| 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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| GPS AUCTIONS Terms for Using This Site (Registration Links at Bottom, following Terms) |
ALL USERS OF THIS SITE, including Sellers, Listing Agents, Buyers/Bidders, Buyer
Agents, and anyone else desiring to use the GPS Auctions Platform, MUST
THOROUGHLY READ AND AGREE TO EACH OF THE RULES BELOW.
THE FOLLOWING TERMS APPLY TO ALL PARTIES USING THIS SITE:
All parties understand that GPS Auctions! is not a real estate broker. As such, all property owners must be
represented by a licensed real estate agent legally doing business in the state in which the property is
located. Each seller, real estate agent, business entity or builder/developer listing properties on GPS Auctions
shall be required to adhere to the following terms and conditions. If these terms and conditions are not
adhered to, GPS Auctions, in its sole and absolute discretion, may revoke the listing/selling privileges of any
real estate agent or entity.
Each real estate agent bidding on a property for a client, for another agent and client, or for him or herself,
shall be required to adhere to the following terms and conditions. If these terms and conditions are not
adhered to, GPS Auctions, in its sole and absolute discretion, may revoke the bidding privileges of any real
estate agent or entity.
Seller:
A "Seller" on this site shall be defined as property owner, real estate agent, business entity,
builder/developer that is approved to list and sell properties on this site. GPS Auctions! is not a real estate
broker and therefore GPS Auctions only accepts properties from real estate agents, financial institutions and
builders/developers.
Agent:
An "Agent" on this site shall be defined as a real estate agent acting as a Listing Agent or Buyer Agent. ALL
Agent must be actively licensed in the state in which the property is located.
Bidder:
A "Bidder" shall be defined as an approved, registered bidder on GPS Auctions
Duration:
The "Duration" is the timeframe during which a property is listed on GPS Auctions to receive bids. It also
includes the two-day, pre-auction, staging period and the "post-auction" negotiation period, which could last
up to seven days.
Internet Transaction Fee:
The "Internet Transaction Fee" is a fee above and beyond the high bid amount that is paid by the buyer to
GPS Auctions at the closing. The Internet Transaction Fee may vary by property type and by seller type.
Please refer to each property's individual Bid Page for the specific Internet Transaction Fee to be paid for
that property.
The Current GPS Auction Internet Transaction Fee Schedule:
Expected Winning Bid: Internet Transaction Fee:
Less than $100,000 $1500
$100,000 to $249,999 $2500
$250,000 to $499,999 $5000
$500,000 to $749,999 $7500
$750,000 to $999,999 $10,000
$1,000,000 or greater (individual case basis)
The Internet Transaction Fee can either be added to the bid price to arrive at the total contract price, or be
charged as a buyer paid item on the HUD-1. A Seller can choose to pay the Internet Transaction Fee for the
buyer. If this is done, the fee should be charged as a seller paid item on the HUD-1.
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).
| 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! |
| 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! |
| IF YOU ARE A PROPERTY OWNER (SELLER) or LISTING AGENT, additional terms apply for you: --Please click here to download SELLER's TERMS --Please click here to download LISTING AGENT TERMS --Please click here to view the Listing Agreement Addendum IF YOU ARE READY TO CONTINUE AND YOU ARE ACKNOWLEDGING THAT YOU HAVE THOROUGHLY READ EACH OF THE ABOVE RULES, INCLUDING ANY STATUS-SPECIFIC ADDITIONAL TERMS, AND YOU AGREE TO ABIDE BY THEM FULLY, THEN... CLICK HERE TO AGREE TO THESE TERMS AND CONTINUE NOTE: When you continue on, you'll be taken to the "Selling To Do's Page" - this will allow you to do all of the following: 1) Pay your Auction Posting Fee 2) Download/Print the above Agreements (if you have not already done so) and give you instructions on where/how to send these to GPS Auctions 3) Complete your Auction Posting "Checklist" - so that we can tailor your auction to meet your needs. |
| IF YOU ARE A BUYER or BUYER'S AGENT, additional terms apply to you: --Please click here to download BUYER/BIDDER TERMS. --Please click here to download BUYER'S AGENT's TERMS. NOTES: 1) Online registration is acceptable for BUYERS and BUYER'S AGENTS, therefore you do not need to print and fax these forms to GPS. When you register to bid or place a bid, you are acknowledging acceptance of these terms for yourself as Buyer and/or Buyer's Agent on behalf of your buyer. 2) When you continue on, this will take you to a REGISTRATION PAGE. Simply complete the info on the webform and click "Register Me!" on the bottom of the form. This will send your info to GPS Auctions. Once received and processed, you will be sent a BIDDER's ID and PASSWORD - this is what you will need to place your bids. **IMPORTANT: remember, GPS Auctions is not a real estate broker, therefore all bidders must be represented by a licensed real estate agent. GPS Auctions must be able to verify that your agent is actively licensed in the state which the auction property you are bidding on is located. (This is why we need the agent's license number). If you do not have an agent yet, that's ok, simply be sure to choose the option on the webform that requests a referral to a GPS-approved agent) --Also, please don't wait until the last minute to try to register. It normally takes 24 hours for your registration to be verified by GPS and an ID and Password provided. GPS normal hours of operation are M-F 9am to 4pm, EST. Please register early to ensure you get the ability to bid. IF YOU ARE READY TO CONTINUE AND YOU ARE ACKNOWLEDGING THAT YOU HAVE THOROUGHLY READ EACH OF THE ABOVE RULES, INCLUDING ANY STATUS-SPECIFIC ADDITIONAL TERMS, AND YOU AGREE TO ABIDE BY THEM FULLY, THEN... CLICK HERE TO AGREE TO THESE TERMS AND REGISTER AS A BUYER WITH AGENT |
ATTENTION! ADDITIONAL TERMS MAY APPLY TO YOU, depending on your situation. Please view the applicable section below to continue... |