| Welcome Buyers/Agents! To place a bid, you must first Register with GPS If you have already registered, you can use the BID BOX Form on the Property Auction page to place your BID Offer or BUY NOW! |
| QUESTIONS? Please visit The GPS HELP CENTER |
| Welcome Sellers/Agents! Please note: To place your property for auction with GPS, you must first Register with GPS |
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| Copyright Genesis Property Solutions, LLC. All rights reserved. NOTE: GPS is not acting as a real estate broker. All properties shown on GPS Auctions are listed by active real estate agents legally doing business under their state guidelines. GPS, LLC offers this website auction platform which functions as a tool for buyer’s agents to submit offers to the sellers and their agents. This exciting option provides a convenient new way for agents to help their buyers and sellers purchase real estate online. |
| GPS AUCTIONS GPS AUCTIONS help Buyers and Sellers navigate their way to Real Estate Success! |
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Agent/Broker - FAQs
Auction Benefits Agent FAQ's
How to Bid Selling Tips
Agent Terms & Agreements To Do's for Agents
Auction Benefits Agent FAQ's
How to Bid Selling Tips
Agent Terms & Agreements To Do's for Agents
What makes the program successful?
There are two requirements to a successful sale on GPS Auctions.com and they are:
1) a Motivated Seller
2) Key Marketing Exposure. If your seller is unrealistic on pricing, you will not be successful on this site.
Assuming you have a realistic seller you will receive a tremendous amount of exposure using our system;
however, we recommend that you invest some additional time/money on ads in Realtor.com, Craigslist,
and/or in the local paper advertising the auction and encourage people to place bid online. For example, a
sample line ad is offered below.
HOME AUCTION
123 Main St - 3 BR / 2BA
Bid Online Now!
List Price: $225,000
Starting Bid: $145,000
Auction Ends Soon
www.GPS Auctions.org
Auction #___
or call 555-555-5555
CLICK HERE to view SAMPLE ADS you can use to promote your auction further.
TIP: We also recommend that you contact your local newspaper real estate reporter to let them know you
are trying out a cutting edge real estate concept. Who knows, they might want to write a local story about
the process and the property = free exposure for you!
Should I keep the property in the MLS System?
Yes, and whatever selling agent fee is advertised by the listing agent on GPS Auctions should be the same
as the fee being offered through the MLS. In addition, we recommend you make your MLS listing public
notes read:
“Online Auction - Bid on this property online at www.GPS Auctions.org, Auction #___.
Starting Bid is just $(starting bid price).”
Also, we also recommend you attach the following Contract Addenda/Terms on your MLS page as well.
How does GPS Auctions.com get paid?
GPS Auctions does not charge any fees to real agent agents. Instead GPS Auctions is paid an Internet
Posting Fee by the Property Owner (Many auction companies charge sellers a 5-10% Marketing Fee. GPS
Auctions currently charges just $99 per 30 day auction posting - this fee is reduced or eliminated for Sellers
with multiple properties - click here for more info). In addition, GPS charges a fee to the Buyer of the
property, called a Buyer's Premium or Internet Transaction Fee which is determined by the winning bid
amount. Once again, many auction companies charge a Buyer’s Premium of 5-10% of the Purchase Price, yet
the GPS fee is much less. To see the Internet Transaction Fee schedule, please read the FEES section of our
Auction FAQ Page.
Why would someone pay a premium fee to purchase on an online auction site?
GPS Auctions is primarily a discount real estate site, not a retail venue for properties; therefore, buyers on
the site are willing to pay a small fee if they are getting a discounted value in their purchase.
Does my seller have to accept the highest bid offered?
No, properties can be sold with an "undisclosed" minimum reserve price. The only prices the public will see
are the List Price and the Starting or Actual Bids. The reserve price remains confidential until it has been
exceeded during the bidding. At that point, the Bid Box on the Property Page will note that the reserve has
been met. This creates heightened competition among the bidders. However a Reserve Auction means that
it is "subject to Seller Approval" - this process is completed at the conclusion of the auction when the
winning bidder submits their contract offer to the Seller to review - provided the Reserve has been met and
there are no unusual terms or conditions, then the Seller is expected to accept the winning bidder's offer.
