| 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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Do your Homework: Find out as much as you can about the property. Be sure to review the
information on the Property Bid Page, as well as the downloads available from that page. Note the
property photos, descriptions, terms of the sale and financing information, along with all pertinent
documents.
Inspect the property - Take full advantage of any inspections available. This will allow you or
your representative to see first hand what you are bidding on and help determine value and
desirability. This allows you to bid with confidence. Ultimately, there's no substitute for viewing the
property. The real estate agents who work with GPS Auctions are professionals who will show you
the property and work with you to get answers to all your questions.
Pre-qualify yourself - Increase your comfort level by knowing your mortgage qualifications.
Even before you decide on a property to buy, you should pre-qualify yourself through your
banker. Remember, (unless otherwise noted), there is never a mortgage contingency in a real
estate auction. It is best to know you can pay for the property before you bid. You should always
prepare to bid with confidence!
Verify Bidder Registration Requirements. Many of the auctions conducted by GPS Auctions
require a cashier’s check to be eligible to submit a purchase contract if you have the highest bid.
Prior to the end of auction, verify if a cashiers check is needed, and if so the amount. This
information will be noted on the Property Bid Page (Terms and Conditions, Bid Kit, or elsewhere).
Join our Auction Alert to find out about new auctions as they become available.
Plan your bid strategy - Determine your bid limit after examination of the property and all
available information. Don't be afraid to bid early. Most other bidders will be willing to pay just as
much as you. The one who bids that number first “wins” the rights to that amount.
Take advantage of the complimentary GPS Auctions Concierge Bidder Service: This is an
automatic bidding feature allows you to place a "maximum bid" on the Property Bid Box. When
you do this, the GPS Auctions Concierge Bidder Service will then will automatically adjust your bid
to the winning bid amount in the stated bidding increment up to your maximum bid when you
have been outbid by another bidder. The amount of your maximum bid is private from all other
participants in the auction.
IMPORTANT NOTE: In a Reserve Auction, because the seller is unlikely to accept a
winning bid which is less than the (hidden) Reserve Amount, if your max bid is less
than or equal to the Seller's (hidden) Reserve Amount, then your bid will be
automatically increased to your maximum bid. This is done automatically as a service to help
bidders know immediately if their max bid is going to reach the Seller's Reserve, and thus gain the
expected approval of Seller upon end of auction. Once the Reserve has been met, then the
Concierge Bidder Service will only adjust your bid up to the next bidding increment to protect you
against the bidding activity of another bidder (up to your max bid).
EXCEPT in the case of a BUY IT NOW BID, the GPS Concierge Bidder Service is also used as a
tiebreaker. For example, if two bidders end in a tie for a property, the bidder who placed the bid
FIRST through GPS Concierge Bidder Service will be declared the winner because the GPS
Concierge Bidder Service was the first bid placed and has priority over the other bidder; however,
if your GPS Concierge Bidder Service pushes another bidder to their maximum GPS Concierge
Bidder Service amount, you will be required to top that bidder's amount by the next bid
increment. The system will not allow you to just match another bidder's maximum bid, unless
both GPS Concierge Bidder Service amounts are exactly the same. In this rare case only, the
FIRST GPS Concierge Bidder Service amount entered into the bidding system wins.
Use the GPS Auctions "Buy It Now!" Feature: If you find a property you really like and the
Buy it Now Price is acceptable to you, you should consider using the Buy it Now! Feature and
effectively end the auction by committing to the Buy It Now! Bid Price. When you do this, the
auction immediately ends and you are the winning bidder. Because a Buy It Now Bidder is ready to
make an immediate commitment to purchase the property, Buy It Now bids will trump all other
bids - even if another bidder has previously placed a max bid at or above the Buy it Now Price.
If you are the winning bidder, be prepared to confirm you bid with GPS and then
submit your Purchase Contract and escrow any required deposit - please see your Bidder
Terms and/or the FAQ page for more info.
HOW DO I KNOW I'VE BEEN OUTBID?
