| 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! |
GPS AUCTIONS FAQ’s
GENERAL Questions:
What is GPS Auctions?
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.
How do I get help?
GPS Hours of Operation for Customer Inquiries: Mon-Friday, 9am to 4pm, EST.
If you have a property-specific question, the information you seek may already be located on the Property Bid Page under the
documents attached for downloading or on MLS. If the information is not there, you should consult with the LISTING AGENT.
If you have technical questions about the auction process, please contact GPS at auctions@genesispropertysolutions.org.
How do I place a property For Sale using GPS Auctions?
First you’ll need to register with GPS Auctions; then you & your real estate agent will work with GPS to easily place your property on
the GPS Auctions Side. You’ll receive your own Property’s Bid Page from which the Auction will be conducted.
Please note that all sellers must be represented by a licensed real estate agent in order to use GPS Auctions. If you need
help finding a qualified real estate agent, please let GPS know and we’ll refer you to an agent who can assist you - call us today at 888-
GPS-LLC7.
What is 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.
What are the different types of Real Estate Auctions available to me?
Essentially there are three types of auctions:
ABSOLUTE AUCTION (or auction without reserve)
1. The property is sold to the highest bidder, regardless of the price.
2. Since a sale is guaranteed, buyer excitement and participation are heightened.
3. Generates maximum response from the market place.
4. Many sellers, including financial institutions and government agencies have begun to use this method more frequently.
5. Note: most Sellers on GPS Auctions, prefer a "Reserve Auction"
RESERVE AUCTION (subject to confirmation by seller)
Real Estate being sold "Reserve" means that the Seller retains the right to accept or reject any bid for the property. At the conclusion of
the auction, the winning bidder is expected to submit their contract/offer to the Seller. Assuming the Reserve Price has been
met/exceeded AND there are no unusual terms/conditions, then the Seller is expected to accept the winning bidder's offer. (IF the
property is a short sale or REO, then the lender/asset manager must also provide an official Approval for the contract). See the
additional BUYER FAQ's below for more info on Reserve Auctions.
What is a"Minimum Bid?"
Like any auction, GPS Auctions begin with a published "Minimum Bid." If the auction is an ABSOLUTE Auction, then that Minimum Bid
is the lowest the Seller will accept. If the auction is a RESERVE Auction, then the Minimum Bid is merely "suggested opening bid." In a
RESERVE Auction, the opening bid is NOT necessarily an amount the Seller will accept, instead it is a test of the market for that
property. In a RESERVE Auction, the key is the actual RESERVE PRICE - as with all Reserve Auctions, the Seller's Reserve Price is
hidden from view (for obvious reasons). However, once a bidder makes a bid that EXCEEDS the Seller's Reserve, the Bid Box will
indicate that "The Reserve has been Met - YES" and, as noted above, when the winning bidder submits their contract/offer, the Seller is
expected to accept.
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).
NOTE: For Reserve Auctions, in order to ensure all bids are made above the Seller's required Minimum Bid, the Opening Bid amount
will be posted automatically by the Administrator. These bids will reflect ID's "32, 44, or 50" depending on which Administrator posted
that Auction.
What are the Terms and Conditions?
The Terms and Conditions of Auction are specific to each individual auction property and may vary according to the property being
auctioned and state laws. The General Terms and Conditions must be agreed to prior to registering on GPS Auctions and these terms
are located by clicking here. If there are additional Terms and Conditions for a specific property, they can be found in the individual
auction Property Bid Page. If you have questions about the Terms posted on a property, you can call our office at 888-GPS-LLC7 or
send us an email at gps@genesispropertysolutions.org.
When does the Winning Bidder sign a Purchase Contract?
The successful bidder for each property shall be required to sign a Winning Bid Acknowledgement immediately after being declared
the successful bidder. The successful bidder must also execute and deliver an “Auction Purchase and Sale Contract” for each property
no later than (3) business days after being declared the successful bidder. This contract shall be provided to GPS Auctions initially.
Once GPS confirms it matches the auction terms on this site, GPS will forward it to the Listing Agent for that property who will then
partner with the Title Agent to arrange for closing. A copy of the Auction Purchase and Sale Contract Addendum is contained in the
Bid Kit on the Property Bid Page. In addition, you can also view the GPS Auctions Contract Addendum by clicking here.
What is the Closing Period?
Unless the property is a short sale or similar transaction which requires Third Party Approval, in most cases closings shall be on or
before thirty days from the end of auction -- unless otherwise stated in the Terms and Conditions or Bid Kit for that auction's Property
Bid Page or the Seller agrees otherwise in writing pursuant to terms outlined in the Auction Purchase and Sale Contract. Generally, time
is of the essence as to the closing date, so please be prepared to close quickly if you are the winning bidder.
What is the Financing Contingency?
No auction bids are contingent upon financing. Buyer financing is solely the responsibility of the buyer, and at no cost to the Seller. It
is recommended that buyers pre-qualify for loans, assuring that they can close in accordance with the terms in the purchase agreement.
What is the Post Auction Process?
