FAQ About Our Program

Sellers

Do I have to accept the highest bid?

No! The choice is ALL YOURS. You leave it by rejecting, or change it with a counter, and your certified auctioneer/agent is excited to talk you through your options.

Do I have to use an agent?

Yes, an agent is the way to go. Selling a home is a long journey from start to finish, and your agent can keep you on the right path to get you where you want to be (successful sale!).  We have trained and certified agents available to help you.

Will my home definitely sell, like 100%?

It’s your call in the end! During the bidding process, you have the decision power to accept offers that line up with your expectations, or decline if they don’t.  We put our selling clients in control.

Can I save some dough on paying commission?

In traditional real estate agents will charge the seller a fee from (5 to 6%). With Jenkins Real Estate Auctions, we suggest that the seller of the property pay a 2% fee.  This saves our selling clients thousands of dollars when they hire us to sell their property.

How many open houses or showings do I have to have?

We want to offer a fair and open bidding process to all.  We ask our potential bidders to do their due diligence before bidding on a property.  This gives the potential bidder a chance at: speaking with counsel, viewing the property with a contractor to “run-the-numbers” and completing inspections on the property.  Once a bidder goes into contract with our seller’s property they may loose their earnest deposit to the seller of the property and the buyer’s premium fee to the auction company.

Is there an agent available to work with me?

Definitely! Jenkins Real Estate Auctions has amazing agents to choose from, with specialty training to best serve you.

Do I have to deal with special forms or paperwork?

No, it’s just all the usual state required documents. Jenkins Real Estate Auctions only requires the standard real estate forms.

How is Jenkins Real Estate Auctions LLC different from other auctions?

Generally speaking, auctions usually deal with distressed properties and foreclosures. Jenkins Real Estate Auctions offers a bidding platform for all kinds of properties, even high-end Luxury properties.

Why not just go the regular route? What’s so great about selling with Jenkins Real Estate Auctions?

One of the best reasons is time-saving convenience! Then there’s the global outreach resulting in multiple offers and a speedier selling process saving on the carrying costs on the property. The carrying costs can really add up on a property being sold in a traditional selling process.  Also, Properties are sold as-is and with no contingencies.

When considering my options and I think of even more questions, who do I ask?

You can email Terry Jenkins at: realtorterryjenkins@gmail.com, and there’s also the option to use the contact form.

Buyers

Can other buyers view my bids?

Yes. A huge point of pride for Jenkins Real Estate Auctions is total transparency. All bids are visible to all parties.  In auction selling, the bidders bid upward with their offers so it is to our seller’s advantage to allow bidders to bid against each other for your property.

Is it tough to place a bid?

Not at all!  It is easy. Once you request and receive manual approval from the listing agent, you can bid to your heart’s content. If you’d rather outsource, your agent can get approved and bid in your place.

I’ve got someone I really like, so can I use my own agent while using Jenkins Real Estate Auctions?

Yes.  We work with all licensed real estate agents.

Can I use an auto bid function on Jenkins Real Estate Auctions?

Yes. It makes it easy so you can step away without losing.

What’s so important about this transparency you speak of?

It allows you to see all the moves being made by other bidders, so you can track all the action the property you’re interested in is getting.

What exactly is the Buyer’s Premium?

The highest bid plus the Buyers Premium equals the sales price, and the Buyers Premium is just a percentage fee that is paid by the winning bidder. It’s the price of transparency and being able to decide if you want to do what it takes to win.  In auctions, that fee ranges from (3 to 10%).

Do I have to utilize a bunch of different/special forms?

No! The paperwork is all super standard real estate contracts.

If I get outbid, how will I find out the bad news?

In the process of tracking the bidding online, you can view it in real time as it happens. Or if you are not closely tracking, you will get an email notification.

 Is there some kind of reserve/buy it now price option?

The seller will set up their own auction process, so there may be a “buy now price”. The seller can choose to accept, reject or counter any offer they receive.

Agents

Why would I want to use Jenkins Real Estate Auctions?

Using our new home selling program will give the homeowners the ability to save thousands of dollars when using you as their agent!

Ok, I see the future and this is the way…How can I get certified?

Fill out the contact me button and someone from Jenkins Real Estate Auctions will let you know how YOU can take your business to the next level.

Bidder      

DO I NEED TO REGISTER TO BID ONLINE?

Yes, all online bidders will be required to register online a minimum of two working days or 48 hours prior to the commencement of an auction.

Bidder                 

HOW DO I REGISTER FOR A PROPERTY AS AN ONLINE BIDDER ACCOUNT? 

To register for a property as an online bidder please follow the below steps:

Step 1. The auctioneer conducting the online Auction will provide you with a URL where you can register.

Step 2. From the list of properties available select/tap the property you are interested in.

Step 3. Within the property, information page select the button “Online Registration”

Step 4. Complete the required form field and select/tap the “Submit” button.

Step 5. You will be returned to a confirmation advising you that your form has been successfully submitted.

Step 6. You will now be required to wait until the selling agent activates your account before you are eligible to log into the JenkinsRealEstateAuctions.com Bidders App.

Bidder                 

HOW DO I BID ONLINE?

Bidding online is not difficult, please make sure you download the Bidder App prior to the auction commencing and watch the “How to Bid Online” instructional video.

Bidder                 

HOW DO I PAY THE DEPOSIT IF I AM BIDDING ONLINE AND SUCCESSFUL?    

Prior to the commencement of the auction, all prospective buyers will be notified by the selling agent, how the deposit is to be paid should they be successful in purchasing the property.  We use a title company to open an escrow account and funds are transferred to them.