There are two ways to know that you are Outbid during the bidding of an auction on GPS
Auctions:
1) you should receive an email notification that you've been outbid (or)
2) you can watch the screen throughout the auction to see if someone outbids you.
EMAIL NOTIFICATION:
In most cases, if you have been outbid, you will receive an email (outbid notice) as notification that
you have been outbid. At this point you can go back to the property's bid page and place
another bid. You can bid individual bids throughout the auction, however, the best protection
from being outbid is the use of the complimentary GPS Auctions Concierge Bidder Service (noted
above). This automatic bid feature is FREE and can be your best ally during an auction.
REFRESH YOUR SCREEN (VERY IMPORTANT):
At the end of an auction you should continue to watch the property's bid page and pay close
attention to the bidding countdown clock on the Bid Box. The countdown clock informs you of
approximately how much time is left in the auction. Even though the clock counter will be moving
and should be accurate, the only way to know for sure that you are viewing accurate information
related to the high bidder and the current bid amount is to refresh your screen every 30 seconds
or so. In some cases you might watch the countdown clock on the bid page and believe it
indicates that you were the highest bidder, however if you didn't refresh your screen and
someone places a higher bid amount in the last few minutes of the auction, you will lose that
auction (unless you used the Concierge Bidder Service and your maximum bid was the highest).
HOW DO I REFRESH MY SCREEN?
Refreshing the screen is a process where the computer reloads the page with the most current
information. The refresh button is typically identified as such with circular arrows on your browser
menu bar at the top of the page. Notice the picture to the RIGHT>>>>>>>>>>>>>>>>>
A "shortcut key" to refresh your screen is typically the F5 key at the top of your keyboard. Just
touch that key and see if the page you are on refreshes if the F5 key works on your keyboard.
Bid Aggressively - Until you have won or reached your limit. There can be only one winning
bidder for the property. You cannot buy at your price unless you BID your price.
Just Bid, Baby! Many first-time bidders make the mistake of trying to hold back. If you want the
property (and we're assuming you wouldn't be there if you didn't), go ahead and enter your bid.
Otherwise, you could end up waiting too long and missing your opportunity.
HAVE FUN!
information on the Property Bid Page, as well as the downloads available from that page. Note the
property photos, descriptions, terms of the sale and financing information, along with all pertinent
documents.
Inspect the property - Take full advantage of any inspections available. This will allow you or
your representative to see first hand what you are bidding on and help determine value and
desirability. This allows you to bid with confidence. Ultimately, there's no substitute for viewing the
property. The real estate agents who work with GPS Auctions are professionals who will show you
the property and work with you to get answers to all your questions.
Pre-qualify yourself - Increase your comfort level by knowing your mortgage qualifications.
Even before you decide on a property to buy, you should pre-qualify yourself through your
banker. Remember, (unless otherwise noted), there is never a mortgage contingency in a real
estate auction. It is best to know you can pay for the property before you bid. You should always
prepare to bid with confidence!
Verify Bidder Registration Requirements. Many of the auctions conducted by GPS Auctions
require a cashier’s check to be eligible to submit a purchase contract if you have the highest bid.
Prior to the end of auction, verify if a cashiers check is needed, and if so the amount. This
information will be noted on the Property Bid Page (Terms and Conditions, Bid Kit, or elsewhere).
Join our Auction Alert to find out about new auctions as they become available.
Plan your bid strategy - Determine your bid limit after examination of the property and all
available information. Don't be afraid to bid early. Most other bidders will be willing to pay just as
much as you. The one who bids that number first “wins” the rights to that amount.
Take advantage of the complimentary GPS Auctions Concierge Bidder Service: This is an
automatic bidding feature allows you to place a "maximum bid" on the Property Bid Box. When
you do this, the GPS Auctions Concierge Bidder Service will then will automatically adjust your bid
to the winning bid amount in the stated bidding increment up to your maximum bid when you
have been outbid by another bidder. The amount of your maximum bid is private from all other
participants in the auction.
