The seller or her agent can hold an auction on our website to sell the property if there are several potential buyers. This is how it works:
- Seller logs in to FussFreeHome and creates a property listing.
- Interested buyers contact the seller to inspect the property and verify the seller's credential. (BEWARE OF FRAUD)
- All parties agree to participate in bidding on FussFreeHome and abide by the outcome of the auction.
- Buyers clarify with seller on any additional fees and charges that will be imposed.
- Seller makes final adjustment to the asking price (and also the buyout price).
- Seller sets the minimum bidding fee and enables auction from the property listing.
- If the listing period (which is also the auction period) is longer than two weeks, it would be shortened to exactly two weeks upon the receipt of a bid.
- Seller informs all interested buyers to participate.
- Buyers log in to FussFreeHome and pay a bidding fee to submit their maximum bid anonymously.
- Once the property receives a bid, the listing will appear under the heading “Hot”.
- During the auction, bids are placed automatically for the bidders up to their maximum bid.
- The current bid is displayed together with a timer, counting down the time remaining for the auction.
- A buyout occurs when a buyer submits a maximum bid of four times the asking price, effectively beating all other bidders at the auction.
- The auction ends by virtue of either a buyout or the end of a countdown.
- The listing is removed from the home page upon the conclusion of an auction regardless of whether there is a winner.
- If a winner is declared, both parties are expected to consummate the sale and purchase transaction by delivering the necessary paperwork, and to take any other actions that may be required by local laws.
- Following that, the bid winner is expected to log in to FussFreeHome and mark the property as “SOLD” so that the seller can receive additional listing quota and sales reputation (if she is an agent).
- The listing will appear on the home page, this time, under the heading “Sold”.
We have compiled a list of frequently asked questions to help you understand more about our bidding process. Please read them carefully before participating in any auction.