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Frequently Asked Questions.

Auction.com account basics

You need an account to bid on bank-owned and rental properties, as well as certain foreclosure sales. Even if you don’t need an account to bid, it’s beneficial to have one because it gives you access to a dashboard where you can save properties and receive messages. It also gives you access to important due diligence documents and allows you to receive notifications on the property status.

  • Click “Sign Up” from the navigation bar on the home page.
  • Enter your information in the form.
  • Check your email for the confirmation and confirm your new account.

No, you need to set up your own account with your own login. This is a security measure so we can keep track of individual buyers.

  • Click the “Log In” tab from the green navigation bar on the home page.
  • Click “Forgot Password?”
  • Enter your email address and submit.
  • Follow the instructions sent to your email.

    Yes. Call Customer Service at (800) 793-6107 or send an email to customerservice@auction.com and request to deactivate your account. You can always create a new account later.

    The VIP program offers exclusive benefits to investors who buy many properties per year. Learn more about the VIP Program.

    Yes, you can find us in the iTunes App Store or in the Google Play Store. We support iOS and Android.

    If your apps are no longer updating, then you may have an old app and will need to download a new one. Please find our most recent version in the iTunes App Store or the Google Play Store.

How do I buy a bank-owned property online?

You can browse bank-owned properties by clicking on the “Buy” tab from the green navigation bar. Then, click either “bank-owned homes” or “bank-owned & newly foreclosed homes.” We recommend creating an account before you start browsing, so when you find a property that you like, you can save it to your dashboard and register to bid on it. You cannot register without having an account.

To register for an online auction, do the following:

  • Log in with your email and password.
  • Next, find your property and click on the property photo or link for more information.
  • Click the “Register to Bid” button.
  • Your name and email address will be auto-populated.
  • We will confirm your registration details after your registration is complete. Be sure to check your email to confirm the date and time of the auction.

We require the deposit to ensure we have serious bidders. The deposit is just a hold on your credit or debit card. Unlike a charge, a hold authorizes us to confirm that your account is valid and you have a significant amount of credit or funds available. After the auction, we will instruct your credit or debit card issuer to remove the hold. The hold will be removed regardless of the outcome of the auction.

Yes, you can register for more than one property with a single deposit.

  • Start by clicking the “Register to Bid” button on the property page.
  • Click on “Add More Properties” in the box on the right.
  • Add the properties you’re interested in bidding on.
  • When you’re finished, you will see the list of properties that you are registered to bid on.
  • Your bid deposit will be calculated accordingly. For 1-10 properties, the deposit is $2,500; for 11-20 properties, the deposit is $5,000 and for 21 or more properties, the deposit is 10,000.

Remember the deposit is just a hold on your credit or debit card and will be released following the auction.

Conducting due diligence involves estimating the value of a property and its renovation costs, investigating the physical property, obtaining a title report, and researching the surrounding neighborhood. Learn more…

“Cash only” means that the property has to be paid in full following the auction. The funds that you use to buy the property need to come from your bank accounts, securities or other accounts. Some investors use private money from other sources but wherever it comes from, the funds need to be readily available so you can purchase the property immediately.

The Reserve Price is the minimum amount accepted by a seller. Most properties have an established Reserve Price, although there are occasions when a winning bidder can be declared even if the Reserve Price isn’t met. This occurs when a property is sold “subject to” the seller’s approval. Sometimes, sellers sell a property for less than the Reserve Price.

How do I buy a foreclosure for sale?

You can browse foreclosure properties by clicking on the “Buy” tab from the green navigation bar on the home page. Then, click “foreclosure sales.“ When you find a property that you like, save it to your dashboard and follow these steps.

  • Conduct your due diligence investigation.
  • Prepare your funds. Properties sold at foreclosure sales often must be paid in full on the day of the auction. Check your state’s requirements.
  • Research the venue so you know where and when the auction will be held.

Most foreclosure sales must be paid in full with cash or a cashier’s check on the day of the auction. Check your state’s requirements to see if you can pay part of the balance at the auction and the remainder within a certain timeframe, such as 30 days.

It depends. Some properties have liens and some states have laws in which the lien doesn’t carry over to the new owner. As part of your due diligence, you should order a complete title report on the property that you wish to purchase.

