Frequently Asked Questions
Why use an auction?
With an auction, every bid or “offer” is visible to help buyers make the best decision on what they are willing to pay. This is the most transparent way to offer properties for sale that typically receive multiple offers.
Once the auction ends and a bid is accepted, the process will continue as usual. Our ResalesDVC team will prepare the purchase agreement, submit for ROFR and follow the transaction to closing.
What is the Buyer's Premium?
The real estate commission and administrative fees can be paid by the seller, the buyer or both. The buyer’s side is called “Buyer’s Premium.” (Sales Price = Highest Bid + Buyer’s Premium)
This is the most transparent way for a seller to offer the lowest price on their membership and still compensate the real estate agents who conduct and close the transaction. Our Buyers’ Premium is set at a fixed $150 for administrative costs.
What is the reserve price?
Sellers can set a minimum price that they are willing to accept as the winning bid. This price is not known by the bidders ( hidden). The bidders will only know if the reserve has been met.
Is the highest bidder guaranteed to buy?
No, but an online auction is a binding agreement and how far a seller pursues a non-performing bidder is up to them. All bidders should be prepared to continue with purchasing upon an accepted offer. Please ask any questions and secure financing ahead of bidding on a property.
Does a seller have to accept the highest bid?
No. Per Florida Law, a seller reserves the right to counter or reject an offer.
How often do you hold DVC auctions?
Initally we plan on running auctions at least once a month. Our long range goal is to have them on a weekly basis. Subscribe to our auction newsletter to receive notices of upcomming auctions.