Convenient.               Transparent.              An Opportunity for a Great Deal!

When the auction goes online, you can view the bid history, are notified when you’ve been outbid, and are then able to place bids from the privacy of your own computer - anywhere, anytime. Really, it’s that easy.

The bidding process is completely transparent, yet your identity is protected.

Once the bidding ends and you are declared the winning bidder, the process proceeds as any other real estate transaction. Escrow opens. Financing is funded and after 30-45 days you are a new homeowner.

Experienced and helpful Auction Managers are available to help you throughout the auction process, and broker participation is welcome. We even have seller-approved lenders that understand the process of purchasing a home by auction and are available to work with you.

But let’s face it, it’s the low minimum bids featured in our online auctions that really draw buyers. It’s the perfect opportunity to purchase a home at a great price – a price you actually determine.

Buyer’s Frequently Asked Questions

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

The 30 to 45 days leading up to the Bid Deadline is the time for you to ask the Auction Manager any questions you may have, visit the properties you are interested in, conduct your due diligence using the Detailed Downloadable Documents available on the Freedom Realty Exchange website, and determine what you can afford to spend. This is also the time for you to secure financing. Bidders may either contact Freedom Realty Exchange’s preferred lender to obtain a prequalification letter, or prequalify through their own lender.

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

Buying property through an online auction allows you to experience a quick purchase and closing, eliminates lengthy negotiations, and provides you the opportunity to determine the price you are willing to pay. Buyers enjoy the convenience of conducting due diligence in their own time—downloading all of the appropriate documents and information on their own computer, from the privacy of their home or office. Bidders appreciate the transparency of the online bidding process. Additionally, Freedom Realty Exchange’s patent-pending feature “Last Call” eliminates the pressure that comes with traditional “outcry” auctions. When there is high interest and competition for a property, the Bid Deadline is extended, allowing bidders the opportunity to consult family, a closing agent or a financial consultant and confidently place a higher bid.

Where will the auction be held?

All of our auctions are conducted via the Internet, on our website www.FRE.com. Our convenient Online Auction format allows all bidders to place bids from their own computer, in the comfort of their own home or office.

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

You must first 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 and Wiring Instructions. To place a bid on a property, download and complete the Bid Form and submit it, 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 you intend to purchase. 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 will be available for your viewing and inspection during the times displayed on the Property Profile page. During these "open house" sessions, a licensed real estate professional or Property Representative will be available to answer your questions regarding the property and the FRE auction process. 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 that the property that I am purchasing is in sound condition?

You are encouraged to thoroughly review all property-specific information from the Documents section of the Property Profile page. You are also encouraged to personally conduct a thorough physical inspection of the property. You may desire 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 our preferred lender, while others do not. Go to the website or view the “Terms and Conditions of Sale” document in the Documents section of the Property Profile page for further details.

What is a Buyer's Premium?

A Buyer's Premium is a fee that is paid by the Winning Bidder (Buyer) to the Seller’s agent at the close of a sale. The Buyer’s Premium is added to the Winning Bid amount to determine the final contract price. Please see the “Terms and Conditions of Sale” for further details.

What happens once I have become the successful High Bidder?

Once you have received notification that you are the Winning Bidder, you will have two (2) business days to submit an executed “Purchase and Sale Agreement” and a check to the Escrow Agent for the difference between your Bid Deposit and the Purchase Deposit. Please see both the “Purchase and Sale Agreement” and the “Terms and Conditions of Sale” documents 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 us at (800) 966-0660.