IMPORTANT NOTE: In a Reserve Auction, because the seller is unlikely to accept a
winning bid which is less than the (hidden) Reserve Amount, if your max bid is less
than or equal to the Seller's (hidden) Reserve Amount, then your bid will be
automatically increased to your maximum bid. This is done automatically as a service to help
bidders know immediately if their max bid is going to reach the Seller's Reserve, and thus gain the
expected approval of Seller upon end of auction. Once the Reserve has been met, then the
Concierge Bidder Service will only adjust your bid up to the next bidding increment to protect you
against the bidding activity of another bidder (up to your max bid).
EXCEPT in the case of a BUY IT NOW BID, the GPS Concierge Bidder Service is also used as a
tiebreaker. For example, if two bidders end in a tie for a property, the bidder who placed the bid
FIRST through GPS Concierge Bidder Service will be declared the winner because the GPS
Concierge Bidder Service was the first bid placed and has priority over the other bidder; however,
if your GPS Concierge Bidder Service pushes another bidder to their maximum GPS Concierge
Bidder Service amount, you will be required to top that bidder's amount by the next bid
increment. The system will not allow you to just match another bidder's maximum bid, unless
both GPS Concierge Bidder Service amounts are exactly the same. In this rare case only, the
FIRST GPS Concierge Bidder Service amount entered into the bidding system wins.
Use the GPS Auctions "Buy It Now!" Feature: If you find a property you really like and the
Buy it Now Price is acceptable to you, you should consider using the Buy it Now! Feature and
effectively end the auction by committing to the Buy It Now! Bid Price. When you do this, the
auction immediately ends and you are the winning bidder. Because a Buy It Now Bidder is ready to
make an immediate commitment to purchase the property, Buy It Now bids will trump all other
bids - even if another bidder has previously placed a max bid at or above the Buy it Now Price.
If you are the winning bidder, be prepared to confirm you bid with GPS and then
submit your Purchase Contract and escrow any required deposit - please see your Bidder
Terms and/or the FAQ page for more info.
HOW DO I KNOW I'VE BEEN OUTBID?
There are two ways to know that you are Outbid during the bidding of an auction on GPS
Auctions:
1) you should receive an email notification that you've been outbid (or)
2) you can watch the screen throughout the auction to see if someone outbids you.
EMAIL NOTIFICATION:
In most cases, if you have been outbid, you will receive an email (outbid notice) as notification that
you have been outbid. At this point you can go back to the property's bid page and place
another bid. You can bid individual bids throughout the auction, however, the best protection
from being outbid is the use of the complimentary GPS Auctions Concierge Bidder Service (noted
above). This automatic bid feature is FREE and can be your best ally during an auction.
REFRESH YOUR SCREEN (VERY IMPORTANT):
At the end of an auction you should continue to watch the property's bid page and pay close
attention to the bidding countdown clock on the Bid Box. The countdown clock informs you of
approximately how much time is left in the auction. Even though the clock counter will be moving
and should be accurate, the only way to know for sure that you are viewing accurate information
related to the high bidder and the current bid amount is to refresh your screen every 30 seconds
or so. In some cases you might watch the countdown clock on the bid page and believe it
indicates that you were the highest bidder, however if you didn't refresh your screen and
someone places a higher bid amount in the last few minutes of the auction, you will lose that
auction (unless you used the Concierge Bidder Service and your maximum bid was the highest).
HOW DO I REFRESH MY SCREEN?
Refreshing the screen is a process where the computer reloads the page with the most current
information. The refresh button is typically identified as such with circular arrows on your browser
menu bar at the top of the page. Notice the picture to the RIGHT>>>>>>>>>>>>>>>>>
A "shortcut key" to refresh your screen is typically the F5 key at the top of your keyboard. Just
touch that key and see if the page you are on refreshes if the F5 key works on your keyboard.
Bid Aggressively - Until you have won or reached your limit. There can be only one winning
bidder for the property. You cannot buy at your price unless you BID your price.
