Buyer Frequently Asked Questions (FAQs)
How do I register to bid?
Follow the instructions for registration under “Register to Bid”, and someone from the One Day REO team will contact you via email and/or telephone to complete the registration process. You can bid with confidence because you’ll know every bidder has registered and demonstrated their ability to close a sale if they are the winner. We strive to make sure no one is outbid by a bidder that isn’t able to purchase the property like on other auction websites.
How do I bid online?
Many of the One Day REO auction have both live and in-person auctions and the ability to bid online during the sale period. Download our bidding app by following the instructions under “Mobile Bidding App” and watch our bidding tutorials under “Learn” to see the online bidding in action.
What is a Buyer’s Premium?
The Buyer’s Premium (“BP”) is added to the winning bid price to arrive at the final contract price. You can think of the BP as similar to a “service charge” or gratuity tip that you pay for services or products. For example, if the winning bid is $100,000 on a property and there is a 5% BP, then you would add the BP of five percent or $5,000 for a total contract price of $105,000. Please consider the BP in your bidding strategy and remember to stop bidding at a price considering the BP so as to stay within your bidding range.
How do I inspect the property?
Most of the One Day REO auction properties have designated improvements on them (homes, commercial buildings, etc.) and there are designated times prior to the event for bidders to inspect the property. Some properties are shown by appointment only. While others have an online “virtual tour” where “walk through” at your time/pace.
If I cannot be at the event, can I bid online?
Yes. We offer online bidding at “live” events and for “online only” events. Please download the ‘Mobile Bidding App” and/or contact the One Day REO team for details.
Can I purchase more than one property at an online auction?
Yes, each auctioned property is generally sold independent of the others in the auction. As long as the bidder has, or is able to acquire, the funds to pay for the properties you purchase, a bidder can buy multiple properties. However, you will need separate earnest money deposits that are required for each purchase.
What is the earnest money deposit?
The earnest money deposit is the amount of money you are required to pay on the day you are declared the winning bidder of an online auction. This amount can be found on the individual property’s page.
What is a counter bid?
Until the seller's Reserve Price is met, the One Day REO team may enter a bid on behalf of the seller. Counter bidding gives buyers and sellers more flexibility to find a mutually agreeable price, since the property will not sell if the reserve price is not met. Counter bids do not occur after the seller’s Reserve Price is reached.
Why isn't the Reserve Price published?
The reserve price isn't published because it can be be changed by the seller in order to sell the property at a price that works for everyone. Each bidder is encouraged to bid whatever they feel is their highest and best price for the property regardless of a reserve price set by the seller.
Is there additional information on these properties?
One Day REO distributes property due diligence and information on our website and via e-mail. Please make sure that you are on our e-mail subscriber list, and that you check the website for updates to the additional information that we have on the property.
When it is time to bid you will be prepared. Good luck in your bidding.