HomeMaxima.com Home Auction Process - Agent Listing and Bidding
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Home Auction Process - Agent Listing and Bidding

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FAQ

Home Auction Guide

Seller side - Listing Agent Tools
Individual seller must select an agent to represent himself or herself. The agent then list seller's property on HomeMaxima.com. 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, agent can set "approved bidders" to allow qualified bidders to bid. Agent 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?

Banks, lenders, or new home builders, with appropriate license to conduct real estate transactions, can list property directly or via agents. Sellers from this group can also use our platform to conduct online auction that they would normally conduct offline.

Buyer side
Individual buyer must select an agent to represent himself or herself. Buyer side can bid after being qualified by Seller side. To qualify, Buying Agent must register and contact Listing Agent (providing Buying Agent username) via Listing Agent's posting. Whether the property is existing, new, REO Foreclosure (bank-owned), or pre-foreclosure, it is in the buyer's best interest to work with an agent. Usually, the total commission, which is paid by seller, covers both listing commission and buyer's agent commission. Buyers should pay an in-person visit and preview interested property before bidding.

MLS Listing and Advertisement
We recommend that the seller side informs prospective buyers about their auction on the MLS and any related advertisement.

Transaction Fee
Home Auction service is a FREE of charge for sellers and their agents. Sellers includes existing property owners, banks or lenders (REO Foreclosure), and new home builders. 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.

On the seller side, real estate agents (representing owners), banks or lenders, and new home builders with appropriate real estate license can list properties. On the buyer side, qualified agents representing interested buyers can bid on properties.

The auction process is binding. Seller side can set a Starting Bid 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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