In a Reserve Auction, if the Reserve has NOT been met, the Seller has the right to reject the winning bid for the auction, re-run the
auction, take backup offers, or simply keep the home. If the Seller (or the Seller’s Lender in a short sale) has agreed to accept backup
offers, then others can submit a contract as well - above the winning bid amount. Keep in mind that your contract will remain in a
BACKUP position and will NOT supersede the current contract unless the seller officially notifies the buyer on the current contract of
the seller’s desire to decline/reject that offer (and/or the Seller’s Lender rejects the previous offer in a short sale situation). Please note
that the GPS Auctions Internet Transaction Fee is still required to be paid by all buyers who elect to submit a contract during the post-
auction phase –as required by the listing agreement addendum. To protect the integrity of the auction and to ensure GPS Auctions is
paid for providing an auction offer platform for this property, the seller and the listing agreement have agreed to this clause, all buyers
must agree as well if they want to submit a contract during the post-auction phase (30 days). Therefore, please keep this in mind: you
have to ADD the GPS Internet Transaction Fee to your Offer Amount to come up with the TOTAL PURCHASE PRICE. If your contract
is accepted as a backup or primary contract, once Buyers and Sellers have completed all the paperwork and if/when your contract is
accepted by all required parties (ie bank in a short sale or REO), you'll then set a date for a closing appointment. The balance of the
purchase price will be due in full at closing along with the closing costs (closing costs will include the Internet Transaction Fee).
FEES:
Do I have to pay a fee to Register to Bid?
No, there are no fees required to bid. Each property does require a specific bid deposit once you are declared the winning bidder. The
bid deposit will be applied and credited to the down payment, which is also property specific; however, in most cases, the minimum
acceptable deposit for each property is .5% (1/2 percent), unless otherwise noted with the property. If you are the Winning Bidder,
during the Winning Bidder Acknowledgement Process, you will be required to provide GPS Auctions with a valid credit
card within 24 hours after the end of the auction to "confirm" and hold your bid. This is to allow our sellers to know you are a
real person and of legal age to bid. Your card will never be charged unless you are a winning bidder but later fail to complete the
Contract Process or fail to close on the deal - in which case, your card will be charged a $299 Processing Fee.
Is there a Seller’s Marketing Fee like most Auctions charge?
Many auction companies will charge a HomeSeller/Seller a Marketing Fee of several thousand dollars (typically 5-10% of the Minimum
Reserve Amount) to cover the cost of advertising and promoting the auction for the seller’s property as well as to cover other costs.
GPS does not charge a Seller’s Marketing Fee, however GPS does collect an Auction Posting Fee from Sellers. This charge is a flat
fee of $99 per 30-day auction posting – an extremely reasonable amount for the use of the GPS Auction site – a powerful tool
which could generate many more offers than traditional “for sale” advertising alone. This fee is paid upfront (prior to a property being
place on the GPS Auctions site) and is non-refundable (regardless of whether the auction results in a successful sale or not).
BONUS: REDUCED FEES for Sellers with MULTIPLE PROPERTIES!
# of Properties 30-Day Auction Posting Fee
1-2 $99 per property
3-9 $50 per property
10+ FREE
Is there a Buyer’s Premium like most Auction Site’s charge?
Most auction companies will charge a Buyer’s Premium of 10% of the winning bid amount. GPS does not charge a Buyer’s Premium,
however GPS Auctions does collect an Internet Transaction Fee for each auction. Ultimately this fee is similar to a traditional auction
company's Buyer's Premium fee, however it is much less than the traditional 10% amount. Please see the following chart for more info
on the The Current GPS Auction Internet Transaction Fee Schedule:
Expected Winning Bid: Internet Transaction Fee:
Less than $100,000 $1500
$100,000 to $249,999 $2500
$250,000 to $499,999 $5000
$500,000 to $749,999 $7500
$750,000 to $999,999 $10,000
$1,000,000 or greater (individual case basis)
The Internet Transaction Fee is ADDED to the winning bid amount for each property. This fee, which is specified on each
Property Page, is paid by the BUYER to GPS Auctions at closing – unless otherwise stated on the Property Page. 50% of the Internet
Transaction Fee is required to be deposited when you submit your Earnest Money Deposit and Purchase Contract (within 3 business
days after end of auction). Payment can be made directly to GPS using the GPS Auctions Payment Page or to a GPS-approved Closing
Agent in the form of certified funds or a bank check at closing.
FOR REALTORS: For Realtor/Agent FAQ's, click here
GENERAL Questions:
What is GPS Auctions?
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.
How do I get help?
GPS Hours of Operation for Customer Inquiries: Mon-Friday, 9am to 4pm, EST.
If you have a property-specific question, the information you seek may already be located on the Property Bid Page under the
documents attached for downloading or on MLS. If the information is not there, you should consult with the LISTING AGENT.
If you have technical questions about the auction process, please contact GPS at auctions@genesispropertysolutions.org.
How do I place a property For Sale using GPS Auctions?
First you’ll need to register with GPS Auctions; then you & your real estate agent will work with GPS to easily place your property on
the GPS Auctions Side. You’ll receive your own Property’s Bid Page from which the Auction will be conducted.
Please note that all sellers must be represented by a licensed real estate agent in order to use GPS Auctions. If you need
help finding a qualified real estate agent, please let GPS know and we’ll refer you to an agent who can assist you - call us today at 888-
GPS-LLC7.
What is 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.
What are the different types of Real Estate Auctions available to me?
