Online Auction Frequently Asked Questions (Real Estate and Estate, Business Liquidation )
Q: How do I register to bid?
1. Go to stephenjax.com and navigate to your property of interest
2. Find the link for REGISTER TO BID ONLINE
3. Fill in the information form
4. A bidder number will be emailed to the email address you provide during registration.
Q: What is the minimum bid?
Jax Auctioneers does not set minimum bids for any auction. The first bidder always chooses the opening bid amount.
If the auction is an absolute auction, the property will be sold to the highest and last bidder regardless of the amount of the winning bid.
If the auction has a published reserve, once the bidding reaches the reserve, the property will sell to the highest and last bidder regardless of price. If the bidding does not reach the reserve, the Seller has the right to reject the highest bid.
If the auction is subject to Seller confirmation, the final bid is subject to seller approval. Seller has the right to accept or reject the high bid.
Q: How much is the property worth?
While a current appraisal, tax assessment, last listed price, or Realtor’s comps may provide a guide it should not be regarded as the definitive value. The auction process will determine the actual value on auction day.
Q: How should I prepare to bid at an online real estate auction?
Do your property evaluations and inspections, including any lead-based paint inspections, and prepare your financing prior to bidding. All sales are “as-is” and contracts are NOT contingent on inspections.
Previews: For Lots and Land, drive by and inspect anytime. For other property, please view stephenjax.com for preview dates and times.
Q: Can I bid on more than one property?
Yes. You determine the number of properties for which you will bid. You are responsible for ensuring that you have adequate funds to put down deposits and close should you win more than one or all of the properties.
Q: What happens if I cannot monitor all my auctions because I am bidding on
multiple properties?
We recommend that you set a maximum bid. When you set a maximum bid, each time that someone else tops your bid, the system will enter your bid at the next bid increment up to your maximum.
Q: How long will the auction last?
The length of the auction depends on when bids are placed.
We utilize an auto extend feature. Any bid placed within 4 minutes of the auction ending will automatically extend the auction for an additional 4 minutes from the time the bid is placed.
(Example:) If an auction scheduled to end at 10:00 a.m. receives a bid at 9:59 a.m., the conclusion of the auction automatically extends to 10:03 a.m. The auto-extend feature remains active until no further bids are received within the 4 minute time frame.
We utilize “timed auction events”. If there are multiple properties being offered in a single auction event, the auction completion times may be staggered in 3 minute intervals.
Q: How do I purchase the property in the name of a business entity?
If you are a successful bidder you will be contacted before signing your contract to obtain the name by which you wish to take title to the property. If you wish to change the entity taking title after the contract has been signed an assignment will need to be prepared at your expense. This assignment should take place as soon as possible to avoid possible delays in meeting closing deadlines.
Q: How will I know if I am the winning bidder?
You will receive a winning bidder confirmation via email shortly after bidding on your property ends. That email will be followed up within 24 hours by a phone call from one of our sales representatives who will walk you through the contracting process.
Q: Can I make an offer before the auction?
Absolutely. We recommend that you make your best offer at this time as Sellers typically will not cancel the auction for an offer that they believe will be beat at the auction. Contact Stephen Jax @864.979.5860 to make an offer.
Q: What is the Buyer’s premium?
The buyer’s premium is added to the high bid to arrive at the contract price. Take this into consideration when bidding. If there is a buyer’s premium, it is specified in the Property Information Package.
Q: Is there any financing?
No. The buyer is responsible for their own financing (the sale is NOT contingent upon financing.) If bidders plan to finance, they should have a bank pre-qualify them.
Q: How much is the required deposit per property?
Generally, successful bidders have 48 hours to deposit the greater of $2,500 or 10% of the Contract Sales Price in certified funds to the escrow agent named on the Auction Purchase Contract. If the total Contract Sales Price is less than $2,500, then the full amount is due as the deposit. See the Property Information for each auction for specific deposit requirements.