30K Homes Real Estate Auction Policy

To best meet the needs of our users while accommodating the wide variety of laws governing the sale of real estate across the globe, 30K Homes offers advertisements of real estate in a variety of formats. These Real Estate Rules explain these format offerings, clarify 30K Homes' limited role as a hosting platform for advertising and venue-provider, and outline certain limitations on 30K Homes’ obligations and liabilities. Your use of the 30K Homes Real Estate Pages confirms your agreement to these rules.

Selling an undivided interest in a land real estate property is not permitted. An undivided interest is defined as a partial interest by two or more people in the same property. This prohibition shall not apply to mineral rights.

Violations of this policy may result in a range of actions, including:

  • Listing cancellation
  • Limits on account privileges
  • Account suspension
  • Forfeit of 30K Homes fees on cancelled listings
  • Loss of PowerSeller status

Due to the wide variety of laws governing the sale of real estate, 30K Homes Real Estate auction-style advertisements of real property do not involve legally binding offers to buy and sell. Instead, 30K Homes Real Estate's auctions are simply a way for sellers to advertise their real estate and meet potential buyers. 30K Homes is commonly referred to as an online auction web site, however 30K Homes Real Estate is not a traditional "auctioneer." 30K Homes Real Estate is not involved in the actual transaction between buyers and sellers and, as a result, has no control over the quality, safety or legality of the properties advertised, the truth or accuracy of the postings, the ability of sellers to sell items or the ability of buyers to buy items. 30K Homes cannot ensure that a buyer or seller will actually complete a transaction. 

Auction-style format advertisements for the sale of real estate are designed to assist the parties in identifying the most interested potential buyer(s). The listings do not result in binding agreements to buy and sell real estate; however, they do allow sellers and buyers to use 30K Homes Real Estate as a venue to determine who may be most interested in the property. In this format, potential buyers are asked not to bid unless they intend to complete the purchase of the advertised property, subject to customary diligence and contingencies. Sellers are not permitted to claim in their listings that a bid results in a binding obligation to consummate the purchase. Following the close of the auction-style bidding, the sellers and buyers are expected to contact each other to prepare and deliver the appropriate paperwork to buy and sell the property, and to take such other actions as may be required by local laws. As noted below, 30K Homes Real Estate cannot give legal advice to buyers or sellers, and users should seek professional advice when selling or buying real estate. Depending on the property, sellers may be required to deliver to buyers a disclosure statement prior to a sale, and in all cases buyers should conduct their own due diligence related to property inspection, title review, building code compliance, termite inspection, flood plain, hazardous materials and other local issues transparent only to an expert. While 30K Homes Real Estate cannot guarantee consummation of the sale to either seller or potential buyers, our rules require sellers and top-bidding potential buyers to follow through in good faith. If the parties do follow through in good faith, but the transaction does not close, the parties should still leave positive feedback for each other.

If you elect to use the "auction-style" advertisement for certain kinds of real estate, you will be charged a "Listing Fee" when the auction begins to receive bids. This fee applies whether or not the real estate sale is completed.

Private Mortgage Notes 

Within 30K Homes’ "Other Real Estate" pages, 30K Homes sellers are permitted to advertise for sale certain purchase money notes and mortgages (referred to in these rules as "mortgage notes"). These mortgage notes are created when, in a real estate transaction preceding the offer of the mortgage note on the 30K Homes site, a purchaser of certain real estate obtains financing for all or a portion of a property from the seller, and executes a note in favor of the seller secured by a mortgage on the real property being purchased. A mortgage note created in this manner may be advertised for sale on 30K Homes (in either the Auction format or Classified Ad format) if the following requirements are satisfied:

  • the mortgage note must have arisen in connection with a bona fide real estate transaction;
  • the interest offered constitutes the entire indebtedness under the note;
  • the purchaser will receive the mortgage note by unconditional endorsement, without recourse, together with a full assignment of the mortgage securing the note, both of which the purchaser will hold until satisfaction of the note;
  • the mortgage note is offered without any interposed services or other enhancements to be provided by the seller; and,
  • the sale of the mortgage note complies with all applicable law.

All mortgage notes are required to be offered only in the "Note Sales" category.

Privacy of Information 

Sellers must treat buyers' contact information in full compliance with our User Privacy Notice. This policy prohibits sharing the buyer's information with third parties as well as use of the buyer's information for any purpose other than communicating with the buyer about the item, unless expressly permitted to do so by the buyer.

Real Estate Licensees

Sellers who are licensed as an agent, broker, or other licensed real estate professional must ensure that their item description conforms to all laws and regulations applicable to online advertising of properties by such licensees. These requirements may include, among other things, disclosure of the licensee's name, any firm with which the licensee is affiliated, office location, and the jurisdiction(s) where the licensee is licensed.

Trading Assistants

A user may not list real estate for a third-party unless the user is a licensed real estate professional.