What do I do about offers outside the auction process?
Once a property is listed for auction, ALL bids and offers are required to be placed on the website to foster
competition, therefore, there are NO offers that will be considered "outside" the auction process.
If the property meets my price but has numerous contingencies, will I have to accept the bid?
No, price is only one consideration; however, all allowed contingencies must be spelled out during the
posting of the property so each bidder understands the terms of the deal. If all terms and price are met, the
seller is obligated to accept the deal.
Should I get my seller to agree before placing the property on GPS Auctions?
Yes, since a discounted price is required by the system, each agent should get a listing addendum signed by
the seller that states, "I agree to have my agent place this property up for competitive bidding online and I
agree that I will accept any bid at or above my reserve price of $(price)." This step will provide additional
protection for the agent listing the unit.
Can I withdraw a property from the bid process after it begins?
Once the auction begins, you’ll be required to leave it on the site for the full Duration of the auction or you
will be charged a withdrawal penalty (unless I have made prior arrangements with GPS Auctions). The
Withdrawal Penalty is equal to the full amount of the Internet Transaction Fee for that property (posted on
the property's bid page). This amount will be due in 30 days from the date the property is withdrawn from
GPS Auctions.
Will I be paid as the Selling Broker for selling the property?
Buyer broker participation is invited. Broker commissions vary and are paid based on the fee schedule
published on the individual auction property details page of our web site. All sellers on this site are required
to have their home listed with a real estate agent. Most listing agents are offering to pay a buyer agent fee
(as defined with the property). In addition, all buyers who bid on this site are required to submit their bid
through a real estate agent as well – thus if a property is sold through the website and the winning bidder
lists you as the buyer agent on his purchase agreement, then you will be eligible for the buyer agent fee
offered and advertised. However, please understand that GPS is not a real estate broker and does not
collect or pay real estate commissions. All real estate commissions are expected to be processed by the
appropriate title/closing agents in conjunction with licensed real estate brokers under any applicable state
laws for each purchase. Please note that commissions are only paid to properly licensed real estate
brokers/agents who have registered as a Buyer Broker in accordance with GPS Auction rules. No exceptions
will be made. Buyer Brokers must REGISTER WITH GPS prior to placing any bids. The Agent Terms and
Conditions and the Rules for participating as a Buyer Broker can be viewed here: Agent Terms & Conditions
Are there any costs to a real estate agent to use GPS Auctions?
GPS Auctions does not charge any fees to real estate agents.
How do I become a GPS Realtor Affiliate?
GPS Auctions requires all sellers and bidders/buyers to be represented by a licensed real estate agent. This
creates an opportunity for real estate agents to partner with GPS Auctions and receive referrals to increase
their business. If you would like the opportunity to receive referrals, please register with GPS Auctions; GPS
Auctions will then contact you and further discuss what options may be available for you in your area.
Is GPS a Real Estate Broker?
While some of the employees of GPS may hold real estate licenses, GPS does not act as a real estate broker.
All properties shown on GPS Auctions are listed by active real estate agents legally doing business under their
state guidelines. GPS offers this website auction platform merely as a tool for buyers and their agents to
submit offers to the sellers and their agents. GPS manages the website, while the licensed real estate agents
are responsible for the real estate transaction itself. In situations where a GPS employee is involved in the
transaction as a real estate agent, that individual will be acting under their real estate broker (NOT GPS) and
will be representing the buyer or seller’ side accordingly as per the terms of the agency agreement.
What happens if my buyer has made a bid but later decides they no longer want to make that
offer?
