All Forum Posts by: Christine Luong

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Buying Commercial Properties

Buyer must provide proof of funds prior to bidding. Proof that you can acquire and close escrow within the timeline is required. 

1. Getting Started

Find a property of interest, complete your due diligence and fill out the Buyer Information. Be sure to confirm auction dates and times.

2. Register Your Broker

For your broker to receive a commission, you must identify your broker during your registration. A commission must be offered and your broker must be licensed in the state where the property is located. In addition, your broker must register for your property of interest at least 24 hours in advance of the auction.

3. Register for Multiple Properties

You can continue to add or remove listings to your event registration. If you wish to add a property after you have submitted your initial deposit, you will need to repeat this process.

4. Place a Deposit

Deposits are taken online with a credit card authorization, via a wire transfer or cashier's check. For wire transfers and cashier's checks, additional documents are required.

5. Authorize

Confirm your properties, your deposit amount due and accept and agree to Auction.com’s terms and privacy statement.

6. Additional Offline Steps

Prior to auction day, you'll need to provide a Bidder Qualification Form along with proof of funds for the amount equal to the maximum bid that you wish to place. Proof of funds must be in the form of cash, cash equivalent or readily marketable securities listed on a major exchange and must be available immediately without restriction. The acceptance of any proof of funds documentation is made at the sole and absolute discretion of Auction.com.

Acceptable proof of funds documentation;

Proof of funds consideration;

Unacceptable proof of funds documentation;

You can submit your Bidder Qualification Forms, proof of funds and entity documentation in 1 of 3 ways:

If you are purchasing under a legal entity other than your personal name (such as a formed corporation, partnership, LLC or trust), Auction.com requires evidence demonstrating ownership and control of the entity, as well as evidence that the entity is in good standing. Bidding as a foreign (non-U.S.) entity is not permitted.

9. Auction Day

By auction day, your online and offline materials must be submitted and you must be approved to bid. Bids can be placed from the property page.

10. Winning Bid

To win, you must be the highest bidder. Following the auction, the highest bidder will receive a confirmation email with information on steps to complete the transaction. They will also be contacted within hours of the auction end to confirm the contract and the specifics of the sale.

If you are the winning bidder, you will need to submit the following items:

Auction.com will retain your credit card, cashier's check or wire transfer deposit.

If you are not the winning bidder;

Christine, 

I don't have any experience myself. However, in BP Pocast 136, @Shawn Holsapple explains how Auction.com is one of his main sources for leads. It seems very easy and straight forward. I was encouraged by the episode to give it a shot myself.

Here is a link to the episode: http://www.biggerpockets.com/renewsblog/2015/08/20/bp-podcast-136-building-an-incredible-real-estate-pipeline-with-shawn-holsapple/

@Christine Luong if you're in the area then register and join us.  Our meetups are geared toward BP members from the entire NYC metropolitan area, however we've gladly had members join us from as far away as California.