Online Only Real Estate Auction FAQ
Warner Real Estate & Auction 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 WarnerRealtors.com 25 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.
I am interested in bidding on several of the properties; do I need to register for them individually?
No, once you register for one of the auctions, you are eligible to bid on all 20 auctions.
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 (856) 769-4111, email at info@WarnerRealtors.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 along with the required earnest money deposit.
Can I use my credit card to submit my 10% deposit?
No, Acceptable methods of payment for the earnest money deposit are cash (delivered in person to our office), certified funds, personal or company checks with prior approval or wire transfer. Wire transfer instructions will be emailed to you with the Contract of Sale and other closing documents.
