| Copyright Genesis Property Solutions, LLC. All rights reserved. NOTE: GPS is not acting as a real estate broker. All properties shown on GPS Auctions are listed by active real estate agents legally doing business under their state guidelines. GPS, LLC offers this website auction platform which functions as a tool for buyer’s agents to submit offers to the sellers and their agents. This exciting option provides a convenient new way for agents to help their buyers and sellers purchase real estate online. |
| GPS AUCTIONS GPS AUCTIONS help Buyers and Sellers navigate their way to Real Estate Success! |
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HOW TO BID/BUY with GPS Auctions
1) Register with GPS.
using GPS Auctions and then Register with GPS on the website. Please visit the online to register.
online to register.
2) Ensure you have a licensed real estate agent representing you and that your agent
is also registered with GPS Auctions.
Remember all bidders/buyers are required to be represented by a licensed real estate agent. Be
sure to have the broker register by the broker registration deadline for the auction.
(If you need help finding a real estate agent, please notify GPS and we'll refer an agent
in your area to help you).
3) AFTER you have registered with GPS, when you are ready to place a bid, you may do so
from the Property’s Bid Page by using the BID BOX on that page. You will then be
prompted to enter the User Name and Password that was provided to you when you registered.
At that point, you will either bid the next bid increment or you can enter an even higher bid.
It's that simple!
Additional Notes:
1) Click here for Bidding Tips!
CLICK HERE FOR additional Buyer FAQs
2) The required bid increment will be indicated on the property’s Bid Page. Also, the GPS
Auctions Internet Transaction Fee is posted on the Bid Page. This is the amount you will pay
GPS Auctions in addition to your bid price at the closing.
3) When you bid, you will have the opportunity to enter your maximum bid and have the
GPS Auctions system bid for you while you are away from your computer. This is a great feature
called the GPS Auctions Concierge Bidder Service; we highly recommend that you use the
Concierge Bidder function to make bidding easier and more effective for you. For more
information, please visit our Bid Tips! Page.
IMPORTANT NOTE: In a Reserve Auction, because the seller is unlikely to accept a
winning bid which is less than the (hidden) Reserve Amount, if your max bid is less than
or equal to the Seller's (hidden) Reserve Amount, then your bid will be automatically
increased to your maximum bid. This is done automatically as a service to help bidders know
immediately if their max bid is going to reach the Seller's Reserve, and thus gain the expected
approval of Seller upon end of auction. Once the Reserve has been met, then the Concierge
Bidder Service will only adjust your bid up to the next bidding increment to protect you against
the bidding activity of another bidder (up to your max bid).
4) Once you submit a WINNING bid, you will receive an email with instructions on how to
proceed with the purchase of the property.
5) Remember, you can use the BUY It Now! Feature if you really like the property and believe
the Buy It Now! Price is acceptable to you. For more information, please visit our Bid Tips! Page.
6) Property Inspections: Properties are available for viewing and inspection by contacting the
property’s listing agent. The listing agent’s name and contact information is indicated on the
property’s Bid Page. It is recommended that you view the property prior to bidding. If you do not
view the property prior to bidding and you win the property, you will still be required to accept the
property regardless of its condition. Unless otherwise noted within the property information, all
properties on GPS Auctions sell as-is, where-is with no contingencies for inspection or financing.
7) Acceptance of Offers: GPS Auctions reserves the right to notify you of an acceptance of
your offer by the Seller for up to five business days after you submit a contract and escrow your
deposits. This allows Sellers time to evaluate your offer, speak with their agents and advisors, and
then communicate that acceptance back to GPS Auctions's staff.
a. If the property is a short sale or an REO, additional time may be required to gain the Seller’s
decision. The reason is simply because bank property sales typically require a final review and
acceptance by the bank's managers. Time frames will vary based on the amount of the offer, the
lender in question, and the underlying investor. Most short sales will take 60 days to get an
approval, but there is no guarantee and some short sales may take 4-6 months if the offer is
extremely low and/or the bank wants to counter.
8) Rejection of any Offer or Bid: GPS Auctions's sellers reserve the right to accept or reject
any bid on this website regardless of how that offer is made, whether or not it exceeds the reserve
price and whether or not it is the highest bid offered. No offer shall be deemed fully accepted by
the seller until a written contract has been executed by both parties regardless of the nature and
circumstances of that potential transaction.
9) Make note of the TIME ZONE? (GMT)
GPS Auctions use Greenwich Mean Time as the official clock for auctions. Because internet
bidders/buyers come from across the globe, the world clock of GMT as utilize by our web hosting
company is the most fair and reasonable countdown clock available. On the BID BOX, both the
End of Auction date/time and the COUNTDOWN CLOCK are based on GMT.
As an example, GMT is 5 hours AHEAD of EST.
