I still have more questions, who should I ask?
Please contact Dick Carr at (563) 579-3939 of eXp Realty. He is available to answer all of your questions and provide any guidance necessary.
How many pictures can a listing have?
We currently allow an unlimited number of pictures to be uploaded per auction listing.
Will my property be placed on the MLS?
Yes, your home will be placed on the MLS and advertised on multiple online platforms with the appropriate terms and disclosures. Our agents will handle all of those details for you.
Do Online Offers really work?
Answer: Absolutely. This is occurring all over the country. But the key to success is smart pricing and good marketing. Our platform is the tool to display your listing professionally and accept offers online in REAL TIME in the most transparent way possible. We incorporate your listing as the focal point of all our offline and online marketing. We handle all of that for our sellers.
Do I need to be a real estate agent to list a property on this site?
Yes! Only “Online Certified" agents from eXp Realty, LLC can place properties on this site. If you would like to sell your property, please contact Dick Carr at: (563) 579-3939.
Can I do anything if the high bidder backs out?
Yes! You can report the high bidder to us if you are not working with one of our agents. If we determine the buyer is at fault, we will remove their privileges on our site. A Seller can also choose to pursue them for default.
Is the high bidder guaranteed to buy my property?
No, but how far a seller pursues a non-performing offeror is up to them.
However, the buyer is represented by a Realtor who must submit an IA or IL Residential Purchase contract and an earnest money check must be submitted to an the Listing Agent or Escrow Agent within 24 hours of the acceptance of the winning offer. By doing this, it will help identify a non-performing bidder right away.
In addition, a buyer must provide a full loan approval letter from a Licensed Mortgage Lender prior to making offers. If they are paying cash they must provide a proof of funds to us before even making offers.
Does a Seller have to accept the highest bid?
No. A seller can accept, reject or negotiate any offer. You should discuss strategy with your agent. Or contact Dick Carr at 563-579-3939.
Does the buyer pay any fees?
Yes. A buyer’s premium is charged on every most every transaction. Make sure you understand all the terms and conditions of a particular home's offer before you place a bid on it.
However, it is up to each individual seller how much they charge a buyer’s premium.
What is the Buyers Premium? Using the our Online Offers Platform, real estate commissions can be paid by the seller, the buyer or both. The buyer’s side of the commission is called “Buyer’s Premium”. (Highest Offer + Buyer’s Premium = Sales Price)
This is the MOST transparent way for a seller to offer the lowest price on their home and still compensate the real estate agents who conduct and close the transaction.
Each property listed on our web site may offer different terms, conditions and buyers premium, so be sure to research the property and all of the details on the property's offering page.
Buyer’s premium is collected from the buyer and used to compensate the real estate agents in this transaction.
The seller(s) have agreed to compensate the real estate agents from the buyer’s premium (which is added to the final bid price). The buyer’s premium will be added to the winning bid amount which shall establish the final sales price.
The seller has agreed that the broker will charge the buyer premium on top of the accepted bid price of the home. Accepted bid price plus the buyer’s premium will establish the sales price.
The seller has agreed in writing to release the buyer premium amount to eXp Realty to be used to pay the commission to eXp and to the co-brokerage commission.
Can I view the home before making offers?
On most Online Offerings we will have an Open House the weekend prior to the end of the bidding. That will be the opportunity to view the home for all buyers.
Please contact the eXp Listing Agent Dick Carr (563) 57903939 identified on the Online Offers Property page.
Can I get an inspection?
Yes. With most Online Offers, once the sale is approved, the buyer will have an additional inspection period to complete any additional inspections. If there are inspections already done they will be available as a link from the property page. In most cases, any and all inspection requests will be honored. Simply ask the agent to set up a preferred time for your inspector. Please read the complete terms and conditions of the Online Offers Platform before placing any offers.
Is there a fee to register or place an offer?
No, there are no fees required to register or place offers. However, some sellers may require that you verify your identity using a valid credit card before placing a bid. In that case, an authorization is done with your credit card but you are not charged. (this is not currently being utilized).
Also, each property may require a specific earnest money deposit once you are declared the winning offeror. If so, each property will list the required deposit amount in the terms.
Where do properties on this site come from?
The properties on this site are offered for sale by local real estate agents on behalf of private homeowners, wholesale investors and some Banks or Lending institutions.
What are the bidding increments?
Bidding increments will vary depending on the specific home and it's price range. It will often be $500 or $1,000 at a time....sometimes more, again, depending on the property and it's price range. You can also set up an auto-bid in $1,000 increments and set a price limit to insure you are the winning bidder or you don’t exceed the price you are willing to pay. But even if you meet that limit you may still manually bid after that.
Do I have to pay cash or can I get a mortgage?
Yes! You can use a mortgage. However, in order to submit a bid, you will need to provide us with a “pre-approval” from a licensed mortgage lender. A pre-approval is different than a pre-qualification. Once you register one of our agents will contact you and help with the process. There may be cost and interest rate savings by working with some of our preferred lenders. If you have any question on getting a home loan, contact us for more details.
If you are paying cash, you must provide a “proof of funds” document prior to be approved for bidding.
How do I place a bid?
You must be a registered member of our site. Registration is currently FREE. Working with a Realtor is required. Once the winning bid is achieved a Realtor MUST facilitate the entire process from bidding, contract submission, inspections to closing.
If you need an agent, we can provide one of our Online Offers experts who work with such buyers. This is what they do and are experts at guiding you through the process. In addition, there may be cost savings available to you.
If you have an agent, simply provide their name and contact information when registering.
CLICK HERE to read the complete bidding instructions.