GPS Auctions website works on honesty and integrity from all parties. We fully understand that buyers
occasionally change their minds. If this happens PRIOR to an offer being accepted, the agent must inform
GPS Auctions within 24 hours prior to the End of the Auction so their offer can be removed. Agents must
also realize that they are NOT allowed to enter an offer unless the buyer has expressly given them the
authority to make an offer on a property. This is no different from the rules for a standard paper contract; if
your client has not given you the authority to make an offer, do not enter it on GPS Auctions. If this
process is being abused by an agent, their privileges will be revoked.
When I submit bid for my buyer client, should I have them fill out a purchase contact and have a
deposit check ready?
GPS Auctions will leave that up to the buyer’s agent. We do require proof of deposit check and a
completed Purchase Contact when the highest offer at the end of Auction is confirmed and sent to the
Seller to finalize the contract. Although it is not required to make a bid , if you require your bidder/buyer to
have a deposit check available, this can gauge the seriousness of your buyer, thus, while not required, it is
strongly encouraged.
My buyer had the high offer until the last second, but then another agent came in and put a
higher offer on the table. This seems unfair.
GPS Auctions understands that this seems at times unfair, but by having the ability to put in the buyers
highest offer when submitting, it shouldn’t be a problem. If a buyer comes in with an offer that is higher
than what your buyer is willing to offer, then regardless of when the offer is made (even last second) then
that offer would have been more than your buyers.
When do I find out if my offer was the highest offer?
At the end of auction, the Winning Bidder will be automatically emailed with the "next steps" required of
them (see Buyers FAQ's for more details). Prior to the end of the auction, you can check the website at any
time to see where the offers are at. So long as the Reserve Price has been met, then no other offer will be
accepted after the end of the Auction, at which point the highest offer from the auction bidding will be the
offer that is presented to the seller for acceptance – unless otherwise specified on the Terms and Conditions
for that Property.
For additional FAQ's, please click here.
There are two requirements to a successful sale on GPS Auctions.com and they are:
1) a Motivated Seller
2) Key Marketing Exposure. If your seller is unrealistic on pricing, you will not be successful on this site.
Assuming you have a realistic seller you will receive a tremendous amount of exposure using our system;
however, we recommend that you invest some additional time/money on ads in Realtor.com, Craigslist,
and/or in the local paper advertising the auction and encourage people to place bid online. For example, a
sample line ad is offered below.
HOME AUCTION
123 Main St - 3 BR / 2BA
Bid Online Now!
List Price: $225,000
Starting Bid: $145,000
Auction Ends Soon
www.GPS Auctions.org
Auction #___
or call 555-555-5555
CLICK HERE to view SAMPLE ADS you can use to promote your auction further.
TIP: We also recommend that you contact your local newspaper real estate reporter to let them know you
are trying out a cutting edge real estate concept. Who knows, they might want to write a local story about
the process and the property = free exposure for you!
Should I keep the property in the MLS System?
Yes, and whatever selling agent fee is advertised by the listing agent on GPS Auctions should be the same
as the fee being offered through the MLS. In addition, we recommend you make your MLS listing public
notes read:
“Online Auction - Bid on this property online at www.GPS Auctions.org, Auction #___.
Starting Bid is just $(starting bid price).”
Also, we also recommend you attach the following Contract Addenda/Terms on your MLS page as well.
How does GPS Auctions.com get paid?
GPS Auctions does not charge any fees to real agent agents. Instead GPS Auctions is paid an Internet
Posting Fee by the Property Owner (Many auction companies charge sellers a 5-10% Marketing Fee. GPS
Auctions currently charges just $99 per 30 day auction posting - this fee is reduced or eliminated for Sellers
with multiple properties - click here for more info). In addition, GPS charges a fee to the Buyer of the
property, called a Buyer's Premium or Internet Transaction Fee which is determined by the winning bid
amount. Once again, many auction companies charge a Buyer’s Premium of 5-10% of the Purchase Price, yet
the GPS fee is much less. To see the Internet Transaction Fee schedule, please read the FEES section of our
Auction FAQ Page.
