Frequently Asked Questions
Q.
What happens in the case of technical difficulties with Online Only
Listings during the sale closing?
A.
In case technical difficulties are encountered at the closing of
Online Only Contract, SAM may extend the closing times/dates and make
necessary adjustments.
Q.
Can Online Only Listings be canceled before the offers close?
A.
SAM may cancel, suspend, extend or reschedule an individual item.
Q.
How secure is the information that is submitted for Online Only
Listings?
A.
SAM takes a proactive approach to this aspect of internet sales. We
protect your personal information with the world’s most
up-to-date technology. For more information about what how we use
your information visit our Privacy policy. For information about our
site security, click here for our security certificate.
Q.
Can I use bank financing?
A.
Yes. Therefore, you should be pre-qualified by a lender prior to
making an offer, if you require financing.
Q.
Can I use my own attorney/title company?
A.
Yes, however, the terms of the listing and contract will govern the
sale.
Q.
Am I responsible for the property before closing?
A.
No.
Q.
Are inspections allowed?
A.
Always. We strongly encourage buyers to perform any and all
inspections prior to the closing.
Q.
Do I need identification to attend the open house?
A.
In most cases, it is not necessary to present identification at the
preview. In special cases it may be required. Please check the terms
and conditions for details.
Q.
Why am I required to register?
A.
For a successful sale we ensure quality control. Registration
provides necessary contact information to qualify buyers. In order to
make an offer, you must obtain a buyer number. Before you are
assigned a number, we confirm identity and make you aware of the
terms and conditions of sale. This process is designed to protect all
parties involved and eliminate confusion and misunderstanding. You
may register to bid here.
Q.
Is there a registration fee?
A.
NO. In some cases a bank letter of guarantee or advance deposit may
be required. For details, read the terms and conditions, of the
sale.
Q.
Why is it necessary to have a credit card for registration?
A.
Credit cards are used for identity confirmation and guaranteed
payment for purchases.
Q.
What happens after registration?
A.
Once your information has been reviewed you will receive a buyer
number and will be able to make an offer on all listings. After you
have been approved and assigned a buyer number, your buyer number and
password may be used for all offers. You will be prompted to confirm
your registration for each listing, including acknowledgement that
you have read and agree to the specific terms for that sale. Please
ensure your information is always up to date.
Q.
How do I make an offer?
A.
Before making an offer, registration must be completed. You may
register online. Once you are registered buyer, placing an offer is
easy. You may go to the upcoming listings, select the property of
interest and click the Make Offer Button. Place your offer in the
appropriate box. At the bottom of the page enter your user name
and password. Click the submit offer button and after confirming that
you accept the terms of sale your offer is entered.
Q.
How are offers submitted?
A.
Offers are placed next to the lot of choice, and then they are
submitted when the submit button is clicked on at the bottom of each
page. After you enter your buyer number and password, you will be
able to make offers.
Q.
Can I personally inspect the property being sold?
A.
Always. We strongly encourage buyers to perform any and all
inspections prior to making an offer. An inspection period is
scheduled for every listing. When perspective purchasers take the
time to inspect and become knowledgeable about the property, they
will offer accordingly and get the best deal. Buyers should be
familiar with the descriptions, photos, details and terms of sale,
and then make an offer accordingly. Check the details for when an
open house is scheduled.
Q.
Can I submit an offer offline?
A.
Online Only Listings are designed to provide buyers a convenient and
secure platform to purchase real estate. For enhanced security
measures and to have the advantage of competing in real time, it is
best to participate online. This will ensure that you have the
opportunity to give your highest and best offer and get the best
deal. In the case that a qualified purchaser does not have internet
access, we will accept offers submitted in writing.
Q.
Does SAM Listings utilize minimum offers?
A.
A majority of the time, a minimum offer is not set. In some cases,
SAM will allow a Seller to set a minimum, or starting, offer.
Q.
At Online Only Listings, when do the listings close? Do multiple
items close simultaneously?
A.
No, items are scheduled to close at the time stated in the listing
details. In instances when multiple properties are offered during the
Online Only Listings, the closing times will be staggered in the
order in which they appear on the offers page. Usually, this will be
in 10 minute increments. In addition, there is a time extension
feature that SAM offers buyers. When the last offer is placed, the
listing will automatically extend 10 minutes. Making an offer on an
item may remain active indefinitely for as long as offers continue to
be placed. Listings will not close until there has been a 10 minute
period in which no offers have been placed.
Q.
Does SAM notify me if someone has submitted a better offer?
A.
If we have received a higher offer, you will be notified by email
until midnight. Please note that notices are not sent on the day of
the listing closing. To quickly review your offers and see if you
have won you can utilize the “review offers” feature.
Enter your Buyer Number and Password then “review offers.”
Q.
How do I know if the listing has closed?
A.
Offer activity status is available for viewing on the offer page for
the listing of interest.
Please
note: Online Only listings were created to provide the Seller
flexibility in selling their property. SAM reserves the right to
change, shorten, suspend or extend the listing closing dates/times,
and inspections.
Q.
Will I be notified if I have the winning offer?
A.
At the close of the listing, a representative from SAM will contact
the winning buyers via telephone or email. For Real Estate Listings,
winning buyers will be contacted and need to be immediately available
to sign and return a contract for sale and purchase and have wiring
information available for the earnest money deposit. It is very
important that you provide an accurate e-mail address. It will be
used for notifications, alerts, invoices and delivery of contracts.
Q.
What are Online Only Listings?
A.
Online Only Listings provide a virtual platform that brings qualified
buyers and motivated sellers together. The convenience of
making offers over the internet is very attractive to buyers due to
temporal and monetary savings. The structure of Online Only Listings
is very similar to Traditional Real Estate Sales methods. Each of
these methods has the same basic elements: sellers trading property,
buyers offering competitively, a sale being defined by preset terms
and conditions as well as a defined time period.
Q.
How do I get on the SAM mail list?
A.
SAM notifies the public of upcoming listings using periodic email
blasts and by posting our online listing calendar. Our select mailing
list is opt-in only, and our members’ information is kept
confidential at all times. If at any time you would like to opt-out
of the email notifications, simply click “remove me” at
the bottom of the email. Our email notices are the best way to learn
about current real estate investment opportunities and Online Only
Listings.