of being notified it is ready to close. A deposit of $2,000.00 is required on all transactions even if we are using escrow for the closing. We can’t allow any time extensions for closing. We are not able to close properties any later than the time specified in the listing.
How do I pay for my deposit?: After the auction ends or you make a decision to purchase a property from our site, we will send you instructions on closing by email. In these instructions the deposit requirements will be explained in detail. Most likely, we will email you a link from PayPal to complete your deposit. You may use a credit card for this deposit. If you do not have a PayPal account or do not want to use PayPal for your deposit, you may wire the funds to us by Bank Wire Transfer or overnight mail us the deposit by cashiers check. Bank wire transfer details and mailing addresses will be supplied in our detailed instructions. You may call our office to get those instructions as well.
How is the closing conducted? What happens once I make my payment in full for the home?: In some cities and states a closing agent is required to complete the transaction. We list all that information in our listings including fees for this service. A majority of the time, we will complete all deed paperwork and overnight the original deed to you with instructions on recording it. This service is handled by our low Transaction Fee. In this fee you will be provided with a set of keys to the home in a lock box, which is yours to keep. Should you require that your transaction be closed through an escrow agent or closing company, you will still need to pay for the transaction fee to cover the lock box, deed preparation, and all buyer and seller costs related to the transfer. A deposit is still required for us to accept any transaction. We do not mind using an escrow office for the closing if this makes you feel more comfortable and we will work to close your transaction as quickly as possible.
Do you have any more photos?: There are limitations on how many photos can be listed on some auction sites and we may have a few other photos, but it is very hard for us to send more photos to each and every request. Our web site will accommodate up to 15 photos and we try to place that many, if we have that many. Many times we list the photos we have at the time of listing.
I was doing some research and noticed your name is not on the counties web site as the owner.: We will guarantee that we are the current owner of every property listed by our company. We purchase and close on these properties and list them within a day or so. We do this so that the description and pictures of the property are fresh. The various counties we work with are backlogged and can take up to 6 weeks to report a new owner. We will fax ownership records to anyone that make a request for such documents.
I have decided to purchase this home. What next?: We will email the winning bidder our standard win letter that spells all the details out. Our office will collect all funds, then overnight the original deed to the buyer. We use FedEx for all paperwork. We will send you a tracking number as well. Our office prides itself on providing quick service once payment has been made in full.
Can I use my credit card for the entire purchase?: Unfortunately no. We will accept up to $2,000.00 for the initial deposit by credit card using Paypal, and then the balance must follow by cashiers check or by bank wire transfer.
Can you give me an estimate on repairs?: We do not physically go to the homes we buy. We rely on information from our trusted sources in the cities we purchase the properties in. If there are issues noted in our file, we will pass it on to the potential buyer in our listings. We do not hire contractors, or inspectors to view our properties. There are some rare cases where we have had someone bid out repairs and if we do, it will be passed on to any potential purchaser.
I live outside of the country. Can I purchase property in the USA?: Yes you can and we sell a lot of properties to foreign investors. The only change in policy is the amount of time it will take for priority mail times. All funds for purchase shall be made by wire transfer in US funds only.
How much are the average utilities every month?: We do not turn on any utilities to the homes we purchase and can not estimate their numbers accurately so we will not be able to furnish this type of information.
What types of utilities are available to the home and if it is a multi-family property, are the utilities separate?: We have never been to the home and only have information that was provided to us by various agencies or professional on site. If we have information it is listed without warranty. It will be the buyer’s responsibility to check all utilities and their availability. If the utilities are separated and we are aware, it will be listed in the listing.
How much do you think the property is worth now and when it is fixed up?: Occasionally we will have a comparables of prices in the area on select properties, but for the most part, we do not have information on values other than what the assessed taxable value of the home may be. There is a link in the listing marked “Neighborhood Profile” in this area it lists the average price range for homes within the homes general zip code listing other vital information. If we are aware of the homes value after a rehab, that information would be in our listing. Values of homes should be left to the professionals (i.e. Appraisers, Real Estate Agents, etc…)
Is this property rented?: We buy homes that are vacant and that have tenants in them. We generally do not collect rents from the tenants in place and usually place the burden of collection of rents on the new buyer. If we have a property manager handling rents at the time, then we will place that contact on to the new buyer. We will specify tenancy whether occupied or not in the listing and the terms.
Are there any other parking areas?: We would have to assume that there will be some kind of off site street parking, but we are unaware of any other parking conditions at the property. Please inspect the property for further details.
I would like to speak with the tenants living in the home.: We cannot provide tenant information until all funds are made and the deed has been recorded. There is a privacy issue concerning tenant and landlord privilege. We will provide contact information once the property has changed hands and recorded.
If I am the high bidder, do I own the home free and clear?: Upon full payment and recording of the deed, you will own the property free and clear. If the property was purchased from a taxing authority, there may or may not be issues with title that may need to be cleared up by an attorney. This only applies to Tax Deed Properties and we will label it as a Quit Claim Deed in our listing. We use Special, Limited, and Warranty deeds to convey our other properties. We will guarantee a property is our property to sell and that you will get ownership of the property. We do add a deed prep fee to every sale completed.
Your listing doesn’t have a Buy It Now Price. How much will you take for the home?: We are open for offers. Please email us with your best offer price on any of our listings and we will work with you to come up with a fair price for the property you are interested in.
I see that there are properties that have been sold on the auction site, but they are still listed on your site. Are they still available?: Properties will remain for sale on our site until a deposit is made. Sometimes we get fraud bids and will need to re-list a property. For that reason, we do not remove any listing from our site until we have a deposit.
Do you have a property manager I can use?: We may have some contacts for the cities we purchase properties in, but you are responsible for obtaining your own property manager. If we have someone to recommend, we will provide that information to the buyer once payment has been made.
I would like to inspect the home before I commit to bidding. Can I view the home?: Yes. We encourage our buyers to view or have their purchase inspected prior to bidding or committing to any purchase. We place a lock box on our properties with the keys inside. You may email or call us to get the code. We will need your contact information prior to us releasing the code. Please make sure the keys get back in the lock box.
How much are the rents in the area?: We will list what we think the rent is or should be in our listing. Otherwise, we are unaware of the current rental values in the area. Rental information can be obtained from any property manager in the area.
I saw this home listed a while ago. What happened?: Sometimes we have bidders that aren’t prepared to close or fund the transaction. We are forced to re-list some properties more than once due to fraud bidders as well.
I would like to meet you at the property and pay you cash: We do not live in the area of the homes we sell, therefore making it tough for us to meet any potential buyers in person. You may inspect the home at anytime.
I am sure there are many other questions that come up and these are just the ones that come up a lot. Our contact information is listed in our “About Us” section and we will update this section as more questions arise. Please read each listing carefully. You questions are most likely in our listing.