Just Bid, Baby! Many first-time bidders make the mistake of trying to hold back. If you want the
property (and we're assuming you wouldn't be there if you didn't), go ahead and enter your bid.
Otherwise, you could end up waiting too long and missing your opportunity.
HAVE FUN!
BUYERS - Bidding Tips
Auction Benefits FAQ's
How to Bid/Buy Bidder TIPS
Auction Benefits FAQ's
How to Bid/Buy Bidder TIPS
| 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 |
| Be notified immediately once new auctions are posted! Register for GPS Auction Alerts! |
BUYING TIPS:
The following is a list of some of the steps you might follow when preparing to participate in an
online auction. We hope that they prove to be helpful tips that make your participation with GPS
Auctions successful, easy and enjoyable.
Register with GPS.
Register EARLY - it normally takes 24 hours to process your registration and provide
you an ID and Password so you can bid. Don't wait until the last minute to register.
Understand your Bidder Terms and read the FAQ's.
Ensure you have a licensed real estate agent representing you and that your agent is also
registered with GPS Auctions. Remember all bidders/buyers are required to be represented by a
licensed real estate agent. Be sure to have the broker register by the broker registration deadline
for the auction. (Remember if you need help finding a real estate agent, please notify
GPS and we'll refer an agent in your area to help you).
Make note of the TIME ZONE? (GMT)
GPS Auctions use Greenwich Mean Time as the official clock for auctions. Because internet bidders/buyers
come from across the globe, the world clock of GMT as utilize by our web hosting company is the most fair
and reasonable countdown clock available. On the BID BOX, both the End of Auction date/time and the
COUNTDOWN CLOCK are based on GMT. As an example, GMT is 5 hours AHEAD of EST.
Realize that your Password is CASE-SENSITIVE.
You must enter your Bidder Password EXACTLY as it was sent to you, 99% of the time your password will
use a combination of numbers and lower-case letters. When you enter your bid, you must type is exactly as
it was sent to you. TIP: the easiest way to enter your password is simply to COPY it from your registration
email and PASTE it into the bid box Password entry slot.
When entering your bid amounts do NOT use comma's and be sure to use only whole dollar
amounts (no cents).
Thus, if you wanted to enter a bid amount of $95,000, you would enter it as "95000".
The following is a list of some of the steps you might follow when preparing to participate in an
online auction. We hope that they prove to be helpful tips that make your participation with GPS
Auctions successful, easy and enjoyable.
Register with GPS.
Register EARLY - it normally takes 24 hours to process your registration and provide
you an ID and Password so you can bid. Don't wait until the last minute to register.
Understand your Bidder Terms and read the FAQ's.
Ensure you have a licensed real estate agent representing you and that your agent is also
registered with GPS Auctions. Remember all bidders/buyers are required to be represented by a
licensed real estate agent. Be sure to have the broker register by the broker registration deadline
for the auction. (Remember if you need help finding a real estate agent, please notify
GPS and we'll refer an agent in your area to help you).
Make note of the TIME ZONE? (GMT)
GPS Auctions use Greenwich Mean Time as the official clock for auctions. Because internet bidders/buyers
come from across the globe, the world clock of GMT as utilize by our web hosting company is the most fair
and reasonable countdown clock available. On the BID BOX, both the End of Auction date/time and the
COUNTDOWN CLOCK are based on GMT. As an example, GMT is 5 hours AHEAD of EST.
Realize that your Password is CASE-SENSITIVE.
You must enter your Bidder Password EXACTLY as it was sent to you, 99% of the time your password will
use a combination of numbers and lower-case letters. When you enter your bid, you must type is exactly as
it was sent to you. TIP: the easiest way to enter your password is simply to COPY it from your registration
email and PASTE it into the bid box Password entry slot.
When entering your bid amounts do NOT use comma's and be sure to use only whole dollar
amounts (no cents).
Thus, if you wanted to enter a bid amount of $95,000, you would enter it as "95000".
| 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! |