There are many reasons why a foreclosure sale may be postponed or cancelled. When you save a property to your dashboard, you’ll typically receive an email alert if the sale is postponed or cancelled. You can also check the website before leaving for the auction. Sales may be postponed or cancelled for some of the following reasons:

  • The homeowner and lender agree to postpone the sale.
  • The homeowner may have filed for bankruptcy. When this happens, it usually results in a cancellation and the lender has to start the foreclosure process all over. Bankruptcy does not stop foreclosure, it simply delays it until the homeowner resolves the debt or the lender gets approval from the bankruptcy court to continue the sale.
  • The lender may sell the property before the auction.

Yes. While browsing properties, save the ones you like to your dashboard and you’ll typically receive an email alert if that sale is postponed or cancelled. You also may want to check the property status on the property details page before leaving for the auction.

Yes, there is a calendar. Here’s how to find it:

  • Click on the “calendar” tab from the navigation bar on the home page.
  • Enter the auction dates, location, type of property and venue.
  • You will then receive a list of auctions.
  • Visit our Real Estate Auction Calendar to see how it works.

How do I buy a rental property?

You can browse rental properties by clicking on the “Buy” tab from the white navigation bar. Then, click “Rentals.” We recommend creating an account before you start browsing, so when you find a property that you like, you can save it to your dashboard and register to bid on it. You cannot save properties or register to bid without having an account.

It is the same process as the bank-owned auction process.

To register for an online auction, do the following:

  • Log in with your email and password.
  • Next, find your property and click on the property photo or link for more information.
  • Click the “Register to Bid” button.
  • Your name and email address will be auto-populated.
  • We will confirm your registration details after your registration is complete. Be sure to check your email to confirm the date and time of the auction.

For all bank-owned auctions, an Earnest Money Deposit of 5% of the total purchase price ($2500 minimum) is required prior to contract submission to seller. Payment in full is required upon closing. The closing date is set by contract. Specific to rental properties, most properties offer available financing via a variety of funding options. If the rental property does not offer financing, then payment in full might be required. Be sure to secure any necessary financing before you bid.

Yes. We welcome agent/broker participation with our rental properties.

Please visit the Rentals Properties Page for more information on searching, bidding on and buying rental properties.

How do I use a real estate agent with Auction.com?

Yes. We welcome agent/broker participation with our bank-owned properties. Just follow these steps:

  • Check the property details page to see if a commission is offered. Even if one isn’t offered, the agent may be able to earn a commission when you flip or rent the property.
  • Have your agent or broker register for the property 24 hours before the auction.
  • Identify your broker or agent when you register for the auction.
  • Agents and brokers must be licensed in the state where the property is located.
  • Agents and brokers must provide a completed Participation Form and IRS Form W-9.

Commissions vary from property to property on bank-owned properties. Check the property details page for details. By law, commissions are not allowed on foreclosure sales.

Some bank-owned and rental properties offer commissions. In addition, many of our properties are exclusive to our platform so when inventories are low, this provides a significant advantage to the agent. Auction.com also facilitates the closing process and our transparent platform allows buyers to compete on a level playing field.

What happens if I win the auction?

Typically, this is what happens after I am declared the winning bidder:

  • You will receive two emails: one will be a winning bid confirmation email and the second will be a form to verify your information for the purchase agreement.
  • Once the purchase agreement is generated, you will need to sign it.
  • Upon seller confirmation, you’ll be assigned a contract specialist to help you through the contracting process.
  • You will be asked for your receipt of the sent Earnest Money Deposit, as well as your Proof of Funds, which you will need to email back to your contract specialist.
  • Lastly, you will move into the escrow/closing process and be assigned a closing specialist. Your closing specialist helps ensure a smooth closing process.

Typically, this is what happens after you win:

  • In most states, you have to pay for the property in full immediately following the sale. Check your state’s requirements. We recommend paying with a cashier’s check.
  • In many states, you will receive a Certificate of Sale after you pay for the property. Check your state’s procedures for further details.
  • After you purchase the property, you typically have to record the deed with the county. You will be responsible for ensuring that the deed is recorded. This is not part of the Auction.com process. Check your state’s requirements for details.
  • Do not attempt to enter the property, even if it’s vacant, until you have the legal right to do so. If the property is occupied, you may want to contact a real estate attorney for assistance.

Yes, you can purchase the property as a separate entity, such as a Limited Liability Company or a Trust, but you’ll have to provide specific documentation. Read on to learn more.

After you purchase the property, you typically have to record the deed with the county. You will have to do this yourself, as this is not part of the Auction.com process. Check your state’s requirements, as each state may be a bit different.