How an Online Auction Works
Step 1: Register to bid by filling out the form located at https://auctions.micoley.com/signup/. By registering to bid, the buyer acknowledges that they have downloaded, read, reviewed and understand the information in the terms and conditions and consent to entering into electronic transactions over the internet. When you make a bid, you are acknowledging that you have read, reviewed and understand all of the information contained in the bid packet for that particular property. The bidder also acknowledges that immediately following the close of auction, they are prepared to execute the Contract of Sale agreement and pay the appropriate deposit at that time in a form that has previously been deemed acceptable to the Auction Company.
Step 2: Determine how much you are willing to pay for a piece of property. Since your needs and desires are unique, your evaluation of the property will be different from anyone else’s as well as the amount you are willing to pay.
Step 3: As the auction progresses, when you want to make a bid, you enter the amount you wish to bid in the appropriate box and click the make bid box. You will not be allowed to bid against yourself. The on line auction will be conducted under the total control of the auctioneer.
Step 4: If you have any questions or need any assistance, you can click the “ask a question” and email your question to one of the Auction Company Team members. These individuals are there to help you understand the process completely.
The most important thing to do at auction is relax and have fun. If you have question, ask it. We strive to insure that all of our customers are fully informed and educated. And remember,
You’re only going to pay one bid more than someone was willing to pay.
TYPICAL ADDITIONAL QUESTIONS:
DO I NEED TO PRE-QUALIFY?
No. We normally do not require pre-qualification to bid; however, if you intend to obtain bank financing, the bank will require you to qualify for their loan.
The deposit you make on the day that the bid is entered is not contingent upon financing and, if you are the successful bidder, the deposit will not be refunded if you fail to subsequently execute the Contract of Sale and close. The Contract for Sale is included in full in the bid packet, is a form which is required by the Seller and the terms and conditions of which may not be altered or modified, in any way.
WHAT IS A BUYER’S FEE?
A buyer’s fee is a percentage that is added to the bid price to determine the total purchase price. In our auctions, there will be a buyer’s fee added to the successful bid amount to create the total purchase price; the amount of the buyer’s fee amounts can be found in the bidder’s packets, as they vary from property to property. The earnest money (the amount in addition to the amount which was made by credit card deposit when you entered you bid) will be non-refundable (except otherwise specifically provided in the Sellers’ Contact of Sale) and due within 24 hours of date and time on which you are sent an email informing you that you are the successful bidder. The balance of the contract purchase price shall be due at closing.
WHAT IF I’M A BROKER?
We offer a Broker Participation Fee to any licensed Real Estate Broker who properly registers a client. Registration forms must be completed at least 48 hours prior to the first bid being made by the client of the Broker. Call 888-662-1020 to request a Broker Participation Form.