FirstClose Real Estate Auction Sites are designed for lenders, realtors, and asset managers to sell properties quickly and easily.  
They are also designed to offer significant benefits to buyers.

Benefits to Realtors, Lenders, and Asset Managers: 

• National and Local Television Advertising
  
• International Marketing on Google and Yahoo
  
• Realtors Retain Existing Points and Earn Buyer's Premium 
  
• Realtors Save Time by Directing Buyers to Bid Online
  
• Bidding Wars Maximize Sales Prices
  
• Easy, Intuitive Process to Post Properties
  

Benefits to Buyers and Investors:

• Access to Discounted Bank Owned Properties
  
• Valuable Tools to Determine Equity and Cents on the Dollar
  
• Easy, Intuitive Process to Buy Properties

How does it all work?

Realtors simply upload their properties and establish a starting price or reserve price they know will be accepted by their lender, asset manager, or seller.  Once they enter or e-mail us the property details, the auction begins.    From a realtor's perspective, they pay little or no fees to post their listings.  We simply help them sell properties more quickly, earn more points, and attract buyers to bid on the properties.   If realtors have more than one person making an offer via the phone, they simply direct the potential buyer to their auction site and eliminate the hassle of phone calls, faxes, offers, and counter offers, which creates an efficiency benefit to realtors and buyers.  Similarly, we encourage realtors to point their MLS listings and other advertising efforts to their auctions. 

In addition to any potential buyers Realtors direct to their auctions, we bring additional buyers through international advertising on Google and Yahoo, National Television Advertising on programs like CNN Headline News, Press Releases, and more.  Buyers compete for properties in real time, much like eBay, but without the fees.   (To see where we are on Google & Yahoo and to see our national ads and press releases, click the above links.) 

Combining our advertising with the realtor's advertising, in a real time auction format, reduces the time their properties are on the market and increases their potential to sell the property at a price that is acceptable to their lender, asset manager, or seller.  Helping realtors meet or exceed these expectations is our goal as it enables them to earn more listings and make more properties available in an auction format to the general public.  

You may be wondering how FirstClose makes money.   We charge a nominal fee of $19.95 per month, but for a limited time we are waiving the monthly fee.  Since we source the buyers, we also participate as a licensed real estate agent in buyer's agent commissions, buyer's premiums, and/or as a licensed auctioneer where allowable by law.

Most auction services charge a buyer's premium ranging from 5-10%.  We charge a buyer's premium of only 1.5-4% of the final sales price to the buyers.  Given current market conditions and the norm for traditional auction companies, many buyers are willing to pay a buyer's premium to purchase bank owned properties.  Listing agents and buyer's agents retain their standard fees as negotiated with their asset managers or lenders.  We charge a buyer's premium which is paid to the listing agent, FirstClose, and charitable organizations, per the percentages outlined below.  If we bring the buyer and there is no existing buyer's agent, we perform the buyer's agent duties under our realtor and/or auctioneers licence and receive the buyer's agent commission.  If a separate buyer's agent brings the buyer, that buyer's agent receives the buyer's agent commission and we simply receive a 1.5% buyer's premium.  The following is an example of standard points to be paid at closing on the HUD1 Settlement Statement, but points may vary in accordance with any pre-existing arrangements listing agents have with asset managers, lenders, incentives to buyer's agents, and the like.

Standard Points Paid to Real Estate Agents/Brokers*

Listing Agent/Seller's Agent - 3%

Buyer's Agent - 3%*

*Any buyer not represented by an existing buyer's agent agrees to make FirstClose or its agent or auctioneer their buyer's agent as it relates to the buyer's agent commission above.

Additional Points Paid by Buyer as a Buyer's Premium*

Listing/Seller's Agent - 1.5%

FirstClose - 1.5%

Charity - 1%

*Additional points paid by the buyer as a buyer's premiums can only be reduced or waived at the discretion of the entity receiving the buyer's premium.  Listing agents can only reduce buyers premiums relating to additional points paid to the listing agent.  Similarly, FirstClose can only reduce buyer's premiums relating to additional point paid to FirstClose.  Charity points are paid to FirstClose and earmarked for charities such as Salvation Army, American Red Cross, hurricane victims, and the like and can be waived only at the discretion of FirstClose. 

After the auction ends, a traditional course of action takes place outside of the auction system between buyers and sellers and their respective agents. 

Buyers are required to pay a $500.00 payment upon winning any auction by making payment via the FirstClose online credit processing system.  The $500.00 payment is non-refundable, unless the property is unavailable for purchase due to the fact that it has already been sold or otherwise made unavailable for purchase by the seller. 

Listing agents and sellers agree to drive any and all potential buyers to their postings in FirstClose by creating links from their MLS listings and other marketing efforts.   Should a property sell outside the FirstClose system, listings agents and sellers agree to remove the property from the FirstClose site(s) immediately.  

If you are ready to get started, simply go to www.auctions.firstclose.com and click on the Register button, fill in your information, and follow the prompts.

If you are a realtor and have several listings, simply download your listings from MLS into an excel spreadsheet and e-mail the list to us.  We will upload the properties into our system and assign you a user name and password.  You simply tell us what percentage of the list price you want to use as a starting or reserve price in the auction.  If you know your asset managers will take 95% of the list price, set the reserve or starting price at 95% and let it run up.  Pick any percentage you feel is appropriate, even if it's 100% of the list price. 

Please keep in mind Realtors are always the contact person for any questions.  If a buyer asks the seller a question, the Realtor will receive an e-mail and vice versa.  Once the auction ends with a winning bidder, the transaction resumes a traditional course of action outside the system.  Buyers and Sellers exchange the appropriate paperwork and work with title and closing agents to help facilitate a proper closing. 

Realtors registering with FirstClose receive additional benefits.  FirstClose will introduce realtors participating in the program to asset managers and lenders with whom FirstClose has a relationship.  Additionally, if Realtors are interested in representing buyers on properties where they are not the listing agent and are willing to split fees with us where allowable by law, we will assign buyers to Realtors when appropriate.

If you have any questions, feel free to call our customer service department at 877-677-3282 or e-mail customerservice@firstclose.com .  If you have specific questions from a lender, asset manager, realtor, or investor perspective please call Van Hill, National Accounts Manager, at 1-512-852-2206 or e-mail Van.Hill@FirstClose.com

We look forward to helping buyers find great properties and sellers sell properties more quickly.

For a full explanation of terms and conditions, click here