Essentially there are three types of auctions:
ABSOLUTE AUCTION (or auction without reserve)
1. The property is sold to the highest bidder, regardless of the price.
2. Since a sale is guaranteed, buyer excitement and participation are heightened.
3. Generates maximum response from the market place.
4. Many sellers, including financial institutions and government agencies have begun to use this method more frequently.
5. Note: most Sellers on GPS Auctions, prefer a "Reserve Auction"
RESERVE AUCTION (subject to confirmation by seller)
Real Estate being sold "Reserve" means that the Seller retains the right to accept or reject any bid for the property. At the conclusion of
the auction, the winning bidder is expected to submit their contract/offer to the Seller. Assuming the Reserve Price has been
met/exceeded AND there are no unusual terms/conditions, then the Seller is expected to accept the winning bidder's offer. (IF the
property is a short sale or REO, then the lender/asset manager must also provide an official Approval for the contract). See the
additional BUYER FAQ's below for more info on Reserve Auctions.
What is a"Minimum Bid?"
Like any auction, GPS Auctions begin with a published "Minimum Bid." If the auction is an ABSOLUTE Auction, then that Minimum Bid
is the lowest the Seller will accept. If the auction is a RESERVE Auction, then the Minimum Bid is merely "suggested opening bid." In a
RESERVE Auction, the opening bid is NOT necessarily an amount the Seller will accept, instead it is a test of the market for that
property. In a RESERVE Auction, the key is the actual RESERVE PRICE - as with all Reserve Auctions, the Seller's Reserve Price is
hidden from view (for obvious reasons). However, once a bidder makes a bid that EXCEEDS the Seller's Reserve, the Bid Box will
indicate that "The Reserve has been Met - YES" and, as noted above, when the winning bidder submits their contract/offer, the Seller is
expected to accept.
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).
NOTE: For Reserve Auctions, in order to ensure all bids are made above the Seller's required Minimum Bid, the Opening Bid amount
will be posted automatically by the Administrator. These bids will reflect ID's "32, 44, or 50" depending on which Administrator posted
that Auction.
What are the Terms and Conditions?
The Terms and Conditions of Auction are specific to each individual auction property and may vary according to the property being
auctioned and state laws. The General Terms and Conditions must be agreed to prior to registering on GPS Auctions and these terms
are located by clicking here. If there are additional Terms and Conditions for a specific property, they can be found in the individual
auction Property Bid Page. If you have questions about the Terms posted on a property, you can call our office at 888-GPS-LLC7 or
send us an email at gps@genesispropertysolutions.org.
When does the Winning Bidder sign a Purchase Contract?
The successful bidder for each property shall be required to sign a Winning Bid Acknowledgement immediately after being declared
the successful bidder. The successful bidder must also execute and deliver an “Auction Purchase and Sale Contract” for each property
no later than (3) business days after being declared the successful bidder. This contract shall be provided to GPS Auctions initially.
Once GPS confirms it matches the auction terms on this site, GPS will forward it to the Listing Agent for that property who will then
partner with the Title Agent to arrange for closing. A copy of the Auction Purchase and Sale Contract Addendum is contained in the
Bid Kit on the Property Bid Page. In addition, you can also view the GPS Auctions Contract Addendum by clicking here.
What is the Closing Period?
Unless the property is a short sale or similar transaction which requires Third Party Approval, in most cases closings shall be on or
before thirty days from the end of auction -- unless otherwise stated in the Terms and Conditions or Bid Kit for that auction's Property
Bid Page or the Seller agrees otherwise in writing pursuant to terms outlined in the Auction Purchase and Sale Contract. Generally, time
is of the essence as to the closing date, so please be prepared to close quickly if you are the winning bidder.
What is the Financing Contingency?
No auction bids are contingent upon financing. Buyer financing is solely the responsibility of the buyer, and at no cost to the Seller. It
is recommended that buyers pre-qualify for loans, assuring that they can close in accordance with the terms in the purchase agreement.
What is the Post Auction Process?
In a Reserve Auction, if the Reserve has NOT been met, the Seller has the right to reject the winning bid for the auction, re-run the
auction, take backup offers, or simply keep the home. If the Seller (or the Seller’s Lender in a short sale) has agreed to accept backup
offers, then others can submit a contract as well - above the winning bid amount. Keep in mind that your contract will remain in a
BACKUP position and will NOT supersede the current contract unless the seller officially notifies the buyer on the current contract of
the seller’s desire to decline/reject that offer (and/or the Seller’s Lender rejects the previous offer in a short sale situation). Please note
that the GPS Auctions Internet Transaction Fee is still required to be paid by all buyers who elect to submit a contract during the post-
auction phase –as required by the listing agreement addendum. To protect the integrity of the auction and to ensure GPS Auctions is
paid for providing an auction offer platform for this property, the seller and the listing agreement have agreed to this clause, all buyers
must agree as well if they want to submit a contract during the post-auction phase (30 days). Therefore, please keep this in mind: you
have to ADD the GPS Internet Transaction Fee to your Offer Amount to come up with the TOTAL PURCHASE PRICE. If your contract
is accepted as a backup or primary contract, once Buyers and Sellers have completed all the paperwork and if/when your contract is
accepted by all required parties (ie bank in a short sale or REO), you'll then set a date for a closing appointment. The balance of the
purchase price will be due in full at closing along with the closing costs (closing costs will include the Internet Transaction Fee).
