EQ Home Market is an innovative online “Real Estate Marketing and Offer Management Platform” which includes an “Auction Option” that provides greater transparency during the home selling and home buying process than the standard real estate transaction offers.
Every listing’s timeline is set by their Realtor, but the average auction runs for between 14-21 days.
No, we only work the best Realtors in the business, this ensures that every transactions runs as smoothly as possible, and that we keep our client’s legal liability as minimal as it can be. If you want to sell your home and do not yet have an agent we can surely refer you to several of our Preferred Realtors to interview.
All types including below market fixers, standard equity sales, short sales, and foreclosures
Yes, the seller’s fair market reserve price is kept confidential until the auction is over. Each auction will post when the reserve price has been met.
The system will notify you via email.
There is a countdown clock on the property’s bid page that will tell you how much more time there is for the auction.
No, not if the reserve price has not been met. Also the seller still has the legal right to pick and choose from the offers received in order to pick a winning one. The bid price is a very important part to the approval process, but so is down payment amount, loan type, etc.
The highest bidder will get an email letting them know that they are the highest bidder and whether or not the seller’s reserve was met, and that their Realtor will write the official Purchase Contract (offer), once the seller accepts their Purchase Contract they will then have 24 hours to forward their Earnest Money Deposit to one of our Preferred Escrows and the escrow process will then begin.
There are no upfront costs to bidding on a home on EQHomeMarket.com, but after a buyer successfully wins an auction they will be charged through escrow the following items: Bid Price + Buyer’s Premium (typically one to two percent of the Winning Bid Price) + Lenders Closing Costs (if you use one of our Preferred Lenders then the lender will credit you $750 towards your closing costs)
Yes, the majority of our buyers finance their purchases with one of our Preferred Lenders, and our Preferred Lenders typically give a $750 credit towards your closing costs.
No, you can use the lender of your choice, but if you choose to use a lender from outside of our Preferred Network you will miss out on their buyer incentives and your offer will be made without the benefit of having a “Loan Contingency” and this does put your Earnest Money Deposit at Risk. We trust in our Preferred Lender’s as we only work with the best in the business, so if you use one of them then you will be protected by a “Loan Contingency” time period.
Yes, you can setup an “Auto-Bid” with your “Maximum Price” which will then help automate your bidding by increments of $1,000 in the case that someone outbids you. The system will bid up to your “Maximum Price.”
Yes, if sniping occurs at the end of an auction the system will automatically extend the auction.
The opening bid is set by the seller and their Realtor, our guidelines are to have the opening bid always be 15% or less than the home’s current market value.
Yes, you may, and yes they will still get paid a standard 2% commission that will be credited to them from your 2% Buyer’s Premium.
Yes, you may, and in fact most of our buyers do use our Preferred Realtors because it makes the process run much more smoothly.
Yes, typically each home listed on EQHomeMarket.com will have 1-2 scheduled Open Houses prior to the auction end time.
Yes, unless you waive them upfront, you will have a certain number of days, which will be detailed in your purchase agreement, to order both an appraisal and a home inspection after winning your bid. This is part of your “due diligence contingency time period.”