Be sure to have the deposit money accessible and in your bank account (banking institutions may have daily transfers limits)   Earnest deposits are due 3 days after becoming the winning bidder. We allow up to 30 days closing escrow.

Bidder                 

IS IT POSSIBLE TO ACCIDENTALLY PLACE AN ONLINE BID?

No, this is not possible. Every bid placed online must be confirmed by the bidder before it is submitted to the Auctioneer.

Bidder                 

I PLAN ON PURCHASING THE PROPERTY WITH MY PARTNER; DO WE BOTH NEED TO REGISTER AS ONLINE BIDDERS?     

No, you are only required to register as an individual, should you be successful in purchasing the property please be sure to advise the selling agent.

Bidder                 

CAN I CANCEL OR DEACTIVATE MY ACCOUNT?     

You are unable to cancel your account if you have registered to bid for a property; however, you can deactivate your account at any time within your account setting.

Bidder                 

CAN I CHANGE MY MIND AFTER MAKING A SUCCESSFUL ONLINE BID?

No, once the virtual hammer falls it is too late for either party to change their mind.

Bidder                 

HOW LONG DOES An ONLINE AUCTION TYPICALLY LAST?

The length of an online auction will depend on the seller of the property, the agent and Auctioneer. Online auctions can last anywhere from 5 minutes to 30+ days.

Bidder                 

WHAT DOES “ON THE MARKET” MEAN?

If an Auctioneer announces “the property is on the market” this means it has reached or exceeded the reserve price set by Seller and is going to be sold at auction.

Bidder                 

WILL I BE INFORMED OF THE RESERVE PRICE PRIOR TO AUCTION?

No, the reserve price is kept confidential, although maybe disclosed during, or at the conclusion of the auction.

Bidder                 

WHAT IS A RESERVE PRICE?

The reserve price is a dollar amount established by the Seller before the bidding process starts.  The seller establishes their lowest acceptable price on the property that whey will accept at auction.

Bidder                 

WHAT DOES “SOLD PRIOR TO AUCTION” MEAN?

If a property has been sold prior to auction this would mean that an offer had been made on the property pre-auction and accepted by the Seller.  We give our sellers the right to accept or reject any offer at any time during the bidding process.

Bidder                 

IS IT ILLEGAL TO HAVE DUMMY BIDDERS AT AN AUCTION?

Yes, individuals found to be dummy bidders at an auction may be prosecuted and fined, as can the agent and auctioneer if they were involved in the arrangement.

Bidder                 

WHEN YOU BUY AT AUCTION, ARE YOU ABLE TO NEGOTIATE SPECIAL CONDITIONS?

Yes.  Because we do our best to allow bidders their due diligence during the bidding process, we address issues with our selling client and the conditions must be worked out and confirmed in writing prior to the auction commencing.

Bidder                 

WHAT DOES IT MEAN WHEN AN AUCTIONEER SAYS “THE PROPERTY HAS BEEN PASSED IN”?

If a property has been “passed in” it means that the “reserve price” was not met and therefore the property was not sold at auction.  Our agents may reach out to those bidders who participated in the auction, to offer them another chance at increasing their bid offer.

Bidder                 

CAN A BIDDER RENEGOTIATE THE PRICE AFTER AN AUCTION?

No, this is not possible.

Bidder                 

WHAT IS THE DEPOSIT AMOUNT AND PAYMENT METHOD?

Each property will have different deposit amounts and payment methods may vary. Please check with the selling agent prior to the commencement of the auction.  Earnest Deposits can be from (3 to 10%) and paid to the assigned title company with in 3 days from winning the bid on a property.  The title company escrow officer will make contact with you to make arrangements to transfer funds.   The earnest deposit is a non-refundable payment to the seller.

Please Note: Deposits may be subject to anti-money laundering regulations and procedures.

Bidder                 

CAN I MAKE AN OFFER ON A PROPERTY PRIOR TO AN AUCTION COMMENCING?

Definitely!  Selling agents often welcome pre-auction offers.  We also give the seller the right to accept or reject any offer at any time during the bidding process.  Most of our online auctions only last for an 8 day time frame.

Bidder                 

WHAT IS “DUE DILIGENCE”?

Due diligence is the examination of every aspect of a property.  We do our best to allow time for registered bidders to complete their due diligence and speak to counsel, complete all property inspections, work with their contractor and to “run the numbers”.

Bidder                

WHAT ARE THE PENALTIES IF THE HIGHEST BIDDER DOES NOT COMPLETE THE PURCHASE OF A PROPERTY IS WON AT AUCTION?

Failure to complete the purchase will find the individual in breach of the contract and may see them incur significant penalties, including forfeiting the earnest deposit to the seller and auctioneer buyers premium fee to the auctioneer.

Bidder                 

WHAT DOES “PROPERTY SETTLEMENT” MEAN?

Property Settlement is a legal process, it is referred to when ownership passes from the seller to the purchaser and the purchaser pays the balance of the sale price.

Bidder                 

WHAT IS A PRICE GUIDE?

A Price Guide is an estimation of price and marketing dollar amount which is used to guide potential buyers as to how much a property could be worth, based on recent sales of comparable properties.

Disclaimer

All information contained within the: “Frequently Asked Questions” is general information, advice, recommendations and answers.

The information does not take into account the particular needs and circumstances of individuals and companies, or legislation governing auctions of various countries and states.

Before bidding at auction you may wish to seek independent professional advice.

Every effort is made to provide information that is accurate. However, the information contained within the Frequently Asked Questions is subject to change at any time.