FEES:
Do I have to pay a fee to Register to Bid?
No, there are no fees required to bid. Each property does require a specific bid deposit once you are declared the winning bidder. The
bid deposit will be applied and credited to the down payment, which is also property specific; however, in most cases, the minimum
acceptable deposit for each property is .5% (1/2 percent), unless otherwise noted with the property. If you are the Winning Bidder,
during the Winning Bidder Acknowledgement Process, you will be required to provide GPS Auctions with a valid credit
card within 24 hours after the end of the auction to "confirm" and hold your bid. This is to allow our sellers to know you are a
real person and of legal age to bid. Your card will never be charged unless you are a winning bidder but later fail to complete the
Contract Process or fail to close on the deal - in which case, your card will be charged a $299 Processing Fee.
Is there a Seller’s Marketing Fee like most Auctions charge?
Many auction companies will charge a HomeSeller/Seller a Marketing Fee of several thousand dollars (typically 5-10% of the Minimum
Reserve Amount) to cover the cost of advertising and promoting the auction for the seller’s property as well as to cover other costs.
GPS does not charge a Seller’s Marketing Fee, however GPS does collect an Auction Posting Fee from Sellers. This charge is a flat
fee of $99 per 30-day auction posting – an extremely reasonable amount for the use of the GPS Auction site – a powerful tool
which could generate many more offers than traditional “for sale” advertising alone. This fee is paid upfront (prior to a property being
place on the GPS Auctions site) and is non-refundable (regardless of whether the auction results in a successful sale or not).
BONUS: REDUCED FEES for Sellers with MULTIPLE PROPERTIES!
# of Properties 30-Day Auction Posting Fee
1-2 $99 per property
3-9 $50 per property
10+ FREE
Is there a Buyer’s Premium like most Auction Site’s charge?
Most auction companies will charge a Buyer’s Premium of 10% of the winning bid amount. GPS does not charge a Buyer’s Premium,
however GPS Auctions does collect an Internet Transaction Fee for each auction. Ultimately this fee is similar to a traditional auction
company's Buyer's Premium fee, however it is much less than the traditional 10% amount. Please see the following chart for more info
on the The Current GPS Auction Internet Transaction Fee Schedule:
Expected Winning Bid: Internet Transaction Fee:
Less than $100,000 $1500
$100,000 to $249,999 $2500
$250,000 to $499,999 $5000
$500,000 to $749,999 $7500
$750,000 to $999,999 $10,000
$1,000,000 or greater (individual case basis)
The Internet Transaction Fee is ADDED to the winning bid amount for each property. This fee, which is specified on each
Property Page, is paid by the BUYER to GPS Auctions at closing – unless otherwise stated on the Property Page. 50% of the Internet
Transaction Fee is required to be deposited when you submit your Earnest Money Deposit and Purchase Contract (within 3 business
days after end of auction). Payment can be made directly to GPS using the GPS Auctions Payment Page or to a GPS-approved Closing
Agent in the form of certified funds or a bank check at closing.
FOR REALTORS: For Realtor/Agent FAQ's, click here
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| 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! |
| 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! |
ADDITIONAL BIDDER/BUYER FAQ's
WHAT IS IT GOING TO COST ME?
Your cost for purchasing a home on GPS Auctions will be determined by:
Your winning bid price + GPS Internet Transaction Fee + Closing Costs = TOTAL COST
Yes. You just need to be able to comply with the Terms and Conditions of each property - this includes having the capacity to close.
GPS Auctions are conducted on-line. All buyers and sellers are required to be represented by licensed real estate agents in order to participate in a GPS Auctions
transaction.
Unless otherwise specified, if you are the Winning Bidder, you will receive an automatic Winning Bidder Email from GPS at the end of the auction. That email will
include a "Request to Confirm Your Bid" and a link to a "Winning Bidder Package." To confirm your bid, you'll need to provide GPS with a valid credit card and
Winning Bidder Agreement Form within 24 hours of the end of auction. Your credit card will not be charged initially and will only be used to "hold" your bid
during the Contract Process. If you fail to respond to the Request to Confirm Your Bid with a valid credit card and Winning Bidder Agreement within 24 hours of the
end of auction, then GPS will consider your bid void and move to the next highest bidder. If you comply with the terms of Winning Bidder Agreement and provide a
valid credit card, then you'll be expected to work with your real estate agent to submit your Purchase Contract + Addenda (if applicable) to GPS Auctions (which we
will review and forward to the Seller's Listing Agent noted on the Property Bid Page). You'll also need to escrow your Earnest Money and 50% of the Internet
Transaction Fee with the Closing Agent (noted on the Property Bid Page and/or with Listing Agent). This must be completed with 3 business days from the end
of auction. Once Buyers and Sellers have completed all the paperwork, you'll then set a date for a closing appointment. The balance of the purchase price and any
fees will be due in full at closing along with the closing costs (closing costs will include the full Internet Transaction Fee). The deposit & fees shall not be refundable
except in case of material default by the Seller. If you are the winning bidder but fail to comply with the Terms for that auction (including contract submission and
escrow deposits), then GPS Auctions will no longer allow you to bid on other properties on this site. If you confirm your bid, but fail to complete the Contract
Process within the required time frame or fail to close, then GPS will also charge your credit card a $299 Processing Fee.