Professional Assistance 

The purchase and sale of real estate is a complicated matter that is governed by laws, practices and customs that vary significantly from locality to locality. Sellers are advised that many jurisdictions require that you provide a disclosure statement to all prospective buyers regarding the condition of your property. In addition, under U.S. federal law, sellers have an obligation to disclose information on lead-based paint hazards. Members are strongly advised to seek the help of a licensed real estate professional and/or a real estate attorney to help in the negotiation and sale of any real estate.

Members may wish to visit the Web site of the Association of Real Estate License Law Officials, which offers a search tool providing access to a database of information about the current license or registration status of real estate licensees.

30K Homes Real Estate's Role as a Venue Provider / Brokerage Relationship (Agency) Disclosure

The role of 30K Homes Real Estate in the sale of properties is limited to hosting advertisements provided by sellers and providing a venue for communications about a property. 30K Homes Real Estate is not responsible for, and does not engage in, brokering, selling, purchasing, exchanging, or leasing posted properties or providing a "multiple listing service" as that term is traditionally used. 30K Homes Real Estate does not counsel sellers or buyers, show properties, negotiate sales contracts, or hold a position of trust and confidence, whether or not in connection with the 30K Homes website. Accordingly, no brokerage relationship or any agency or fiduciary relationship is intended to be or shall be deemed to have been created between 30K Homes Real Estate and any seller or buyer of real estate. 30K Homes Real Estate makes no representations about properties advertised on 30K Homes, about the sellers of such properties, about the accuracy of information provided by such sellers, or about the financial capabilities of prospective buyers. Prospective buyers are advised to perform all due diligence before entering into a contract to purchase property, and, as emphasized above, all parties are encouraged to seek the help of a licensed real estate professional and real estate attorney.

License Information

30K Homes Real Estate does not purport to broker transactions.

Relationship to 30K Homes’ User Agreement

With respect to real estate items, if these Real Estate Rules conflict with 30K Homes’ User Agreement, these rules apply.

Why does 30K Homes have this policy?

30K Homes wants to ensure that sellers and buyers comply with all governmental laws and regulations. Since the sale of real estate is regulated, or may cause harm to 30K Homes, 30K Homes Real Estate or its members, the sale of real estate on 30K Homes is restricted.

Frequently asked questions…

How do I buy salvage cars and other vehicles on thirtythousandhomes.org (30KHomes™)?

There are two ways to buy vehicles listed on thirtythousandhomes.org: either directly from the seller or indirectly through a 30KHomes affiliate auction.  Each vehicle/property will display a sale type that notes how it is being sold.

'Buy it Now' vehicles are offered by the seller at a set price.  We provide the seller's contact information, and any transaction arrangements are worked out between you and the seller. Typically, you can contact the dealer with questions and visit the dealer to inspect the vehicle/property before purchase.    

'Auction' vehicles are generally sold to the highest bidder who meets any minimum reserve price set by the auction.  Thirtythousandhomes.org operates as a broker to provide non-licensed public buyers access to licensed dealer-only auctions. When you enter a bid on thirtythousandhomes.org, we will present it to the auction. If the vehicle/property is won and payment made, pick-up or delivery can be arranged immediately and the paperwork will be processed to transfer ownership of the vehicle/property to you.  There is no opportunity to personally inspect the vehicle/property and no one to provide more information about the vehicle/property unless a third-party inspection service authorized to enter the auction facility is retained. 

How do the auctions work?

30KHomes auctions use a proxy pre-bidding system, whereby you provide us the maximum amount you are willing to pay, and we bid as little as needed to win the vehicle/property; only your proxy amount. Think of this as having a personal buyer attend the auction for you.  You are able to enter your proxy up until the deadline noted, at which point you will have no opportunity to raise the offer.  

Under this system, the winning price is generally not the highest bid, but rather some increment over the second highest, provided the seller's reserve price has been met. For a hypothetical example, suppose the seller's reserve price on a vehicle/property is $7,000, you place a proxy bid of $10,000, the second highest bidder placed $7,500, and the bidding increment for the auction is $100. Although you placed $10,000, the sale price for the vehicle/property would be $7,600; the second highest bid plus the auction's increment.

How much deposit is required to participate in salvage car auctions?

Bid limits are set based on a user's payment history and cash deposit amount. New users may bid up to $3000 without any deposit. Bid limits are increased by submission of a deposit equal to 20% of your total planned bids. For example, if you wish to bid a total of $40,000 on a vehicle/property or any combination of vehicles, an $8,000 deposit by wire transfer is required. Users with an excellent payment history may bid up to $20000 without further deposit.

How much should I bid?

There are at least two factors to consider when deciding how much to bid on salvage cars and other vehicles: How much is a vehicle/property worth to you, and how little can you bid and still have a chance at winning. Remember the first rule of success:

Never bid more than you are willing to pay; Never bid less than you are willing to pay.

How much a vehicle/property is worth is largely an individual question that depends on numerous factors including the vehicle/property type, the extent of any damage, the intended use of the vehicle/property, the vehicle/property's title, the location to where it is going, etc.... For these reasons, a vehicle/property may be worth more to one person than another, and so we can make no statements as to what a vehicle/property is worth.

