WHAT IS A BIDITHOMES AUCTION?
ANSWER: Bidithomes Auctions are MERE postings on MLS in the same way as any other brokerage would offer a property for sale. Sellers benefit from hiring an Auctioneer for the sale that works as a TEAM with Realtors to obtain the highest amount possible in a short period of time.
Once the auction sale process is "in session" bids, bidding commences. Buyers, Sellers and Brokers can visit the website via their computer or mobile device to view the current bid online in real time.
HOW TO BOOK/SCHEDUAL A SHOWING REQUEST AT THE PROPERTY?
ANSWER: For showing requests simply login into your local real estate board's agent/broker login and handle it the same as normal practice.
Brokers from any brokerages can show their clients through the home within indicated time slots and may also request private time slots though an online portal called Showing Time. We do recommend as much time leeway as possible for showings.
WHAT FORMS DO I USE TO PLACE A BID ON THE PROPERTY FOR SALE?
ANSWER: On the auction listing page of the Bidithomes posting on MLS (Agent/Broker local real estate dashboard) are the pre-filled bidding forms: (OREA Standard Form - APS Agreement), (Bidithomes Bidder Registration Agreement).
WHAT IS REQUIRED ON THE BIDDING FORMS?
ANSWER: The first step is to download the (Bidithomes Bidder Registration Agreement) from your local real estate board's agent/broker login section. Our Selling details can be found on the auction listing page of the Bidithomes posting on MLS.
YOU MUST ATTACH THE SIGNED COPY OF THE BIDDERS REGISTRATION AGREEMENT WHEN YOU SUBMIT YOUR CLIENTS APS AGREEMENT.
HOW DO I PLACE A BID?
ANSWER: The second step is to download the (Bidithomes OREA Standard Form - APS Agreement) from the same section as the bidder registration agreement. WHEN BIDDER WANTS TO INCREASE THEIR BID VALUES WHEN THEY ARE OUT BID FROM ANOTHER PARTICUPANT, SIMPLY SUBMIT AN ADMENTMENT TO THE APS WITHTHE NEW VALUE. Then send these signed documents electronically to the auctioneer.
The APS agreement terms & conditions of the sale are clearly identified in the standard OREA forms used by all licensed realtors.
WHAT IT THE TOTAL PURCHASE PRICE?
ANSWER: The purchase price is calculated by the accepted bid amount which the Buyer has agreed to pay an additional processing fee plus HST, for the associated Auctioneering fees & expenses, which will be added to the total purchase price of the property.
WHAT IS THE DESPOSIT REQUIRED?
ANSWER: The mandatory deposit is required within 24 hours of acceptance of the Agreement of Purchase and Sale (APS), the winning buyer agrees to pay a non-refundable deposit of 5% plus HST, payable to Action Auctions Inc.
Realtors will be compensated equal or more than the convention real estate method through the processing fee that applies. If the cooperating realtor/broker is successful in obtaining the total processing fee, and when all conditions on funds being received have been lifted, the Realtor/Broker commissions will be paid out of the processing fee within 14 days.
BROKER/AGENT COMMISSIONS ARE PROTECTED
Summary: not every seller wants to use a real estate agent to sell their property, for many reasons as we all know. Auction companies utilize real estate agencies across Ontario. The auction company retains a real estate brokerage and the seller is the client of the auctioneer and a limited extent the brokerage as well.
Commissions are almost always fair market, where the Buyer’s agent can expect 2 to 2.5% on most auctions (this is part of the Auction Company’s total charge to the Buyer on top of the winning bid).
What is the Listing Agency For?
What is the Auction House Responsible For?