Frequently Asked Questions
How Bidding Works
We know a seller auction isn't the traditional way to buy a home, so here's exactly how it works.
No money is charged to create an account, register, or bid.
Your card is saved for verification and charged $5,000 only if you win and fail to pay the deposit on time. We never see or store your card details; they go directly to Stripe, our secure payment processor.
The deposit is due only from the winning bidder, after bidding closes.
The winning bidder will be told which closing attorney is handling the sale. Before sending any funds, call that attorney's office to confirm the wiring instructions came from them. Use the phone number on the firm's official website or the NC State Bar directory (https://www.ncbar.gov), never a number from an email.
We've partnered with The Knorr Group of ALCOVA Mortgage, a mortgage lender trusted in the Charlotte community, for buyer pre-approvals.
How does the auction work?
Bidding opens Wednesday, October 14, 2026 at 1:00 PM ET and closes Friday, October 23, 2026 at 7:00 PM ET. Opening bid $475,000. Bids in the final 2 minutes extend the close to 2 minutes after the bid.
What do I need to bid?
Register and submit your mortgage pre-approval. Registration stays open through the last bidding day. Pre-qualifications are not accepted. Review and acknowledge all three property documents. Verification happens in two steps. First, the system checks your letter immediately at registration, so you can bid right away. Second, before the winner is announced, the seller verifies your pre-approval directly with your lender.
I don't have a pre-approval. What do I do?
Contact The Knorr Group of ALCOVA Mortgage at 704.455.8955 or skteam@theknorrgroup.com. See our preferred lender on the homepage. Pre-qualifications are not accepted.
How is my pre-approval verified?
Verification happens in two steps. First, the system checks your letter immediately at registration, so you can bid right away. Second, before the winner is announced, the seller verifies your pre-approval directly with your lender.
I'm buying with someone else. How does that work?
Register as the bidder and add your co-buyers. Everyone named on the pre-approval must be listed at registration and will be on the purchase contract. One person places the bids.
What is the buyer's premium?
A 5.5% buyer's premium is added to the winning bid. Total purchase price equals the winning bid plus the premium.
Can I use a buyer's agent?
Yes. Enter your agent's information during registration. 1.5% of the buyer's premium will be paid to your agent instead of being credited to you as a closing-cost concession. Agents cannot bid. The buyer places all bids.
What happens if I win?
The high bidder is notified within 15 minutes of the auction closing. The winner is confirmed after final verification. Sign the purchase contract. Pay the $15,000 Non-Refundable Deposit by 5:00 PM ET on October 26, 2026: $7,500 paid by secure ACH bank transfer through Stripe, a PCI DSS Level 1 certified payment processor. Your bank details are entered directly with Stripe and are never stored on this site. The remaining $7,500 is wired to the closing attorney, to be held in trust until closing. Buyer shall submit a complete loan application and order the appraisal within 7 business days of contract execution. Upload proof to your account; otherwise Buyer Default.
How is the contract signed?
The Purchase Agreement is signed electronically through SignWell, a secure e-signature platform. Every signature is recorded with a time-stamped audit trail, and the completed document is locked with a digital certificate so it can't be altered. A signed copy is emailed to the buyer, the seller, and the closing attorney.
Is the deposit refundable?
No. It is a non-refundable deposit.
Can I see the home in person?
No in-person showings. See the photos and interactive floor plans.
Will my lender be able to appraise the home?
Yes. Once under contract, the seller gives the lender's appraiser access to the home. The sale is not contingent on the appraisal.
How is the home being sold?
As is.
Will I receive a clean title?
Yes. The Seller will deliver marketable title at closing, free of all mortgages and liens. Any existing mortgage or lien is paid off from the sale proceeds at closing by the closing attorney. "As-is" refers to the home's physical condition only, not the title.
What if the deposit is not paid?
Failure to pay the Non-Refundable Deposit by 5:00 PM ET on October 26, 2026 constitutes a Buyer Default. Upon Buyer Default, the registered card will be charged $5,000 as liquidated damages and not as a penalty, and Seller may offer the property to the next highest qualified bidder.
What if the Buyer fails to close?
If the Buyer fails to close by the closing date stated in the contract, as may be extended solely by the Seller, the Buyer is in default and forfeits the Non-Refundable Deposit, and the Seller may terminate and offer the property to the next highest qualified bidder.
When will closing happen?
Closing will be scheduled on or about November 20, 2026. Only the seller may extend the closing date.
When must a backup bidder commit?
The backup bidder must commit by 5:00 PM ET on October 27, 2026.
Can the winning bidder assign the contract?
No. The winner must close on the contract.
Can I buy this home as a rental or investment?
No. This home is offered to buyers who will live in it as their primary residence.
Is my information secure?
Pre-approval documents are kept in private, encrypted storage and are accessible only to the seller. Card details are entered directly with our payment processor, which is PCI DSS compliant; this site never sees or stores your full card number. The deposit is $7,500 paid by secure ACH bank transfer through Stripe, a PCI DSS Level 1 certified payment processor. Your bank details are entered directly with Stripe and are never stored on this site.