*Please see below for additional information regarding Winning Bids in Reserve Auctions that are LESS than the Reserve...
Your initial Earnest Money Deposit is just .5% (1/2 percent) of the Winning Bid Amount/Contract Purchase Price. Your Earnest Money Deposit will later be applied to
your total purchase price. You must also deposit 50% of the Internet Transaction Fee into escrow as well. As part of the Contract process, both the Earnest Money
Deposit and the Internet Transaction Fee must be deposited into escrow with a GPS-approved Closing Agent no later than 3 business days after end of auction and
your real estate agent must also submit your Purchase Contract + Addenda (if applicable) to the Seller's Listing Agent within that time. No other additional deposits are
required. The balance of the purchase price and any fees will be due in full at closing along with the closing costs (closing costs will include the full Internet Transaction
Fee). The deposit and fees shall not be refundable except in case of material default by the Seller.
WHAT IS IT GOING TO COST ME?
Your cost for purchasing a home on GPS Auctions will be determined by:
Your winning bid price + GPS Internet Transaction Fee + Closing Costs = TOTAL COST
Yes. You just need to be able to comply with the Terms and Conditions of each property - this includes having the capacity to close.
GPS Auctions are conducted on-line. All buyers and sellers are required to be represented by licensed real estate agents in order to participate in a GPS Auctions
transaction.
Unless otherwise specified, if you are the Winning Bidder, you will receive an automatic Winning Bidder Email from GPS at the end of the auction. That email will
include a "Request to Confirm Your Bid" and a link to a "Winning Bidder Package." To confirm your bid, you'll need to provide GPS with a valid credit card and
Winning Bidder Agreement Form within 24 hours of the end of auction. Your credit card will not be charged initially and will only be used to "hold" your bid
during the Contract Process. If you fail to respond to the Request to Confirm Your Bid with a valid credit card and Winning Bidder Agreement within 24 hours of the
end of auction, then GPS will consider your bid void and move to the next highest bidder. If you comply with the terms of Winning Bidder Agreement and provide a
valid credit card, then you'll be expected to work with your real estate agent to submit your Purchase Contract + Addenda (if applicable) to GPS Auctions (which we
will review and forward to the Seller's Listing Agent noted on the Property Bid Page). You'll also need to escrow your Earnest Money and 50% of the Internet
Transaction Fee with the Closing Agent (noted on the Property Bid Page and/or with Listing Agent). This must be completed with 3 business days from the end
of auction. Once Buyers and Sellers have completed all the paperwork, you'll then set a date for a closing appointment. The balance of the purchase price and any
fees will be due in full at closing along with the closing costs (closing costs will include the full Internet Transaction Fee). The deposit & fees shall not be refundable
except in case of material default by the Seller. If you are the winning bidder but fail to comply with the Terms for that auction (including contract submission and
escrow deposits), then GPS Auctions will no longer allow you to bid on other properties on this site. If you confirm your bid, but fail to complete the Contract
Process within the required time frame or fail to close, then GPS will also charge your credit card a $299 Processing Fee.
*Please see below for additional information regarding Winning Bids in Reserve Auctions that are LESS than the Reserve...
Your initial Earnest Money Deposit is just .5% (1/2 percent) of the Winning Bid Amount/Contract Purchase Price. Your Earnest Money Deposit will later be applied to
your total purchase price. You must also deposit 50% of the Internet Transaction Fee into escrow as well. As part of the Contract process, both the Earnest Money
Deposit and the Internet Transaction Fee must be deposited into escrow with a GPS-approved Closing Agent no later than 3 business days after end of auction and
your real estate agent must also submit your Purchase Contract + Addenda (if applicable) to the Seller's Listing Agent within that time. No other additional deposits are
required. The balance of the purchase price and any fees will be due in full at closing along with the closing costs (closing costs will include the full Internet Transaction
Fee). The deposit and fees shall not be refundable except in case of material default by the Seller.
Understand the difference between "Reserve" and "Minimum Bid"
Real Estate being sold "Absolute" means that the property will be sold to the highest bidder, regardless of how low the bid price may be. (Note: most Sellers on GPS
Auctions, prefer a "Reserve Auction"). Real Estate being sold "Reserve" means that the Seller retains the right to accept or reject any bid for the property. At the
conclusion of the auction, the winning bidder is expected to submit their contract/offer to the Seller. Assuming the Reserve Price has been met/exceeded AND there
are no unusual terms/conditions, then the Seller is expected to accept the winning bidder's offer. (IF the property is a short sale or REO, then the lender/asset manager
must also provide an official Approval for the contract).
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).
What if the Winning Bid Amount ends up LESS than the Reserve Amount?
If no one hits the reserve price then its unlikely that the seller will accept the winning bid because it was less than desired amount. Depending on who is negotiating
with the bank, if the property is a short sale which requires 3rd party lender approval, reserves are set at amounts which sellers, agents, and/or GPS speculates the
lender is likely to accept, thus a winning bid less than the Reserve will likely not be accepted by the bank.
