Why Buy a Home Through an Online Real Estate Auction?

People have been buying homes at auctions for many years. Online auctions simply bring an unprecedented level of convenience to interested buyers. Still, we realize purchasing a home online might seem daunting at first, and for that reason we have designed an auction process that is intuitive, reassuring and user-friendly.

So how do you participate in one of our online auctions? It's simple

• Find the house.
• Register on our website (registration does not obligate you to participate in the auction; it allows you access to the due diligence materials for buyers).
• Download and review all documents to conduct due diligence.
• Visit the property.
• Submit your Bid Form and Bid Deposit by the deadline.

Should the auction go into an online bidding format, you'll be able to view current bidding activity, be notified when you've been outbid and place your next bid from the privacy of your own computer Really, it's that easy.

If you are declared the winning bidder when the auction ends, the closing process will proceed just like any other real estate transaction. Escrow opens. Financing is funded, and after 30-45 days, you will be a proud new homeowner.

Experienced and helpful Auction Managers are available to help you throughout the auction process, and broker participation is welcome and a co-operating broker commission is offered in all of our auctions.

 

Buyer's Frequently Asked Questions

What do I need to do before the Bid Deadline to prepare to place a bid?

You will have 30 to 45 days leading up to the Bid Deadline to contact the Auction Manager to ask any questions you may have about the auction process. Also use this time to visit the property, conduct your due diligence by reviewing all available documents on the auction webpage and secure financing.

What are the advantages of buying real estate through an Online Auction?

Buying property through an online auction offers unmatched convenience and transparency and eliminates the pressure that comes with traditional "outcry" auctions.

Where will the auction be held?

All of our auctions are conducted over the Internet on our website www.FRE.com.

I've never bought real estate in an Online Auction; how does the process work?

First, you must register on the Freedom Realty Exchange® website, which is a simple, three-minute process. You will then be able to download and review the "Terms and Conditions of Sale," specific property documents and disclosures, as well as the Bid Form. To place a bid on a property, download, complete and submit the Bid Form along with the appropriate Bid Deposit amount (stated in the "Terms and Conditions of Sale") before the Bid Deadline. Bid Deposits may be submitted via mail or wire transfer.

Can I buy more than one property?

Yes. Generally, if you want to bid on multiple properties within the same auction event, you need to submit a separate Bid Form and Bid Deposit for each property. In the event you are not the Winning Bidder on all of the properties you bid on, your Bid Deposit will be returned to you, less a small administrative fee, for the properties you do not purchase.

Can I visit and inspect a property?

Each property offered on the Freedom Realty Exchange® website is available for viewing and inspection - see specific viewing times on the property webpage. The Property Representative's contact information will also be available on the Property Profile page in the event you need to schedule an appointment to visit the property.

How can I be assured of the condition of the property that I am purchasing?

You are encouraged to thoroughly review all property-specific information from the Documents section of the property webpage. You are also encouraged to personally conduct a thorough physical inspection of the property. You may choose to employ a professional inspection service to inspect the property on your behalf and evaluate its condition. Furthermore, you may also want to thoroughly review all available third-party documents, information and government records.

Will I be guaranteed clear title on any property that I purchase?

Title to property auctioned on the Freedom Realty Exchange® website is conveyed to the Winning Bidder free and clear of any and all liens and/or encumbrances, including taxes, assessments and lawsuits. Upon closing, a title insurance company will issue a title insurance policy that will insure that the property is free and clear of any and all liens and/or encumbrances. If the Seller cannot deliver clear title to the property, you will be refunded in full any and all fees and/or deposits that you have tendered and you will be under no further obligation to purchase the property.

Is financing available?

Some of our auctions offer financing through a Seller-Preferred lender, while others do not. Visit the specific property webpage and click on the Financing tab. You can also view the "Terms and Conditions of Sale" document in the Documents section.

What is the Internet Marketing Fee?

The Internet Marketing Fee is a fee paid by the buyer to the auction marketing company. The fee is based on the final purchase price and paid at the close of a sale. The Buyer's Premium is added to the Please see the "Terms and Conditions of Sale" for further details.

What happens once I have become the successful High Bidder?

Once you receive notification that you are the Winning Bidder, the buyer's package will be prepared and sent to you for execution. Upon receipt of the package, you will have two (2) business days to submit the executed "Purchase and Sale Agreement" and wire the required Purchase Deposit monies to the Escrow Agent. Please see both the "Purchase and Sale Agreement" and the "Terms and Conditions of Sale" for further details.

What happens if I am not the Winning Bidder?

In the event you are not the Winning Bidder, your Bid Deposit will be returned to you within ten (10) business days, less a fifty dollar ($50) administrative fee that is paid to the Escrow Agent.

If you have any additional questions, please contact an Auction Manager at (800) 966-0660.