1) Register with GPS.
using GPS Auctions and then Register with GPS on the website. Please visit the online to register.
online to register.
2) Ensure you have a licensed real estate agent representing you and that your agent
is also registered with GPS Auctions.
Remember all bidders/buyers are required to be represented by a licensed real estate agent. Be
sure to have the broker register by the broker registration deadline for the auction.
(If you need help finding a real estate agent, please notify GPS and we'll refer an agent
in your area to help you).
3) AFTER you have registered with GPS, when you are ready to place a bid, you may do so
from the Property’s Bid Page by using the BID BOX on that page. You will then be
prompted to enter the User Name and Password that was provided to you when you registered.
At that point, you will either bid the next bid increment or you can enter an even higher bid.
It's that simple!
Additional Notes:
1) Click here for Bidding Tips!
CLICK HERE FOR additional Buyer FAQs
2) The required bid increment will be indicated on the property’s Bid Page. Also, the GPS
Auctions Internet Transaction Fee is posted on the Bid Page. This is the amount you will pay
GPS Auctions in addition to your bid price at the closing.
3) When you bid, you will have the opportunity to enter your maximum bid and have the
GPS Auctions system bid for you while you are away from your computer. This is a great feature
called the GPS Auctions Concierge Bidder Service; we highly recommend that you use the
Concierge Bidder function to make bidding easier and more effective for you. For more
information, please visit our Bid Tips! Page.
IMPORTANT NOTE: In a Reserve Auction, because the seller is unlikely to accept a
winning bid which is less than the (hidden) Reserve Amount, if your max bid is less than
or equal to the Seller's (hidden) Reserve Amount, then your bid will be automatically
increased to your maximum bid. This is done automatically as a service to help bidders know
immediately if their max bid is going to reach the Seller's Reserve, and thus gain the expected
approval of Seller upon end of auction. Once the Reserve has been met, then the Concierge
Bidder Service will only adjust your bid up to the next bidding increment to protect you against
the bidding activity of another bidder (up to your max bid).
4) Once you submit a WINNING bid, you will receive an email with instructions on how to
proceed with the purchase of the property.
5) Remember, you can use the BUY It Now! Feature if you really like the property and believe
the Buy It Now! Price is acceptable to you. For more information, please visit our Bid Tips! Page.
6) Property Inspections: Properties are available for viewing and inspection by contacting the
property’s listing agent. The listing agent’s name and contact information is indicated on the
property’s Bid Page. It is recommended that you view the property prior to bidding. If you do not
view the property prior to bidding and you win the property, you will still be required to accept the
property regardless of its condition. Unless otherwise noted within the property information, all
properties on GPS Auctions sell as-is, where-is with no contingencies for inspection or financing.
7) Acceptance of Offers: GPS Auctions reserves the right to notify you of an acceptance of
your offer by the Seller for up to five business days after you submit a contract and escrow your
deposits. This allows Sellers time to evaluate your offer, speak with their agents and advisors, and
then communicate that acceptance back to GPS Auctions's staff.
a. If the property is a short sale or an REO, additional time may be required to gain the Seller’s
decision. The reason is simply because bank property sales typically require a final review and
acceptance by the bank's managers. Time frames will vary based on the amount of the offer, the
lender in question, and the underlying investor. Most short sales will take 60 days to get an
approval, but there is no guarantee and some short sales may take 4-6 months if the offer is
extremely low and/or the bank wants to counter.
8) Rejection of any Offer or Bid: GPS Auctions's sellers reserve the right to accept or reject
any bid on this website regardless of how that offer is made, whether or not it exceeds the reserve
price and whether or not it is the highest bid offered. No offer shall be deemed fully accepted by
the seller until a written contract has been executed by both parties regardless of the nature and
circumstances of that potential transaction.
9) Make note of the TIME ZONE? (GMT)
GPS Auctions use Greenwich Mean Time as the official clock for auctions. Because internet
bidders/buyers come from across the globe, the world clock of GMT as utilize by our web hosting
company is the most fair and reasonable countdown clock available. On the BID BOX, both the
End of Auction date/time and the COUNTDOWN CLOCK are based on GMT.
As an example, GMT is 5 hours AHEAD of EST.
BUYERS - How to Bid on GPS Auctions
Auction Benefits FAQ's
How to Bid/Buy Bidder TIPS
Auction Benefits FAQ's
How to Bid/Buy Bidder TIPS
| Welcome Buyers/Agents! To place a bid, you must first Register with GPS If you have already registered, you can use the BID BOX Form on the Property Auction page to place your BID Offer or BUY NOW! |
| QUESTIONS? Please visit The GPS HELP CENTER |
| Welcome Sellers/Agents! Please note: To place your property for auction with GPS, you must first Register with GPS |
| Be notified immediately once new auctions are posted! Register for GPS Auction Alerts! |