Winning bidders whose winning bid is LESS than the reserve amount are not required to submit a contract – they can simply walk away -- however if they desire,
they are still welcome to still submit a contract to the seller for review at their winning bid amount – perhaps the seller needs to realize that the current market price IS
the true value of their house no matter what their desired reserve may be. However, a better solution is as follows: if the seller approves, GPS will simply advise the
winning bidder, AFTER the end of the auction, of what the Seller’s desired Reserve price was. With this information, the Winning Bidder can decide if they want to
submit a contract that has a better chance of gaining seller (and/or lender) approval or not. If a contract is submitted at or above the Reserve, there is a much higher
likelihood of acceptance.
For auctions ending AFTER 3/15/08, there is no extra charge for submitting a contract for seller’s review if it is at/above the reserve amount, since this is a basic
function of the auction process. The same goes if the winning bid is LESS than the reserve and the property is NOT a short sale or REO – again no charge. If,
however the winning bid was LESS than the reserve price AND the property is a short sale which requires 3rd party lender approval, AND the winning bidder wants
to submit a contract for an amount that is still LESS than the reserve, GPS will submit that contract to the lender for an extra non-refundable processing fee of $299.
The reason for the charge is due to the fact that this transaction will require more time and negotiation efforts with the lender since the offer is below the anticipated
reserve.
If the lender approves the deal, the $299 will be deducted from the GPS Internet Transaction Fee paid by the buyer at closing – thus eliminating the extra fee. If the
lender declines the deal and/or counters at a number unacceptable to the buyer, and the buyer wants to walk away, then the buyer can receive back their entire
earnest money deposit and their deposit towards the GPS Transaction Fee less their $299 processing fee.
What closing costs are covered by the seller?
In most cases, the seller will cover the standard Seller’s Closing Costs - this includes BOTH sides of the AGENT COMMISSIONS, however this is not always the case,
and GPS Auctions recommends all bidders/buyers review the Property Bid Page and speak to the LISTING AGENT to confirm what costs the sellers will cover.
Real Estate being sold "Absolute" means that the property will be sold to the highest bidder, regardless of how low the bid price may be. (Note: most Sellers on GPS
Auctions, prefer a "Reserve Auction"). Real Estate being sold "Reserve" means that the Seller retains the right to accept or reject any bid for the property. At the
conclusion of the auction, the winning bidder is expected to submit their contract/offer to the Seller. Assuming the Reserve Price has been met/exceeded AND there
are no unusual terms/conditions, then the Seller is expected to accept the winning bidder's offer. (IF the property is a short sale or REO, then the lender/asset manager
must also provide an official Approval for the contract).
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).
What if the Winning Bid Amount ends up LESS than the Reserve Amount?
If no one hits the reserve price then its unlikely that the seller will accept the winning bid because it was less than desired amount. Depending on who is negotiating
with the bank, if the property is a short sale which requires 3rd party lender approval, reserves are set at amounts which sellers, agents, and/or GPS speculates the
lender is likely to accept, thus a winning bid less than the Reserve will likely not be accepted by the bank.
Winning bidders whose winning bid is LESS than the reserve amount are not required to submit a contract – they can simply walk away -- however if they desire,
they are still welcome to still submit a contract to the seller for review at their winning bid amount – perhaps the seller needs to realize that the current market price IS
the true value of their house no matter what their desired reserve may be. However, a better solution is as follows: if the seller approves, GPS will simply advise the
winning bidder, AFTER the end of the auction, of what the Seller’s desired Reserve price was. With this information, the Winning Bidder can decide if they want to
submit a contract that has a better chance of gaining seller (and/or lender) approval or not. If a contract is submitted at or above the Reserve, there is a much higher
likelihood of acceptance.
For auctions ending AFTER 3/15/08, there is no extra charge for submitting a contract for seller’s review if it is at/above the reserve amount, since this is a basic
function of the auction process. The same goes if the winning bid is LESS than the reserve and the property is NOT a short sale or REO – again no charge. If,
however the winning bid was LESS than the reserve price AND the property is a short sale which requires 3rd party lender approval, AND the winning bidder wants
to submit a contract for an amount that is still LESS than the reserve, GPS will submit that contract to the lender for an extra non-refundable processing fee of $299.
The reason for the charge is due to the fact that this transaction will require more time and negotiation efforts with the lender since the offer is below the anticipated
reserve.
If the lender approves the deal, the $299 will be deducted from the GPS Internet Transaction Fee paid by the buyer at closing – thus eliminating the extra fee. If the
lender declines the deal and/or counters at a number unacceptable to the buyer, and the buyer wants to walk away, then the buyer can receive back their entire
earnest money deposit and their deposit towards the GPS Transaction Fee less their $299 processing fee.
What closing costs are covered by the seller?
In most cases, the seller will cover the standard Seller’s Closing Costs - this includes BOTH sides of the AGENT COMMISSIONS, however this is not always the case,
and GPS Auctions recommends all bidders/buyers review the Property Bid Page and speak to the LISTING AGENT to confirm what costs the sellers will cover.
Property Questions:
What does it mean that the Property is sold “As Is”?
All parcels, including any buildings or other improvements thereon, are offered for sale and sold “AS IS” without representation or warranty of any kind as to their
condition, excepting where applicable, the HUD Lead Paint Disclosure for Residential Properties and any other disclosures required by law. Personal on-site inspection
of each property prior to the auction is strongly recommended. Bidders are encouraged to have inspectors, architects, and/or engineers examine parcels prior to
bidding.
