Auction - Bidding is done in specified increments preceded by a minimum opening bid set by the Seller.   The auction continues until the Reserve has been met or the allotted time for the auction elapses.

Buy it Now - The price at which a bidder may purchase the Property at any time.

Reserve - A price point the Seller establishes as the minimum price they will sell the property for.  No one know this price point except the Seller.

Proxy Bidding -  This is a method that allows your bid to be automatically increased against other bidders, once the Reserve has been met, by the minimum increment bid amount until your Maximum Bid is reached or the auction ends.

Maximum Bid - The highest amount you  are willing to bid.  See Proxy Bidding.  You can increase this amount any time during the bidding process. 

Ask The Seller - At the bottom of every listing there is a "Comments" section where you can ask the Seller a question, or view previous questions from other users.

When submitting a question to a Seller, the message gets sent directly to their email address on file. The Seller can respond by following the link in the email.

To ask the Seller a question:

1. Log into your account.
2. Go to the Item listing.
3. Scroll down to the section marked "Comments."
4. Click the text "Ask the seller a question." This will take you to a Contact User form.
5. Enter your message.
6. Click "Send" button.

What Happens if I am the Winning Bidder on Fast Gavel.com? The cost for purchasing a property on FastGavel.com is determined by your winning bid price + Closing Costs. 

Immediately following the end of an auction, emails and alerts are generated by the FastGavel.com system to the high bidders on all properties. If the Seller's Reserve has been met, the high bidder is declared the winner of the property.   

If you are the winning bidder you will receive an email with a link to a questionnaire that you will fill out and submit back to FastGavel. Once we receive the completed questionnaire, we will email to you the contract that you will need to print, sign and return to us. We will include a prepaid FedEx shipping label for you to use to return your documents to FastGavel. This will be sent to your email address that you entered during registration. Review the Purchase and Sale Agreement then print, sign and initial in all indicated areas.

The Purchase Agreement package includes a pre-paid Federal Express label for you to return your documents to FastGavel.com. Time is of the essence. Your Purchase and Sale Agreement, deposit funds $2,000.00 or 5% of the purchase price - whichever is greater, and proof of funds must be returned to FastGavel.com by the deadline listed on the Buyer Contract and Closing Instructions or the bidder shall be in default.

If you are in default a $350.00 penalty fee will be charged to the credit card listed on the Bidder's Registration Form, which was required to bid.  You are in default only if the signed Purchase Agreement is not returned to FastGavel.com by the contract return date along with the minimum acceptable deposit and proof of funds. If you are not in default and follow through with the transaction after winning a property, no fees will be charged to your credit card.

The balance of the purchase price will be due in full at closing along with the closing costs. The deposit shall not be refundable except in case of material default by the Seller.

Once we receive the signed contract, deposit funds, and proof of funds from you we will email you confirming our receipt of the package. We will FEDEX overnight delivery, the original Buyer signed contract to Seller for signature/execution.  We will also FEDEX overnight delivery, a copy of the Buyer signed contract to the closing agency along with the original deposit.  The closing agency will place the Buyer's deposit into their escrow account until the closing takes place. 

When we receive the fully executed contract from the Seller, FastGavel.com will fax a copy to the Buyer, listing agent, and the buyer's agent (if applicable).

Your file will be transferred from our Contract Department to our Closing Department. The Closing Department will track your file through the closing agency to monitor the closing progress. The closing agency listed on your contract is the agency responsible for actually closing your file. You should contact the agency directly with questions regarding your closing costs and to schedule your closing.

 All sales will be scheduled to close within 30 days of the date the property sells with no contingencies. All bidders are responsible for their own financial arrangements to purchase the property that they are bidding on.  It is the recommendation of FastGavel.com, that all parties involved (buyer, seller, and realtors) communicate directly with the closing agency to assure prompt notification of any issues pertaining to closing.  

Should the Buyer, Seller, or closing agency need help in facilitating information or communication needed to close, FastGavel.com will certainly provide that service promptly.  

The balance of the purchase price will be due in full at closing along with the closing costs. The deposit will not be refundable except in case of material default by the Seller.