Frequently Asked Questions

Yes, registration is free and simple. Pre-register at least 24 hours prior to the auction day in order to receive information relating to the event and to allow for a quick check-in process on event day. You must register separately for each auction event listed in the auction calendar.

You can bid in person at the auction, online via our auction webcast, or submit an absentee bid—a valid written offer on the auction purchase contract—which will be held as a bid to be read at the event.

To bid at auction you will need all of the following:

• A $5,000 cashier’s check payable to yourself
• A blank personal check
• A valid ID (government issued)
• Pre-approval letter from your lender or prequalification documents from the auction lender

Please view the auction terms and conditions and purchase contract available on the property details page of your desired home. Auction terms and conditions and purchase contracts vary by property and auction event. If you are interested in more than one property, please view the individual documents for each. For more information or contact us with questions.

The property details page features a “Bid on this property now” link. This link allows you to make a purchase offer on a property up to 8 days prior to the auction event. Simply complete the 1 page bid form online, press “submit” and your offer will be sent to the property’s listing agent. If the seller wishes to accept the bid, the listing agent will contact you and request for you to provide a fully executed purchase agreement, copy of your loan pre-approval letter or a pre-qualification commitment from the auction lender and earnest money deposit. Once contracts are signed by the buyer and seller, the property will be removed from the auction.

The webcast is an audio simulcast that allows you to hear the auction and place bids via an Internet-connected computer or by phone. It is a convenient way to bid if you cannot attend the auction, but it is always safer to attend in person in case you encounter computer problems. You must register for the webcast at dovebid.com and follow the simple instructions for installing the software on your computer. A credit card authorization (not a charge) of $2,500 will be taken when you register. If you are the high bidder on the web cast, and if you are bidding by phone, your call will be transferred—or if you are bidding online, you will be called—immediately by our contracts team and lender to arrange overnight delivery of the purchase documents to your home or business. You must complete and return the documents within 48 hours. Failure to do so may result in your credit card being charged.

No. The sellers provide insurable title for all properties sold at auction. You will receive a CLTA owner’s policy of the title insurance in the amount of the purchase price as part of your transaction. The premium for the owner’s title policy is paid for by the seller. You, the buyer, are responsible for the cost of any lender’s policy. Please review the purchase agreement or contact us for further details.

Yes. Reviewing your financing options prior to selecting a home to bid on is important. In order to bid with confidence, every buyer should be pre-qualified for any financing you will need before the auction. Please call 1-888-4Zetabid (888-493-8224) to obtain the auction lender’s phone number. Third-party designated auction lenders will be available at the auction to provide financing to qualified borrowers. You can get pre-qualified after you check in at the registration desk and before bidding begins. You will receive a 17-day loan contingency in your purchase contract if you are pre-qualified by the auction lender. If you have further questions you can speak with one of our lenders on site. There are no financing contingencies when using your own lender. Rates vary by lender and by individual borrower financial information.

You are welcome to use your own lender, in which event you should obtain a pre-approval letter (not a pre-qualification) to present on auction day. However, if you choose your own lender, there is no financing contingency. Failure to achieve loan approval and close the transaction within the specified time frame may result in the forfeiture of the buyer's deposit in accordance with your purchase contract. We encourage you to utilize the auction lenders because the purchase contracts will require a 30-day closing time frame, which many outside lenders cannot meet.

Absolutely. In order to make an informed decision regarding the purchase of a property, it is recommended to visit and inspect the property prior to the auction and to also view any property information and disclosure documents you decide are necessary. Do your inspections ahead of time. It is recommended to schedule an inspection of the property by contacting the sales agent. By registering and bidding at the auction, you are representing that you have not only viewed the property prior to bidding, but have inspected, reviewed and accepted all property information you deem necessary to make an informed decision. The properties will not be open for inspection after the auction so your only opportunity to do inspections and investigations is prior to the auction. There is no inspection contingency.

Listed are a few additional steps to being an informed bidder:

• Bring your broker or agent to the scheduled Open House
• Complete an inspection performed by a licensed and bonded inspector during the Open House
• If you plan to make repairs or upgrades to the property you should also bring your contractor to the Open House

The bidding order will be published on Zetabid.com the Tuesday afternoon prior to the auction event. Simply click on the auction event and the list of homes will contain a bid order. At the auction, we will hand out a brochure with the homes listed by bid order. However, sellers have the right to remove properties from the auction at any time.

The closings are expected to occur within 30 days of the auction event. At closing and upon payment of the purchase price and closing costs, you will receive insured title to the property. Please view the auction terms and conditions and purchase contract available on the property details page of your desired home for more information or contact us with questions.

