Buyer Information

1. Contact the listing Realtor or Michael Marienwald Broker of record at Anchor Realty (the listing brokerage) to get your offer documents at either 877-672-6604 or  auction@execulink.com.  If you are working with a Realtor you can also request that they obtain      the offer document package.
2. Once you have received your document package, as with any offer, simply complete and return the documents to auction@execulink.com.      
3. After we have notified you that we have received your offer, go to www.ontario.hibid.com     and go to the Real Estate category on the left hand side. When you see the house you are interested in bidding on click on the bid now button. The  site will then prompt you to register as a bidder for this property. Once you have registered an email will be sent to our office and we will approve you to bid. 
4. If at any time you have any questions regarding the approval process and or offer documents please contact Michael Marienwald Broker of record for Anchor Realty at 877-672-6604 or auction@execulink.com.

1. This auction will be a timed online auction with a soft close. A soft close prevents individuals from entering a bid last seconds before an auction closes in order to prevent others from bidding higher and thereby winning the property. In a soft close auction if a bidder enters a bid within shortly before auction close, a five minute extension would be added on from when the bid was received. This will continue until no bids are received for a period of greater than 5 minutes, at which time the auction will close. 
2. When you click the “bid” button you will have the option of entering your “maximum bid” or simply agreeing to the bid amount in the box. If you enter a maximum bid your bid will not automatically increase to your maximum bid amount, it will only increase to an amount above someone else’s maximum bid.   Example: If the current bid for a property is$600,000 and you enter a maximum bid of $650,000, your bid for the property will only increase to the amount required to “win” the property not automatically to the $650,000. Should the next highest bid from another bidder have been $640,000 your bid would be $645,000. Your bid will increase automatically until someone exceeds your maximum at which time you will be notified you have been outbid. You may then re-enter a new maximum bid, click the bid button showing the amount to bid, or stop bidding.

1. Once bidding has closed and you have “won” the property, you or your Realtor will receive a call and email from Anchor Realty telling you have won the property. In the email attached      will be your amended offer documents. You will need to initial at the price change, supply your lawyers name and contact information and send      back to auction@execulink.com.      
2. You will also be required to submit within 24 hours the required deposit. This can be done via direct deposit from any Scotiabank (the account number will be in the email from Anchor      Realty). This will be held in the “Real Estate Trust Account” of Anchor Realty and applied to the price on closing as with any other offer. 

If you have any questions related to the offer documents, bidding or bidder registration Please contact Michael Marienwald Broker of record Anchor Realty 877-672-6604 or auction@execulink.com

As with most any sale of Real Estate there is a commission charged, and it is built into the sale price. At auction, the commission amount is added on top of the final bid price. Although this may seem like you are now paying the commission in reality it is no different that having it included in the sale price since it always comes out of the proceeds of the sale (buyer pays the seller so much for the house and the seller pays the real estate brokerages the commission on closing). 

Example; If you were the highest bidder for a property and your final bid was $500,000, and the property had a commission amount of 6% plus HST, the final amount on the agreement of purchase and sale would be $533,900. Therefore if you wanted your purchase price to be a maximum of $500,000 then will want to stop your bidding at approximately $468,000.