HomeMaxima.com For Sale By Owner Auction Process
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For Sale By Owner Auction Process

FSBO Starts Here

FAQ

For Sale By Owner (FSBO) Auction Guide

Seller side - FSBO Seller's Tools
The seller is the property owner. When listing, seller side should set auction starting time a few weeks into the future. This will allow time for preview and for qualifying buyers. Any time during preview and before auction ended, seller can set "approved bidders" to allow qualified bidders to bid. Seller can set auction start date at any desired future time and auction duration has range from 1 to 30 days. If property is not sold, seller can repost (fresh posting) or relist property.
Who pay Buyer's Agent Commission?

Buyer side
Individual or organization buyer can directly bid on FSBO auction, after being qualified by Seller. To qualify, buyer must register and contact seller/owner (providing buyer username) via seller's posting. If the FSBO listing includes Buyer's Agent Commission (owner pays), buyer may use agent's support in real estate transaction. Buyer should pay an in-person visit and preview interested property before bidding.

MLS Listing and Advertisement
If the property is listed on the MLS, we recommend that seller informs prospective buyers about their auction on the MLS and any related advertisement.

Transaction Fee
FSBO auction service is a FREE of charge for sellers (property owners).
Buyer Fee (auction cost).

Seller can offer incentives to buyer by indicating in the listing that seller will reimburse this auction cost. Buyer can also negotiate with his or her agent or have agents bid (Agent Commission Bidding) to give rebate to cover this cost.

The auction process is binding. Seller can set a Starting Bid (usually a low figure) and a Reserve Price (minimum acceptable price). By using our platform, seller agrees to sell the property to the winning buyer and buyer agrees to buy the property at the winning price, which is equal or greater than the Reverse Price.

Both parties should prepare and enter appropriate binding agreements. If auction results a winning bidder, both sides agree to open escrow within 7 days of closing auction. It is important to note that the auction result supersedes any other offers or counter offers. HomeMaxima.com does not involve in real estate transaction.

 

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