Bidders are encouraged to consider a title search and survey of the property prior to bidding. Bidders should exercise due diligence as to property usage, zoning and
building code restrictions and or violations that may or may not exist as to the subject property. Property descriptions are deemed reliable but not guaranteed. Some
properties may be subject to nonconforming use as a result of being vacated for more than twelve months.
Will I be responsible for back taxes and/or liens owed by the Sellers?
That depends on the property. In normal, non-distress situations, any back taxes or title issues should be cleared by the Sellers prior to closing as a condition of a
normal real estate contract. HOWEVER, in distress situations (pre-foreclosure short sales for example), the buyer may be expected to cover these costs. The Terms and
Conditions, Contract Addenda, and/or Bid Kit for each property will specify this. GPS recommends you read all documentation about a property before placing a bid
to attempt to buy a property from GPS Auctions. GPS Auctions does not cover any of these costs.
How is the deed transferred?
This depends on state laws applicable for each property. In most cases, parcels sold shall be conveyed to the Purchaser by means of a Warranty Deed, with Lien
Covenant. In no event shall GPS be or become liable for any defects in title for any cause whatsoever, and no claim, demand or suit of any nature shall exist in favor
of the purchaser, its heirs, successors or assigns, against GPS arising from this sale.
Where do these properties come from?
The properties on this site are offered by real estate agents, corporations, financial institutions, builders, developers, government agencies, and other motivated sellers.
What Personal Property comes with the property?
No personal property is included in the sale of any of the properties – unless agreed on by contract.The disposition of any personal property located on or in any
parcel sold shall be the sole responsibility of the successful purchaser following the closing of sale.
What is the Marketing Disclosure?
All informational tools, including but not limited to slides, tax maps, deeds, photos, auction listings, auction catalogs, auction signs, property record cards, etc., are for
identification purposes only and are neither a guarantee nor a warranty as to location, dimensions, parcel use and/or size, or anything else. GPS makes no warranty
expressed or implied in connection with this sale.
A Note on Evictions:
Properties are sold subject to the existing rights of all tenants – where applicable. Summary proceedings or other legal actions relative to any third parties in possession
of the premises, if necessary, are solely the responsibility of the successful bidder.
What does it mean that the Property is sold “As Is”?
All parcels, including any buildings or other improvements thereon, are offered for sale and sold “AS IS” without representation or warranty of any kind as to their
condition, excepting where applicable, the HUD Lead Paint Disclosure for Residential Properties and any other disclosures required by law. Personal on-site inspection
of each property prior to the auction is strongly recommended. Bidders are encouraged to have inspectors, architects, and/or engineers examine parcels prior to
bidding.
Bidders are encouraged to consider a title search and survey of the property prior to bidding. Bidders should exercise due diligence as to property usage, zoning and
building code restrictions and or violations that may or may not exist as to the subject property. Property descriptions are deemed reliable but not guaranteed. Some
properties may be subject to nonconforming use as a result of being vacated for more than twelve months.
Will I be responsible for back taxes and/or liens owed by the Sellers?
That depends on the property. In normal, non-distress situations, any back taxes or title issues should be cleared by the Sellers prior to closing as a condition of a
normal real estate contract. HOWEVER, in distress situations (pre-foreclosure short sales for example), the buyer may be expected to cover these costs. The Terms and
Conditions, Contract Addenda, and/or Bid Kit for each property will specify this. GPS recommends you read all documentation about a property before placing a bid
to attempt to buy a property from GPS Auctions. GPS Auctions does not cover any of these costs.
How is the deed transferred?
This depends on state laws applicable for each property. In most cases, parcels sold shall be conveyed to the Purchaser by means of a Warranty Deed, with Lien
Covenant. In no event shall GPS be or become liable for any defects in title for any cause whatsoever, and no claim, demand or suit of any nature shall exist in favor
of the purchaser, its heirs, successors or assigns, against GPS arising from this sale.
Where do these properties come from?
The properties on this site are offered by real estate agents, corporations, financial institutions, builders, developers, government agencies, and other motivated sellers.
What Personal Property comes with the property?
No personal property is included in the sale of any of the properties – unless agreed on by contract.The disposition of any personal property located on or in any
parcel sold shall be the sole responsibility of the successful purchaser following the closing of sale.
What is the Marketing Disclosure?
All informational tools, including but not limited to slides, tax maps, deeds, photos, auction listings, auction catalogs, auction signs, property record cards, etc., are for
identification purposes only and are neither a guarantee nor a warranty as to location, dimensions, parcel use and/or size, or anything else. GPS makes no warranty
expressed or implied in connection with this sale.
A Note on Evictions:
Properties are sold subject to the existing rights of all tenants – where applicable. Summary proceedings or other legal actions relative to any third parties in possession
of the premises, if necessary, are solely the responsibility of the successful bidder.
BIDDING QUESTIONS:
How do I bid on a property on this site?
Bidding on GPS Auctions is simple and efficient.
First you’ll need to register with GPS Auctions; then you & your real estate agent can place a bid from the Property’s Bid Page.
All bidders/buyers must be represented by a licensed real estate agent in order to use GPS Auctions. If you need help finding a qualified real estate agent, please let
GPS know and we’ll refer you to an agent who can assist you.
For more information on bidding, please see the Buyers - How to Bid Page
What is an Internet Bid?
