Bidder Deposit Policy

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Q1
What is the nature of the bidder deposit and how does it work?
The bidder deposit is a designated amount of money that prospective bidders are required to set aside in the form of a credit card hold. This simply authorizes Auction.com to confirm that the account is valid and the required amount is available.
Q2
What is a credit card hold(versus a credit card charge)?
Once registration is complete, Auction.com will place a hold for the designated deposit amount on the given credit card. This will not appear as a charge anywhere on the credit card statements or records. The deposit amount is credited against the account's current balance, but the funds are not transferred. After the auction, the hold will be released if the bidder does not win the property.
Q3
Why does Auction.com require a deposit from prospective bidders?
The Auction.com bidder deposit policy is intended to protect the integrity of the auctions, ensuring that the bidder pool is only reserved for serious bidders with verified means. This step in the registration process supports Auction.com's high closing rates and good-faith promise to its clients and partners.
Q4
How much is the deposit amount?
The deposit amount varies and is contingent on the number of properties that you want to bid on. Confirm your deposit amount upon completion of your event registration.
Q5
Can I use multiple credit cards to place my bidder deposit?
No. Only one credit card can be used to place the full amount of your bidder deposit. This applies whether you bid on one or many properties. For example, if you want to bid on 15 properties, one card must hold placement in the amount of $15,000. You cannot place $10,000 on one card and $5,000 on another.
Q6
I want to bid and I'm ready to place a bidder deposit. What happens once the bidder deposit is submitted?
Once your funds are verified, the deposit amount is credited against the account's available balance as a credit card hold. At this stage, a hold for the designated deposit amount will be placed on your card but the actual funds will not be transferred at this time. You are now registered for this property and are approved to start bidding once the auction begins.
Q7
What happens to the bidder deposit at the end of the auction?

You Are The Winning Bidder You Are Not the Winning Bidder
You will need to submit the following items:
Signed contract
  (within 2 hours of auction end)
• Proof of funds
  (within 1 business day of auction end)
• Entity documents
  (within 1 business day of auction end)
• Earnest Money Deposit
  (within 1 business day of auction end)
The hold will be released from your
account and the funds will be available
again within two business days after
the end of the auction.
Your bidder deposit will only be released
once escrow confirms that all payments have
been wired and the 4 items above are
received on time.
 
If you are the winning bidder, and you do not
provide these 4 items by their due dates,
Auction.com will retain your credit card
deposit to satisfy the non-refundable
auction transaction fee.
 
Q8
If I lose an auction, can I transfer my original bidder deposit to a new auction automatically?
No. Deposits are not transferable. In order to bid on another property, you must register and place a new bidder deposit.
Q9
I am a high volume Investor or Institution. Am I still required to place a bidder deposit?
Yes, a bidder deposit is still required. Institutional Deposit Override (IDO) may be considered if you meet the qualifications for the Platinum Investor Program (PIP). Membership of the PIP does not guarantee IDO. The opportunity to apply for PIP is offered after your authorization and payment is confirmed.

 

 

 

 


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