Online Hybrid Real Estate Auction FAQ
Our new hybrid home selling program is a combination of the traditional way of selling properties,(listing properties on the local MLS) and an online auction (listing properties on real estate auction platforms) that allows people to participate in an auction in person or online.
Hybrid auctions are a type of property auction that can also be attended in-person or virtually. Hybrid auctions can increase exposure for both the seller and vendor. Auctions can also have benefits for the seller, such as:
- More control over the sales process – Seller Sets the Price and has the right to accept or reject any offer during the bidding process.
- Less hassle – All Bidders are Registered and Approved to Bid.
- Buyers compete for the property when multiple potential buyers bid against each other for a chance at winning the bid.
- Buyers tend to be serious. Bidders age given their due diligence to inspect the property, meet with counsel and run the numbers with their contractor before bidding.
- Of note: All winning bidders are under contract to complete the sale or loose their earnest deposit to the seller and buyer’s premium fee to the auction company.
Online auctions allow sellers to reach larger audiences, in different locations and geographical areas. We use state-of-the-art online bidding technology to make real estate transactions less cumbersome and more cost-effective for all parties
Jenkins Real Estate Auctions offers real estate opportunities through our innovative Online Only platform. Time definite automated auctions. No nose scratching or bidder paddles required. But in order for you to take advantage of these real estate opportunities, you have to understand how it all works.
When do listings appear on the website?
Online Only properties, meaning they are only available to our Internet bidders, are posted on JenkinsRealEstateAuctions.com and partnering Auction Platform websites, 21 to 30 days prior to the start of bidding. This window allows for property research, inspections and time to get financing in order.
How do I find available properties?
Properties can be located by going to our home page, clicking on the “Auctions” tab and dropping down to the “Upcoming Auctions” option.
When should I register for the Auction?
We recommend that you register and place a bid as soon as possible. This allows you to become familiar with the online bidding process and makes things easier when the auctions open.
Am I obligated to bid once I register?
You are under no obligation once you register to bid. Registering for the auction gives you the option to bid, but nothing else.
What does “No Reserve” or “Selling Regardless of Price” mean?
All of these auctions will sell to the highest bidder at the online auction event regardless of price.
If you ask for my credit number during the registration process, do you actually charge my card?
Your credit card is used as part of the authorization process. The auction registration system requires a credit card. Your card will be authorized for $1.00, but no money will actually be charged to your card during registration. It is used for identity verification purposes only. Please make sure the address you include in your registration is the same as the billing address for the credit card. Again, it is for identity verification.
Should I wait until the last minute to bid?
You can certainly bid whenever you choose during the time that bidding is open. We recommend, however, that you not wait until the last minute to bid, in order to make sure that you do not miss an opportunity to bid because of technical or other issues that might arise. There is no particular advantage to waiting until the very last moment, and our auto-extend feature (see below) limits a bidder’s ability to be the winning bidder by submitting a bid at the very last moment.
What is the Maximum Bid feature?
If you place a bid under the Maximum Bid Column, the online bidding system will enter your bid as the next required bid and continue to bid for you up to your Maximum Bid amount. For example, if the next required bid is $5,000.00, and you enter $10,000.00, then the online bidding system will immediately enter your bid as $5,000.00. The online bidding system will continue to bid up to $10,000.00 on your behalf using the preset auction increments as other bidders place their bids. If you are the high bidder at $5,000.00 with a Maximum Bid of $10,000.00, and another bidder places the next required bid of $5,250.00, then the online bidding system will bid for you at the next increment of $5,500.00, and so on. If at such time a bidder places a bid that is higher than our Maximum Bid, then you will be outbid. If you are not outbid, then it is possible that you may win the bid for an amount less than your Max Bid. We do not have access to see your maximum bid. Maximum bidding is kind of a “set it and forget it” bid.
Can I place a bid as time is expiring?
Yes. To ensure fairness, our system automatically extends the auction ending time by five minutes any time the bid price is raised with less than five minutes remaining. This helps eliminate last-second bidders who attempt to snipe the bids.
What do I do if I need help?
If you have questions, we have customer service representatives available to assist you with bidding online. You can reach them by calling (916) 588-0067, email at admin@jenkinsrealestateauctions.com
I won, what happens next?
Within two (2) hours of the conclusion of the bidding, a Contract of Sale and other required documents will be emailed to the address provided at registration. Bidders will have twenty-four (24) hours from the conclusion of the auction to return all documents and 3 days to transfer the earnest money deposit to the assigned title company. Title will contact you.
Do Sellers have to sell to the highest buyer?
If it’s a Timed Auction and your reserve has been met, then yes. A Timed Auction is run as a standard auction and follows the same legal protocol as one.
A Timed Sale is a conditional sale with a deadline. At the end of that deadline, it’s still at their discretion who to sell to. Their choice could be influenced by the conditions attached to your offer. For example: the settlement periods, reduced deposits or similar considerations.
However: We give the seller of the property the right to accept or reject any offers during the bidding process!
How can I tell if the buyers are legitimate if everything is online?
Buyers must register online and provide relevant identification in order to participate. Your agent must approve the registration, ensuring they’re real buyers beforehand.
Does the buyer have to proceed with the sale after the countdown finishes?
Timed Auctions are conducted under the same terms and conditions as a regular auction, meaning that if your reserve is met, the sale is unconditional and the buyer must proceed.
Timed Sales are a conditional form of sale, similar to a private treaty sale. This means the final offer is non-binding until the buyer signs the contract. Likewise, you may choose an offer with more favorable terms.
Terry Jenkins – Realtor / Auctioneer
Century 21® Select Real Estate
DRE# 02096855
CREA – Certified Real Estate Auctioneer®
Jenkins Real Estate Auctions LLC
Entity No. 202358616912
Formed In CALIFORNIA
Registered: State of California Secretary of State
Surety Bond Auctioneer/Auction Company
Bond Number 387770D
916-588-0067