GPS Auctions does not conduct “Live” (in-person) Auctions. Instead the GPS Auction tool allows for Buyers to place binding “Internet” bids on this website. An
internet bid on the GPS Auctions site is the method by which Buyers and their agents to submit offers to Sellers and their agents.
What is a Back-up Bid?
GPS reserves the right to accept back-up bids during the auction. Once a successful bidder is recorded, the highest previously submitted bid would be recorded as
the “back-up bidder. In the event that the successful bidder does not close on the property the back-up bidder will be sold the property subject to the same
approvals as all other bidders at the auction.
Should I wait until the last five minutes of an auction to place my bid?
With varying connection speeds of internet service providers, bidder computer equipment, and general traffic congestion at the end of an auction, we do not
recommend waiting until the last few minutes of the auction to place your bid. If you delay your bid, there is no guarantee that your bid will make it through to the
site. Neither GPS nor any of the real estate agents or brokers involved shall not bear responsibility for bids that do not make it through to the site. It is our
recommendation to place your bids early if there is a property you would like to try to purchase. In addition, we do not recommend that you wait until the day
you want to bid in order to register with GPS. If normally takes 24 hours for your registration to be verified by GPS and an ID and Password
provided. GPS normal hours of operation are M-F 9am to 4pm, EST. Please register early to ensure you get the ability to bid.
Is there a minimum price that must be achieved by the Sellers?
Yes, in most cases there is a discounted reserve (minimum) price that must be met on each property. Each property's Bid Page should indicate whether the reserve
price has been met.
Will I have an opportunity to view the property after a bid and change my offer?
You can place multiple bids on each property; however, all bids are final and binding (see Bidder Terms). GPS recommends you inspect each property prior to placing
a bid. Directions to the property and/or inspection guidelines, as well as the property's Listing Agent contact information is all located on the Property Bid page.
Will I know when the property has met its reserve price?
Yes, the bidding system will allow you to know when the reserve price has been met through an indicator on that property's Bid Page. The indicator does not display
the reserve price amount, just whether or not its been met at the current bid price offered.
Auctioneer’s Decision Final:
The Auctioneer’s decision regarding any bidding disputes is final, and the auctioneer reserves the right to reject any bid that is not an appreciable advancement over
the preceding bid. Auctioneer reserves the right to add or delete any property from the auction or to alter the order of sale from that previously published. All
announcements made at the auction take precedence over all other advertising or previous publications.
How do I bid on a property on this site?
Bidding on GPS Auctions is simple and efficient.
First you’ll need to register with GPS Auctions; then you & your real estate agent can place a bid from the Property’s Bid Page.
All bidders/buyers must be represented by a licensed real estate agent in order to use GPS Auctions. If you need help finding a qualified real estate agent, please let
GPS know and we’ll refer you to an agent who can assist you.
For more information on bidding, please see the Buyers - How to Bid Page
What is an Internet Bid?
GPS Auctions does not conduct “Live” (in-person) Auctions. Instead the GPS Auction tool allows for Buyers to place binding “Internet” bids on this website. An
internet bid on the GPS Auctions site is the method by which Buyers and their agents to submit offers to Sellers and their agents.
What is a Back-up Bid?
GPS reserves the right to accept back-up bids during the auction. Once a successful bidder is recorded, the highest previously submitted bid would be recorded as
the “back-up bidder. In the event that the successful bidder does not close on the property the back-up bidder will be sold the property subject to the same
approvals as all other bidders at the auction.
Should I wait until the last five minutes of an auction to place my bid?
With varying connection speeds of internet service providers, bidder computer equipment, and general traffic congestion at the end of an auction, we do not
recommend waiting until the last few minutes of the auction to place your bid. If you delay your bid, there is no guarantee that your bid will make it through to the
site. Neither GPS nor any of the real estate agents or brokers involved shall not bear responsibility for bids that do not make it through to the site. It is our
recommendation to place your bids early if there is a property you would like to try to purchase. In addition, we do not recommend that you wait until the day
you want to bid in order to register with GPS. If normally takes 24 hours for your registration to be verified by GPS and an ID and Password
provided. GPS normal hours of operation are M-F 9am to 4pm, EST. Please register early to ensure you get the ability to bid.
Is there a minimum price that must be achieved by the Sellers?
Yes, in most cases there is a discounted reserve (minimum) price that must be met on each property. Each property's Bid Page should indicate whether the reserve
price has been met.
Will I have an opportunity to view the property after a bid and change my offer?
You can place multiple bids on each property; however, all bids are final and binding (see Bidder Terms). GPS recommends you inspect each property prior to placing
a bid. Directions to the property and/or inspection guidelines, as well as the property's Listing Agent contact information is all located on the Property Bid page.
Will I know when the property has met its reserve price?
Yes, the bidding system will allow you to know when the reserve price has been met through an indicator on that property's Bid Page. The indicator does not display
the reserve price amount, just whether or not its been met at the current bid price offered.
Auctioneer’s Decision Final:
The Auctioneer’s decision regarding any bidding disputes is final, and the auctioneer reserves the right to reject any bid that is not an appreciable advancement over
the preceding bid. Auctioneer reserves the right to add or delete any property from the auction or to alter the order of sale from that previously published. All
announcements made at the auction take precedence over all other advertising or previous publications.