However with this said, once you have determined how much a vehicle/property is worth to you, it is best to bid the maximum you are willing to pay for the vehicle/property and let the proxy bidding system do the work of bidding up as little as needed to actually win. Bidding intensifies as the auction nears end, and because you will not have an opportunity to increase your bid at the live auction, it is important to place your limit up front. Conversely, inexperienced bidders will place as low a proxy bid as needed to beat the current bid several days away from the live auction and will almost never stand a chance of winning with such bids.

How much are the fees for winning auction vehicles?

Fees only apply if a vehicle/property is won. Auctions charge a fee based on the sale price of the vehicle/property, and thirtythousandhomes.org charges a brokerage service fee. You will see how much the total fees will be by typing a bid amount in the bid field on any vehicle/property auction page. Fees are calculated as you type, and there is no need to place a bid to see the fees.

Note however, fees are calculated assuming the proxy bid amount entered is the sale price of the vehicle/property. Fees would be less if the actual sale price is less than the proxy bid typed. The calculation includes fees payable to thirtythousandhomes.org and does not include shipping, fees charged by government entities for title transfers, or any other costs incurred by you for your intended use of the vehicle/property. 

Late payment fees of $50 will apply if balances due for won vehicles are not made by wire transfer within 2 business days. Storage fees will accrue if won items are not picked up by the individual auction lot's deadline. Exact amounts and dates are provided for won vehicles, but generally vehicles must be picked up in 5 business days or $25 per day storage fees will begin to accrue.

Can you tell me more about a particular auction vehicle/property?

All information we have on a vehicle/property is provided to us by the auction location and displayed on the website. We have no further information available, and for that matter, we cannot attest to the information that is provided. There is inherent risk in buying auction vehicles, and all are SOLD AS IS WHERE IS WITH NO WARRANTY EXPRESSED OR IMPLIED. 

At any rate, you inspect the vehicle/property in person or retain an inspection service authorized to access the auction location that can provide a full report on the vehicle/property. If interested, contact us for more information.

When will I be notified of winning or losing?

In most cases, we will notify you of winning/losing an auction within 24 hours of the pre-bidding close time. However, there may be times a final determination takes longer. For example, you may have the highest bid, but it is below the seller's reserve price and the seller is preparing a counter-offer.

I won a vehicle/property, now what?

If you win a vehicle/property, you will be notified by email and the status will change in your admin panel on the thirtythousandhomes.org website. You will be able to view the invoice for the vehicle/property and get instructions for wiring payment. You should promptly make arrangements with your bank pay the invoice by wire transfer. Once payment is verified, we will send you papers that allow you to remove the vehicle/property from the auction lot. No vehicles can be driven off the lot regardless of condition. All vehicles must be towed by a carrier of your choosing. You should begin making arrangement for pick-up when you are notified of winning, but please wait until we have verified payment is clear before finalizing the pickup date. Paperwork to transfer title will begin immediately, however depending on government entities involved it may take days or even weeks to complete.

Why do I keep losing auctions?

There are really only two reasons you lose an auction; the seller's reserve price was not met, or someone else outbid you. The first rule of success is: 

Never bid more than you are willing to pay; Never bid less than you are willing to pay.

Keep in mind that you are placing pre-bids that will be entered with the live auction sometime after the opportunity to pre-bid has closed. If you placed the maximum bid you are willing to pay, then you should not worry about losing an auction. However, if you are bidding only high enough to be the highest bidder at the close of pre-bidding, and you are actually willing to pay more for the vehicle/property, and you are getting outbid at the live auction, then you have broken the #1 rule. 

The highest bid at close of pre-bidding is not a good indication of a realistic sale price. Bidding will intensify as the subsequent live auction nears end. Always place your maximum bid and let the proxy bidding system do the work of bidding up in increments only as necessary.

Why do I keep losing auctions by only $100?

If you happen to be the second highest bidder, the winning price will be your proxy bid plus the bid increment; typically $100. So even though it appears you have lost by only $100, the first highest bidder may have bid thousands of dollars higher than you.

Can you tell me how much a vehicle/property sold for or the maximum proxy bid that was placed?

If you bid on a vehicle/property and the auction location provides us the final sale price, then we can pass that information on to you. However, not all auctions pass on this information to us, and none do if a bid was not placed. The highest proxy bid is never disclosed.

Can you tell me more about a particular vehicle/property?

Unfortunately, there is not any more information available than what is displayed. The auctions need to liquidate large quantities of salvage cars quickly and can't spend much time inspecting the vehicles. So they are offered more on a take-it-or-leave-it basis. Keep in mind, we are providing public buyers the opportunity to participate in auctions that are intended more for dealers that can buy in bulk and absorb any bad surprises.

Bidders must review the information and images, and then assess (or guess) the probability that the worst case scenario is true and bid accordingly. In most cases, you can inspect the vehicle/property at the location or have an independent inspection service provide a report. Additional fees will apply depending on the circumstances.

If we did not answer your question above, please contact us by email.

 

 

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