F.A.Q.

Help / Frequently Asked Questions

My HomeSaleExpress.com Account

Do I need an account in order to place a bid on a property?

Yes, registration with HomeSaleExpress.com is free!

How do I register?

The registration link is located in the top right corner by clicking on the user icon. Click "Register" and complete the online registration form and submit your information.

I registered, but I still can’t bid on Auctions.

In order to be approved to bid on a property, you’ll need to upload the following onto our site:

  • Proof of funds letter, or Mortgage pre-approval letter from a local lender.
  • Executed Buyer’s Premium agreement.

If you are having any trouble with this process, please contact our team at HomeSaleExpress.com.

Do I need to provide proof of funds or a pre-qualification letter prior to bidding on a property?

To bid on any property you simply need to have registered PRIOR to the expiration of the auction AND provide Proof of Funds or a pre-qualification letter. Once received, your account will be approved.

How do I reset my password?

The reset password link is located at the bottom of the Login form. Click “Login” and "Reset Password", submit your username and an email will be sent to you with a link to reset your password.

Auctions

How do I bid on a property?

Once you are registered for an auction event, placing a bid is a simple click. You will enter the Maximum Bid you are currently willing to pay for the property. Each property will have an opening price and bid increment. Each bidder receives a confirmation once a bid is placed, and if you are the high bidder you will be notified at the conclusion of the auction.

What is an Increment?

An increment is the required amount set by the auction in which bids must be placed.

For example: Current Bid = $100,000 with $5,000 increment, Bids would start at $100,000 and have to be placed in increments of $5,000.

What is a Maximum Bid?

Once you place a bid you will be asked to submit your Maximum Bid. Neither the seller or other bidders can see your Maximum bid but instead will be held to "automatically" bid on your behalf up to your maximum bid in the event another bidder makes a bid.

For example: Current Bid = $100,000 with $5,000 increment

Next, User 1 places a Max Bid = $150,000, then the Current Bid = $100,000 (User 1, Winning)
Next, User 2 places a Max Bid = $125,000, then the Current Bid = $130,000 (User 1 Auto Bid $125,000 + $5,000 increment, User 1 Winning)
Next, User 2 places a Max Bid = $200,000, then the Current Bid = $155,000 (User 2 Auto Bid $150,000 + $5,000 increment, User 2 Winning)

What is a Buyer’s Premium?

The Buyer’s Premium is a Percentage of the Winning Bid Price which is paid to the Auction Firm at closing. The Buyer’s Premium is added to the Winning Bid price to calculate the final Contract Sales Price . In other words, the final Contract Sales Price is the sum of the Winning Bid Price plus the Buyer’s Premium.

For example: Winning Bid Price - $300,000
2% Buyer’s Premium - $6,000
Final Contract Sales Price - $306,000

Do I need to provide proof of funds or a pre-qualification letter prior to bidding on a property?

To bid on any property you simply need to have registered PRIOR to the expiration of the auction AND provide Proof of Funds or a pre-qualification letter. Once received, your account will be approved.

What happens if someone outbids my Bid?

If you are out-bid you will receive an email notification to your email on file. We HIGHLY recommend you follow the auction on-line as the auction takes place to ensure you get the fastest updates possible in the event you are outbid and want to place another bid.

I won! Now what happens?

After you win an auction, you will receive an email confirmation and someone from HomeSaleExpress.com will be in touch with you shortly to proceed.