Step 3: Individual Property Screen/Bidding
- Be Smart. Make sure to include costs already known to the investor/buyer into your bid. Our fee, delinquent property taxes, estimated rehab, closing costs on re-sale are examples. Also, it is wise to pad your estimated rehab numbers to be able to compensate for “unforeseen” issues with the property that were unknown prior to purchase.
- Be Prepared. Always make sure you have enough funds available to purchase properties in your price range. Trying to get additional funds to a desired sale site on the same day will be a near impossibility. Just because properties of interest do not currently have an opening bid, there is a chance an opening bid will be received on these desired properties throughout the day. Catching last minute bids are the “Gold Mine” of this industry. Many investors at the sale are working off a list of opening bids in which they have already completed their due diligence. Many do not have the team in place to track all of the new bids being made available online, clear title, estimate value, and get a visual and evaluation from drivers all in a timely manner. Thus taking out a good portion of the competition.
- Highest current bid between the REIC group is shown to the top right.
- Once you input your bid and select SUBMIT, your bid in now LIVE and your position within the group with be identified.
- 1st position customer will be a part of the LIVE auction, if requested. Our bidder will call the customer with the highest bid when their property is called at the sale, the use of Skype, Face Time, or instant messaging services is also available. This way the customer can quickly decide whether to push their bid at the last second, sometimes an extra $100 wins the property.
- All winning bid amounts will be shown. If you are the winner of a property, a copy of the purchase receipt will be emailed to you by 5pm on the same day of purchase.