Why would someone pay a premium fee to purchase on an online auction site?
GPS Auctions is primarily a discount real estate site, not a retail venue for properties; therefore, buyers on
the site are willing to pay a small fee if they are getting a discounted value in their purchase.
Does my seller have to accept the highest bid offered?
No, properties can be sold with an "undisclosed" minimum reserve price. The only prices the public will see
are the List Price and the Starting or Actual Bids. The reserve price remains confidential until it has been
exceeded during the bidding. At that point, the Bid Box on the Property Page will note that the reserve has
been met. This creates heightened competition among the bidders. However a Reserve Auction means that
it is "subject to Seller Approval" - this process is completed at the conclusion of the auction when the
winning bidder submits their contract offer to the Seller to review - provided the Reserve has been met and
there are no unusual terms or conditions, then the Seller is expected to accept the winning bidder's offer.
What do I do about offers outside the auction process?
Once a property is listed for auction, ALL bids and offers are required to be placed on the website to foster
competition, therefore, there are NO offers that will be considered "outside" the auction process.
If the property meets my price but has numerous contingencies, will I have to accept the bid?
No, price is only one consideration; however, all allowed contingencies must be spelled out during the
posting of the property so each bidder understands the terms of the deal. If all terms and price are met, the
seller is obligated to accept the deal.
Should I get my seller to agree before placing the property on GPS Auctions?
Yes, since a discounted price is required by the system, each agent should get a listing addendum signed by
the seller that states, "I agree to have my agent place this property up for competitive bidding online and I
agree that I will accept any bid at or above my reserve price of $(price)." This step will provide additional
protection for the agent listing the unit.
Can I withdraw a property from the bid process after it begins?
Once the auction begins, you’ll be required to leave it on the site for the full Duration of the auction or you
will be charged a withdrawal penalty (unless I have made prior arrangements with GPS Auctions). The
Withdrawal Penalty is equal to the full amount of the Internet Transaction Fee for that property (posted on
the property's bid page). This amount will be due in 30 days from the date the property is withdrawn from
GPS Auctions.
Will I be paid as the Selling Broker for selling the property?
Buyer broker participation is invited. Broker commissions vary and are paid based on the fee schedule
published on the individual auction property details page of our web site. All sellers on this site are required
to have their home listed with a real estate agent. Most listing agents are offering to pay a buyer agent fee
(as defined with the property). In addition, all buyers who bid on this site are required to submit their bid
through a real estate agent as well – thus if a property is sold through the website and the winning bidder
lists you as the buyer agent on his purchase agreement, then you will be eligible for the buyer agent fee
offered and advertised. However, please understand that GPS is not a real estate broker and does not
collect or pay real estate commissions. All real estate commissions are expected to be processed by the
appropriate title/closing agents in conjunction with licensed real estate brokers under any applicable state
laws for each purchase. Please note that commissions are only paid to properly licensed real estate
brokers/agents who have registered as a Buyer Broker in accordance with GPS Auction rules. No exceptions
will be made. Buyer Brokers must REGISTER WITH GPS prior to placing any bids. The Agent Terms and
Conditions and the Rules for participating as a Buyer Broker can be viewed here: Agent Terms & Conditions
Are there any costs to a real estate agent to use GPS Auctions?
GPS Auctions does not charge any fees to real estate agents.
How do I become a GPS Realtor Affiliate?
GPS Auctions requires all sellers and bidders/buyers to be represented by a licensed real estate agent. This
creates an opportunity for real estate agents to partner with GPS Auctions and receive referrals to increase
their business. If you would like the opportunity to receive referrals, please register with GPS Auctions; GPS
Auctions will then contact you and further discuss what options may be available for you in your area.
Is GPS a Real Estate Broker?
While some of the employees of GPS may hold real estate licenses, GPS does not act as a real estate broker.
