The Bidding Process

Complete Retainer Fee

This is a administration/ retainer fee towards the enrollment in system and manage bidding process.

$75

Auction Rules

• Reserve Prices and Bidding Increments: Auctions may have reserve prices and predefined bidding increments

• Payments: All payments are handled offline between buyers and sellers.

• Due Diligence: Users are responsible for reviewing property details before bidding

Brokerage Representation

Receive Brokerage Agreement via e-sign to allow A- Status Realty to represent you in transactions.

CMA Review

Receive a Comparable Market Analysis to review properties

Schedule Inspections

Schedule Initial Inspection, Appraisal's, Home Inspection's

Bid On Properties

Active Bidding Process & Send EMD (Earnest Money Deposit) once bid is accepted!

Close & Title Transfer

Closing attorney performs the final closing and transfer of ownership, and etc.

Frequently Asked Questions

Here, you'll find helpful guidance to seamlessly navigate the entire auction process, whether you're a first-timer or a seasoned bidder. Explore our sections on what to expect before, during, and after the auction to ensure you're fully prepared and can make the most of your experience. We're here to help you every step of the way!

Our auction team determines the starting bid based on established formulas. These formulas consider the list price, reserve price, previous bid amounts, and the property's geographic location to arrive at a starting bid below the reserve price.

If the property is vacant and a listing agent is assigned, you can request to view the property. The agent's contact information is on the property's detail page. To view a property, please get in touch with the listing agent. Please note that if a property is occupied, it cannot be accessed or viewed. Pay attention if a property's detail page states it cannot be accessed or viewed. If the property is vacant and the seller has added a lockbox, the listing agent may give the lockbox code to a bidder's real estate agent. Only a licensed real estate agent can request the lockbox code and help you gain entry to view the property.

It is illegal to trespass on any property if occupied, so there is no way to view it. A property being occupied is one reason sellers may ask for "Cash Only" offers, as a lender would require an inspection and appraisal, which are not possible if the property is occupied.

Conducting due diligence involves estimating the value of a property, assessing renovation costs, inspecting the physical property, obtaining a title report, and researching the surrounding neighborhood. If the property is vacant, you should visit to assess items needing repairs before the auction.

The Reserve Price is the minimum amount accepted by a seller. Most properties have an established Reserve Price, although there are occasions when a winning bidder can be declared even if the Reserve Price isn’t met. This occurs when a property is sold "subject to" the seller’s approval. Sometimes, sellers sell a property for less than the Reserve Price.

There are no inspection, financing, or appraisal contingencies.

The Opening Bid represents where the bidding will kick off; however, it does not signify the Reserve and might not align with what a Seller is willing to accept as an offer.

Currently, the Seller only accepts offers placed as bids through the auction process.

If you are outbid for a property, you should receive an email notification indicating that you have been outbid. In addition, you can always look at the property's details page or your bidding screens to see if you are the current high bidder.

To ensure fairness, our system automatically extends the auction ending time by three minutes any time the bid price is raised with less than three minutes remaining. This helps eliminate last-second bidders who attempt to snipe the bids.

Bid Extension Feature or Anti-Sniping Functionality: A bid extension feature, also known as anti-sniping, extends the closing time of an auction when a bid is placed in the last few minutes. The goal is to give other bidders time to place a higher bid before the auction ends. The process continues until no more bids are placed within the specified time, and then the auction closes. your text here...

Title will be conveyed to the buyer via Quitclaim Deed or its equivalent and with no express or implied warranties of title. The buyer may purchase title insurance at their own cost.

When you successfully win an online auction property on My Next Bid, please remember that must cover the final bid amount, buyer's premium, and all applicable closing costs, dues, taxes, and fees, including title insurance. Conducting thorough due diligence on any potential purchase is crucial to understanding the possible liabilities that may persist after foreclosure.

Many of our properties are eligible for financing. However, it's important to note that there are no financing contingencies, so bidders must have their financing in place before bidding for an online property. There are also no appraisal contingencies. Additionally, some properties may not allow or provide access for inspections required for financing, which may disqualify them from being financed.

The seller may negotiate with bidders even if the reserve price isn't met. The high bidder can submit their highest and best bid for consideration.

Yes, if you are the high bidder on a property, you must show proof of funds or pre-qualification documents.

The utilities for all our properties are currently disconnected. Regardless of inspections or appraisals, utilities cannot be turned on before closing. The buyer is responsible for utility transfer post-closing.

Yes, you can purchase the property as a separate entity, such as a Limited Liability Company or a Trust, but you’ll have to provide specific documentation.

If the Seller accepts the final bid amount, the high bidder will receive an email with a digital questionnaire that must be filled out so that we can create the purchase contract. The required information includes the buyer’s and agent’s contact information and the source of funds.

During The Bidding Process Question's

Post Bidding Question's

Definitions:

• Agreement: This Terms of Use document in its entirety.

• Buyer: The individual or entity submitting the highest accepted bid.

• Seller: The individual or entity listing property for sale.

• User: Any individual or entity using the Site.

• Services: All services provided by A- Status Realty

• Bid Rigging: Prohibited activity of conspiring to manipulate bids at an auction

• You/Your: Refers to all users of the Site.

• We/Us/Our: Refers to A- Status Realty and its affiliates.

Terms & Conditions

Welcome to A - Status Realty!

These terms and conditions outline the rules and regulations for the use of A- Status Realty, LLC's Website, located at https://a-statusrealty.com.

By accessing this website, we assume you accept these terms and conditions. Do not continue to use A - Status Realty if you do not agree to take all of the terms and conditions stated on this page.

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The following organizations may link to our Website without prior written approval:

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We reserve the right to request that you remove all links or any particular link to our Website. You approve to immediately remove all links to our Website upon request. We also reserve the right to amend these terms and conditions and its linking policy at any time. By continuously linking to our Website, you agree to be bound to and follow these linking terms and conditions.

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If you find any link on our Website that is offensive for any reason, you are free to contact and inform us at any moment. We will consider requests to remove links, but we are not obligated to or so or to respond to you directly.

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