- When should I register for an online auction?
We recommend that you register as soon as possible. This allows you to become familiar with the online process and makes things easier when the auction opens.
- Am I obligated to bid once I register?
No. You must register to be able to bid, but registration does not in any way obligate you to bid.
- What is a bidding deposit? How is it different from an earnest money deposit?
Auction participants make a financial commitment to perform in order to be approved to bid, sometimes in the form of a credit card hold (see below) and sometimes in the form of certified or wired funds (also known as a bidding deposit) which are refunded after the close of the auction if you are not the winning bidder. Deposit terms and amounts for each auction can vary and are found in the Terms and Conditions.
The earnest money deposit is due upon notification that you are the winning bidder. This deposit acts as a payment toward the total purchase price and security against default. The amount of the deposit can be a percentage of your purchase price or a set amount. If certified or wired funds were required to bid, they will go toward any earnest money deposit amount due.
- If you ask for my credit card information during the registration process, do you actually charge my card?
Your card will not be charged at the time of registration. However, a temporary hold maybe placed on your card in lieu of a bidding deposit. The hold amount varies for different auctions (read the specific Terms and Conditions on the www.tranzon.com listing pageor in the auction’s Property Information Package). If you are not the successful bidder, any hold will be removed after the auction, generally within 24 hours. If you are the high bidder, the hold will remain in place until your obligations under the Terms and Conditions are met. Credit card holds are only processed as a penalty in the event that the high bidder defaults on his or her obligations under the Terms and Conditions.
- Is the credit card hold a part of my earnest money deposit if I am the high bidder?
No. If a hold was placed on your credit card, you will need to comply separately with any earnest money deposit requirements. Once receipt of your earnest money deposit is confirmed, the hold on your card will be released. You will want to consult the Terms and Conditions for the auction to make sure you understand these requirements.
- How do I register for an online auction?
You can register for an online auction through www.tranzon.com. Simply click “Online Auctions” in the BUY menu. Find the auction you are interested in and click the button that says “Login & Register to Bid.” Then follow the instructions to register. You will be notified when your registration has been approved. After you have received approval notification, you can return to the auction at any time when bidding is open, log in, and bid
- When will the auction start? When will bidding end?
Bidding on any Tranzon online auction will begin and end at the times clearly shown on the listing page on www.tranzon.com and in the Property Information Package for the particular auction – or as extended (see “What is the auto-extend feature?” for more information). Please be careful to note that all times are expressed in Eastern Time (ET), so be sure to convert to local time for auctions outside of the Eastern time zone of the United States.
- How should I prepare to participate in an online auction?
Here’s a checklist you’ll want to make sure to cover before you bid:
- Download and thoroughly read the Property Information Package (PIP), found in the “Documents” list on the property listing page, to make sure you understand what you’re bidding on and the terms of the sale.
- Carefully read and accept the auction’s Terms and Conditions.
- You’re strongly encouraged to attend one of the available property previews or speak to the listed auction contact about scheduling a preview. Auction properties are sold without contingency, so you should see the property for yourself before bidding to ensure that it meets your needs as-is.
- Log into www.tranzon.com and register on the property listing page for your auction. You will be asked to certify that you have read and accepted the Terms and Conditions for the auction.
- Should I wait until the last minute to bid?
You can certainly bid whenever you choose during the time that bidding is open. We recommend, however, that you not wait until the last minute to bid, in order to make sure that you do not miss an opportunity to bid because of technical or other issues that might arise. There is no particular advantage to waiting until the very last moment, as most Tranzon auctions feature an anti-sniping extension called auto-extend (see below) that limits a bidder’s ability to become the winning bidder simply by submitting a bid at the very last moment.
- What is the auto-extend feature?
If someone bids within the last few minutes of the auction, the timer for the auction will automatically extend. These “auto-extend” time periods can differ for particular auctions, so be sure to check the auto-extend times for your particular auction, which will be clearly noted in the Terms and Conditions. The extension process will continue until no further bids are placed before the closing time, as extended.
For example, an auction has a 2-minute auto-extend provision, and bidding is scheduled to close at 11:00 AM. A bid is placed at 10:59 AM (within 2 minutes of the scheduled closing time). This triggers an automatic two-minute reset of the countdown clock, adjusting the auction’s end time to 11:01AM. The time will continue to extend in this way until no bids are placed for at least 2 minutes.
- What is the maximum bid feature?
The Maximum Bid, or “Max Bid,” feature allows you to put into the system your highest bid. The system will then bid on your behalf in the next increment up to but not exceeding that number. If no one bids against you, the system will not further raise your bid. Max Bidding is kind of a “set it and forget it” bid, but you will want to stay tuned to see if other bidders have exceeded your maximum. You can raise your Max Bid at any time prior to the close of bidding.
- What happens if two people enter the same Maximum bid?
If two bidders enter the same number as a Max Bid, the bidder who entered the Max Bid first will be considered the current high bidder at the full Max Bid amount (tie goes to the runner, in this case to the Max Bidder who was first-in-time to enter the Max Bid at that amount). For this reason, if you plan to enter a Max Bid, we recommend you enter it as soon as possible once the bidding starts.
- After I have entered a Maximum Bid, what happens when someone enters a manual bid that is less than my Maximum Bid, or at the same level as my Maximum Bid?
After you have entered a Max Bid, if another bidder enters a specific (manual) bid at an amount less than your Max Bid, your bid will be advanced to the next increment higher than the other bidder’s manual bid, subject always to not exceeding your Max Bid amount. If the other bidder enters a manual bid in the same amount as your previously-registered Max Bid, your Max Bid will match the manual bid and your Max Bid will be considered the high bid at that amount (again, tie goes to the runner, in this case the Max Bidder who had previously entered a Max Bid at that amount instead of the bidder who entered a manual bid at the same amount later).
- I was the high bidder. What happens next?
An agent from our office will either call or email you soon after the bidding closes, typically within 24 hours.
- If the auction did not have a reserve and did not require seller confirmation, our agent will provide you with instructions for submitting your earnest money deposit, scheduling the closing, and other post-auction details.
- If the auction was subject to a reserve or required seller confirmation, our agent will advise whether your high bid has been accepted. If your high bid is accepted, we will provide you with instructions for submitting your earnest money deposit, scheduling of the closing and other post-auction details. If your high bid isnot accepted, we will advise you as to next steps. In most cases where the high bid is not accepted by the seller, post-auction offers will be considered and should be submitted through the Tranzon agent.
- What if I have further questions?
Call or e-mail the contact listed on the auction’s property listing page or contact the Tranzon main office at 866-872-6966 (toll-free). Our auction professionals are always happy to help with any questions you might have