Normally, we think everyone benefits by going to an open auction.
But sometimes, buyers are in a rush and can't wait for an auction to start, and we don't want to prohibit a transaction if there is a willing Buyer and Seller.
So, we have the Pre-Auction.
If the Seller has set the start date for an auction at some point in the future, there is a period when you can see the listing and all of the information, schedule a showing, and even ask questions. But bidding is not yet live.
If you would like to make an offer to the Seller during this pre-auction period, then we have a mechanism to enable that.
Contact the Listing Agent directly to negotiate the terms that work for all parties. You will have the Seller's list of terms and value of those terms to help with that.
If the Seller is happy with your pre-auction offer, then s/he might accept it. But that acceptance is conditional.
The Listing Agent will take the offer and all the terms that you have agreed upon and enters it into the DPX platform as a Bid. You will have the ability to see all of the price and terms and approve it.
When you approve that bid, we immediately go live with the auction.
That live auction will go for one day, ending on 12:00pm PT the next day.
Your bid will be entered as the top bid, and Reserve Price will be automatically set at your bid.
All buyers who have saved or favorited the house will be notified. They will have the opportunity to bid on the property.
Anti-sniping applies as well.