All properties shown on GPS Auctions are listed by active real estate agents legally doing business under their
state guidelines. GPS offers this website auction platform merely as a tool for buyers and their agents to
submit offers to the sellers and their agents. GPS manages the website, while the licensed real estate agents
are responsible for the real estate transaction itself. In situations where a GPS employee is involved in the
transaction as a real estate agent, that individual will be acting under their real estate broker (NOT GPS) and
will be representing the buyer or seller’ side accordingly as per the terms of the agency agreement.
What happens if my buyer has made a bid but later decides they no longer want to make that
offer?
GPS Auctions website works on honesty and integrity from all parties. We fully understand that buyers
occasionally change their minds. If this happens PRIOR to an offer being accepted, the agent must inform
GPS Auctions within 24 hours prior to the End of the Auction so their offer can be removed. Agents must
also realize that they are NOT allowed to enter an offer unless the buyer has expressly given them the
authority to make an offer on a property. This is no different from the rules for a standard paper contract; if
your client has not given you the authority to make an offer, do not enter it on GPS Auctions. If this
process is being abused by an agent, their privileges will be revoked.
When I submit bid for my buyer client, should I have them fill out a purchase contact and have a
deposit check ready?
GPS Auctions will leave that up to the buyer’s agent. We do require proof of deposit check and a
completed Purchase Contact when the highest offer at the end of Auction is confirmed and sent to the
Seller to finalize the contract. Although it is not required to make a bid , if you require your bidder/buyer to
have a deposit check available, this can gauge the seriousness of your buyer, thus, while not required, it is
strongly encouraged.
My buyer had the high offer until the last second, but then another agent came in and put a
higher offer on the table. This seems unfair.
GPS Auctions understands that this seems at times unfair, but by having the ability to put in the buyers
highest offer when submitting, it shouldn’t be a problem. If a buyer comes in with an offer that is higher
than what your buyer is willing to offer, then regardless of when the offer is made (even last second) then
that offer would have been more than your buyers.
When do I find out if my offer was the highest offer?
At the end of auction, the Winning Bidder will be automatically emailed with the "next steps" required of
them (see Buyers FAQ's for more details). Prior to the end of the auction, you can check the website at any
time to see where the offers are at. So long as the Reserve Price has been met, then no other offer will be
accepted after the end of the Auction, at which point the highest offer from the auction bidding will be the
offer that is presented to the seller for acceptance – unless otherwise specified on the Terms and Conditions
for that Property.
For additional FAQ's, please click here.
AGENT FAQ's
FOR GENERAL FAQ's (including BUYER and Seller FAQS, click here)
If you are an asset manager and are interested in our REO sales program, contact Michael
Stoppa at michael@genesispropertysolutions.org or 888-GPS-LLC7, option 4 (Operations) for
information regarding this program.
What is GPS Auctions.com?
GPS Auctions is an Internet auction platform for real estate, offered by Genesis Property Solutions, LLC
(GPS). All properties shown on GPS Auctions are listed by active real estate agents legally doing business
under their state guidelines. GPS is pleased to be able to offer this website auction platform which can
function as a tool for buyers and their agents to submit offers to the sellers and their agents. This exciting
option provides a convenient new way for agents to help their buyers and sellers purchase real estate online.
FOR GENERAL FAQ's (including BUYER and Seller FAQS, click here)
If you are an asset manager and are interested in our REO sales program, contact Michael
Stoppa at michael@genesispropertysolutions.org or 888-GPS-LLC7, option 4 (Operations) for
information regarding this program.
What is GPS Auctions.com?
GPS Auctions is an Internet auction platform for real estate, offered by Genesis Property Solutions, LLC
(GPS). All properties shown on GPS Auctions are listed by active real estate agents legally doing business
under their state guidelines. GPS is pleased to be able to offer this website auction platform which can
function as a tool for buyers and their agents to submit offers to the sellers and their agents. This exciting
option provides a convenient new way for agents to help their buyers and sellers purchase real estate online.