What do I need to do as an interested bidder prior to an online real estate auction?
The period of time leading up to an online auction is much the same as any real estate auction. You should first request a bidder prospectus from Steffes Auctioneers. Contact Steffes Auctioneers with any questions you may have, view the properties you are interested in, conduct your due diligence, and determine what your bid amount will be. This is also the time for you to secure financing if needed. The majority of the properties we offer at auction are for cash and are not contingent on the buyer securing financing unless otherwise specifically noted.
How do I bid online for a property?
You must first register at www.IQBID.com. Review the Terms and Conditions of the auction. Complete and return all documents and/or disclosures required for the specific real estate auction. Submit any bid deposits or bank letter of recommendations required for the auction as stated in the Terms and Conditions. Click on the "Request to Bid" button. If you have submitted all the required documents and met the terms of the auction, your bidding status will be approved, and you will receive an email confirmation that you are approved to bid.
I received confirmation that I am approved to bid. What happens next?
Once an Online Auction has started, you click on the "Bid Now" button and enter your bid. Bidders can view all submitted bids, by clicking on the "Bid History" button. Bidders may continue to submit subsequent Online Bids until the auction ends. IQBID.com online auctions utilize Dynamic Bidding which when a bid is placed within the last 5 minutes the ending time of the auction is extended 5 minutes.
How do I know if I am outbid?
Each time you place an online bid, the system will notify you in four ways:
- The bid screen will instantly tell you if another bidder has placed a higher bid than yours.
- After placing a bid your bid screen will turn green if you are the high bidder and will be red if you have been outbid.
- You will be notified via email that you have been outbid.
- You can also monitor and review all bids by clicking on the Bid History button on the Property Profile page.
The minimum bid increment is the minimum amount that you must increase your bid above the current high bid to become the new high bidder. The bid Increments for a property are determined for each individual property and are stated on the bid screen.
What is the duration of the auction?
The length of time an auction runs is determined on an individual basis for each auction. The time an auction runs may be found on the auction page at IQBID.com
Are the real estate auctions sold with reserve or unreserved?
Whether an auction is sold with reserve or unreserved is normally determined by the seller.
- UNRESERVED AUCTION - For properties that are unreserved (absolute auctions) the seller is obligated to accept the highest bid of any amount, and there is no reserve price.
- RESERVED AUCTION - There are two types of reserved auctions: published reserve and unpublished reserve. A reserve auction means the high bid is always subject to the seller's confirmation. The seller is not obligated to accept the highest bid received for a property. However the very fact that the seller has placed their property in the auction indicates that they are motivated to sell.
Steffes Auctioneers and IQBID.com are seller's agents. All property sales are conducted by real estate professionals who represent the seller and are licensed in the state where the property is located. We strongly recommend buyers to secure buyer representation at their expense in all real estate transactions.
If my bid is accepted by the seller, may I then change or withdraw my bid?
No. Placing a bid for a property is a legal offer to purchase and, therefore, both the buyer and seller have certain legal rights and obligations. We encourage our bidders to seek qualified consultation regarding the rights and obligations that you may incur as a high bidder. You are strongly advised not to place a bid for a property unless you are comfortable with your experience in real estate transactions or have secured qualified representation for real estate transactions.
What is a Buyer's Premium?
A Buyer's Premium is a disclosed percentage or fee added to the highest bid to determine the final Contract Price. Online auctions may or may not have a buyer's premium. Please see the Terms and Conditions of each specific auction for further details.
What happens once I have become the successful High Bidder?
Once you have received notification that you are the successful high bidder, you are obligated to complete the Purchase and Sale Agreement and submit the earnest money funds required for the specific auction. Normally this is completed on the same day as the auction closes. Time is of the essence in real estate transactions. See the Terms and Conditions of each specific auction for the requirements of that auction.
If you have any additional questions, please contact us at (701) 237-9173.
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