How many pictures can a listing have?
We currently allow an unlimited number of pictures to be uploaded per auction listing.
I still have more questions, who should I ask?
Please contact Fred Spurlock of EXP Realty. He is available to answer all of your questions and provide any guidance necessary. 703 626-8423 or Fred.Spurlock@exprealty.com
Will my property be placed on the MLS?
Yes, your home will be placed on the MLS and advertised on multiple online platforms with the appropriate terms and disclosures. Our agents will handle all of those details for you.
Does OnLine Bidding really work?
Answer: Absolutely, but the key to success is good marketing. Our system is the tool to display your listing professionally and accept offers (bids) online. We incorporate your listing as the focal point of all our offline and online marketing. We handle all of that for our Sellers.
Do I need to be a real estate agent to list a property on this site?
Yes! Only “certified” agents from EXP Realty can place properties on this site. If you would like to sell your property, please contact Fred Spurlock 703 626-8423 or Fred.Spurlock@exprealty.com.
Can I do anything if the high bidder backs out?
Yes! You can report the high bidder to us if you are not working with one of our agents. If we determine the buyer is at fault, we will remove their privileges on our site. A Seller can also choose to pursue them for default.
Is the high bidder guaranteed to buy my property?
No, but an online offer is a binding agreement and how far a seller pursues a non-performing bidder is up to them.
However, the buyer is represented by a Realtor who must submit an Virginia Residential Purchase contract to the Listing Agent and an earnest money check must be submitted to an Escrow Agent within 24 hours of being notified that that buyer is the winning bid. By doing this, it will help identify a non-performing bidder right away.
In addition, a buyer must provide a full loan approval letter from a Licensed Mortgage Lender prior to bidding. If they are paying cash they must provide a proof of funds to us before bidding.
Does a Seller have to accept the highest bid?
No. A seller can counter or reject an offer. You should discuss strategy with your agent.
Does the buyer pay any fees?
We DO NOT charge a fee to list a property on our web site.
However, it is up to each individual seller whether or not they charge a buyer’s premium. Make sure you understand all the terms and conditions of an auction before you place a bid on it.
What is the Buyers Premium? Using the our Online Bidding Platform, real estate commission can be paid by the seller, the buyer or both. The buyer’s side of the commission is called “Buyer’s Premium”. (Highest Bid + Buyer’s Premium = Sales Price)
This is the MOST transparent way for a seller to offer the lowest price on their home and still compensates the real estate agents who conduct and close the transaction.
Each property listed on our web site will offer different terms, conditions and buyers premium, so be sure to research the property and all of the details on the property bid page.
Can I view the home before bidding?
On most Online Bidding situations, we will have an Open House (either In-Person or Virtual) the weekend prior to the end of the auction. That will be the opportunity to view the home for all buyers.
Please contact the EXP Listing Agent identified on the Auction Property page.
Can I get an inspection?
In most Online Bids, once the sale is a ratified contract, the buyer will have an additional inspection period to complete any additional inspections. If there are inspections already done, they will be available as a link from the listing. In most Online Bid situations, reasonable and customary inspection requests will be honored. Just ask the agent to set up a time for your inspector. Please read the complete terms and conditions of the Online Bidding Platform before placing any bids.
Is there a fee to register or place a bid?
No, there are no fees required to register or bid. However, some sellers may require that you verify your identity using a valid credit card before placing a bid. In that case, an authorization is done with your credit card but you are not charged.
Also, each property may require a specific deposit (called and Earnest Money Deposit) once you are declared the winning bidder. Each property will list the required deposit amount in the terms
Where do properties on this site come from?
The properties on this site are offered for sale by local real estate agents on behalf of private homeowners, wholesale investors and some Banks or Lending institutions.
What are the bidding increments?
You can bid $1,000 at a time.
Do I have to pay cash or can I get a mortgage?
Yes, you can use a mortgage. However, in order to submit a bid, you will need to provide us with a “pre-approval” from a licensed mortgage lender.
A pre-approval is different than a pre-qualification. Once you register, one of our agents will contact you and help with the process. If you have any question on getting a home loan, contact us for more details.
If you are paying cash, you must provide a “proof of funds” document prior to be approved for bidding.
How do I place a bid?
You must be a registered member of our site. Registration is currently FREE. Working with a Realtor is required. Once the winning bid is achieved, a Realtor MUST facilitate the entire process from bidding, contract submission, inspections, to closing.
If you need an agent, we can provide one of our “Online Bidding experts” who work with Online Bidding buyers. This is all they do and are experts at guiding you through the process. In addition, there may be cost savings available to you.
If you have an agent, simply provide their name and contact information when registering.
CLICK HEREto read the complete bidding instructions.