Auction Site

We need a public site on our platform where we can have people register to bid in an online
auction on a home. I want to set this up where we can easily create an auction page for a
listing like we do with Virtual Tour pages and Coming Soon pages.

Creating an auction page for a listing:

1. Property/Listing Info:
1. Can be done by using an existing Virtual Tour Page by selection it from the list.

2. Can be done by using an existing Coming Soon/Listing page by selecting it from the
list.

3. Can be done by using an MLS number to a listing that is in the MLS.

2. Auction Terms:
1. Type of Auction (drop down)

1. Owner To Con rm On Day of Sale (default)

2. Absolute

3. Reserve

1. What is reserve amount? ($xxx,xxx.00)

2. Opening Bid Amount ($xxx,xxx.00)

3. Bid Increments ($x,xxx.00)

4. Bidders Deposit ($xxx,xxx.00)

5. Bid Winners Deposit ($xxx,xxx.00)

6. Buyer’s Premium % (xx.00%)

7. Contingencies Permitted (can select more than 1) Default is None

1. Financing

1. If selected, then how many days? (xx)

2. Appraisal

1. If selected, then how many days? (xx)

3. Inspections

1. If selected, then how many days? (xx)

4. Survey

1. If selected, then how many days? (xx)

8. Closing (number of days after auction) (xx)

9. Buyers Agent Compensation O ered (Yes or No)

1. If yes, what %? (xx.x%)

10. Select the Approved Lenders - (drop down with names of our approved auction lenders-
these will be lenders in our DB that have been tagged as “Preferred Auction Lender” - one or
more can be selected

11. Date and time auction is to begin

12. Date and time auction is to end

Information to be displayed on the auction page about the listing:

1. We only need some basic information on the Auction page itself…Probably just photo #1,
and the complete address. Then, there should be a button to click “See Complete Listing
Information” which would go to either the Virtual Tour Page, Coming Soon Page or the MLS
Listing Page (depending on how the page was created).

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 Bid Registration Process
1. Bidders must register to bid.

1. First get their email address and see if already in our database. If so, then auto ll
the form with info from our database.

2. If they are not in our DB then have them complete form. They will be submitted to
our DB and the RG Db just like other leads.

1. The form will have to have a place though for a spouse or second buyer and
indicate to them that all parties that will be on the deed must be on the form.

3. The lead should be assigned to the agent connected with the auction, or the agent
id in the link that brought the person to the auction page if there is one- the agent id
in the URL takes precedence over the agent on the page. In addition, the lead
should be assigned to the lender(s) that were selected above. Also, in the lead
CRM in the “Auction” section of their info, it should be noted the property address
and date of auction they have registered for.

2. After the initial registration in #1 above, the bidder will have a pop-up window that tells
them in order to bid in an online auction they will need to:

1. Accept and agree to the terms of the auction - We will then show them on the
screen. After they review they will check the box indicating they have read the
terms of the sale and agree to them and then “sign” their name by typing it. This
should then be recorded in the lead CRM.

2. Upload proof of funds (they need the ability to upload one or more documents,
which will need to be stored “in” their lead info in the CRM.

3. Unless paying cash, they will need to get pre-approved for nancing by one of our
preferred lenders (although they will not be required to use that lender) in advance
of the auction.

4. They will need to submit a fully refundable bidders deposit of XX (the amount in #2.
(4) above at least 3 business days prior to the auction. They can do this by
electronic check or credit card.

1. It should then tell them that they will receive an email with a link to upload the
proof of funds to their account as well as contact info for our approved lender.
In addition, their information will be passed along to our lender who will reach
out to them. It should also send them a link to the ACH form and credit card
form and the terms of the sale form for them to sign

1. Then, an automatic email should go out with the info above. The contact
info should be for the approved lender(s) that was selected when creating
the auction page above.

5. When the lender approves the bidder the lender shall then check a box in the CRM
for the lead “Financing Approved For Auction” and the current date should be
noted. Then, for the next 6 months that person is considered approved. Once this
happens a noti cation should go out to the agent and admin.

6. When the bidder uploads the proof of funds, a noti cation should go to admin to
review and approve the documents. Once the proof of funds has been approved,
admin should check a box in the lead in the CRM indicating “Proof of funds
Veri ed” and the current date should be note. Then, for the next 6th months that
person is considered approved.

7. Once the bid deposit is received and processed , Admin should check the box in
the lead in the CRM that bidders deposit is received, enter the amount and the date
should be noted.

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 8. Once the Auction Terms form has been received by admin and reviewed, it should
then be uploaded to the CRM by admin and then the box in the auction section of
the leads account checked indicating “Auction Agreement Executed”.

9. When #4, 5, 6, 7 and 8 above are all checked o , then the agent, lender, client and
admin should all receive noti cation that the person is fully approved and cleared to
bid in the auction. The client should receive an email with a link to the auction site
that will log them in automatically.

Online Bidding Process:

1. Auction starts at scheduled time in #2 (11) above at opening bid indicated in #2 (2)
above

2. Registered bidders that have been approved and have the link (they will still be asked
to log in and it will be veri ed that they are in fact an “approved” bidder (meaning all the boxes
indicated in #9 above are checked) can bid. They must bid in increments indicated in #2 (3)
above.

3. If the type of auction is Reserve (see #2 (3) above, when the bidding has equaled or
exceed the reserve amount (#2 (3.1) then it should say “Reserve O ”.

4. There should be a count down clock showing the time remaining in the online auction
based upon the info in #2 (12) above.

5. When there are 10 minutes left in the auction, there should be a text noti cation that
goes out to all approved registered bidders letting them know there are 10 minutes left in the
auction. There should also be a notice on the screen.

6. If no bids are made in the last 10 minutes of the auction, the auction ends at the
scheduled time. If there is a bid made in the last 10 minutes, then the auction end time is
automatically extended for another 10 minutes after the time of that bid. If no other bid is
received during that 10 minute period the auction ends at the end of the 10 minute period. If a
bid is received then the deadline is extended another 10 minutes. This continues until there is
a 10 minute period with no bids.

7. Once the auction is over, If it was an absolute auction (see 2(2) above, it should say
“Congratulations” Bidder XX (bidders should have an id but not their name) you won the bid!
If it was a Subject to Owners Con rmation auction (see 2(1) above (most will be) it should say
Congratulations XX you are the high bidder. The bid will not be submitted to the owner to see
if they agree to accept it.

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