No. Once the auctioneer has announced you are the high bidder, and you and the seller of the property have both signed the purchase contract, you have agreed to purchase the property. There is no rescission or "cooling off period” once you and the seller have both executed the purchase contract. That is why it is important for you to conduct all of your research and inspections prior to bidding on the property. Please review the auction terms and conditions and purchase contract on the property details page of your desired home for more information. In some cases there are contingencies (financing and occupancy) but they do not serve as out-clauses in the event you change your mind.

Generally, we are able to auction between 20 and 25 properties per hour, so the event will move at a rapid--but manageable--pace. The length of each auction depends on how many properties are in the auction portfolio for auction day. Please allow sufficient time for traffic, parking and registration.

The high bid is not a final sale (or a binding contract) of the property but only an OFFER by the bidder to purchase the property from the property seller. No property sales are final at auction until there is a mutually acceptable written purchase contract between the property seller and the high bidder. The high bidder will be asked to sign a bidder confirmation card immediately after the auctioneer completes the bidding for each home. Then you will be escorted to our contracts area to meet with our auction lender, execute the purchase contract and sign over your cashier's check and Earnest Money check to our on-site escrow officers. Purchase contracts, addenda and disclosure information is available for review prior to the event on the property detail page of every home. Please review contracts or contact us with questions before the event so we can guide you through the process efficiently. If you have not pre-qualified and do not have proof of funds for an all-cash purchase, you will be required to authorize a credit check by our on-site lender. If you don't sign the contract or if you either do not have a commitment for a loan, or fail to obtain a loan commitment immediately following the auction, your bid will be deemed withdrawn the auction team will re-auction the home.

The high bid amount is the dollar amount of the bid that the auctioneer announces as the highest bid. Although the auctioneer may announce that the property is “Sold,” the high bid remains subject to the seller's approval.

The 5% Buyer’s Premium is not a real estate commission; it is the fee that Zetabid charges bidders for bringing the Property to auction, and is separate from any commissions paid to real estate brokers by the sellers. It is a standard practice utilized by most major auction companies. The Buyer’s Premium is 5% of the high bid amount that gets added to the high bid amount to determine the Total Purchase Price. For example, if a high bid amount is $300,000, the Buyer’s Premium is $15,000 ($300,000 x 5% = $15,000). In this case, the Total Purchase Price is calculated by adding the high bid amount to the Buyer’s Premium, or $300,000 + $15,000 = Total Purchase Price of $315,000. The Buyer’s Premium is typically financed as part of the purchase price.

The Earnest Money Deposit is the amount of money that, the high bidder, must deposit with the escrow/closing agent on auction day. The Earnest Money Deposit is equal to 5% of the Total Purchase Price (the high bid amount + the 5% buyers premium), regardless of the amount you finance. This is not the down payment. For example, if the Total Purchase Price is $315,000 then the Earnest Money Deposit required on auction day is $15,750 ($315,000 x 5% = $15,750). The Earnest Money may be forfeited if you do not close the transaction. If you are purchasing additional properties on the same auction day, the Earnest Money Deposit for all purchases is 5% of the Total Purchase Price of each property.

The first $5,000 of the Earnest Money Deposit is paid by the cashier’s check made out to yourself and presented at registration. The balance can be paid by personal check. There are no exceptions to this requirement.

We welcome agents and brokers and offer 2% of the high bid amount as compensation. Your agent must be named on your registration and must be present with you at the auction. If you bid via the Internet, be sure to give your broker information to the contracts team representative that reaches you by phone. If a broker is purchasing a home for themselves as a principal owner, the seller still pays the 2% compensation.

No. The purchase agreements are not assignable.

No. All inspections must be completed prior to the auction event. The properties will not be open for inspections after auction.

Generally, we are able to auction between 20 and 25 properties per hour, so the event will move at a rapid, yet manageable pace. Because the auction moves very quickly it is a bidder's responsibility to thoroughly review all property disclosures including the auction terms and conditions and purchase contract prior to auction day. If you are the high bidder, you will be promptly ushered to the closing area to sign the purchase contract and discuss financing. The length of each auction depends on how many properties are in the auction portfolio for auction day. It is helpful to know the bidding order, published the Tuesday prior to each auction event; however, sellers have the right to remove properties from the auction at any time. Please allow sufficient time for traffic, parking and registration.

A reserve price is an unpublished minimum selling price. However, the seller has the right to accept or reject all offers, in the seller's sole discretion. The starting bid is not the reserve price.

You must provide proof of funds in a recent bank or asset statement showing the funds available in the account in which you will be using to finance the purchase. No cash or credit cards will be accepted on auction day.