FREQUENTLY ASKED QUESTIONS
What is offered for sale on FRE.com?
Various types of real estate assets are sold online including residential, commercial, office, hospitality, retail, industrial, land and also non-traded public REIT shares.
Where will sale be held?
Right here on FRE.com. All of our transactions are conducted 100% online.
Once I register, who will have access to my personal information?
What is Auction Plus®?
An online auction program where, in addition to price, buyers can include contingencies and supporting documentation. The seller of the real estate may specify Auction Plus parameters including minimum bid, minimum earnest money deposit and maximum length of the due diligence period.
What is Last Call®?
It’s just that, a "Last Call" for bids. The initial bid deadline is extended for a specific period of time allowing bidders to submit their bids before the next deadline ends the auction. If a new bid is received, the deadline will extend again giving all bidders time to place their next bid. Last Call bidding is fair to everyone because it prevents "sniping". That’s when a bidder waits until the final seconds of an auction and then swoops in and outbids everyone right as the auction ends.
What is a Sealed Bid?
Although bids are placed online through FRE, in a sealed bid auction, none of the bids are published on the site.
What is Open Bidding?
An auction with open bidding will display all valid bids as they are received. Bids will appear under the Bid History section on the Property Profile Page.
I am a licensed real estate professional. How can I represent a buyer?
Click the tab on the top right corner of this page and click SIGN UP to create your account. Under the name and password fields is the “I am a ...,” click the drop-down arrow and identify yourself as a real estate professional. Locate the property your client is interested in and download the Broker/Agent Participation form located in the Downloadable Documents section of the property page. The form must be submitted BEFORE your buyer submits a bid. If your client is the successful purchaser, you will receive your commission at the close of escrow.
Can I include my listings on FRE.com?
Yes, you can! For all the details, click the broker’s tab on the main menu. You can also contact a Sales Associate at 800-966-0610 or email firstname.lastname@example.org.
Does FRE.com cooperate with securities broker-dealers?
Securities professionals are encouraged to have their clients register to participate in REIT share auctions. Upon completion of a REIT share auction resulting in a transfer of shares, the buyer and seller have an opportunity to identify their referring broker dealer or registered representative. At this time, the required paperwork is sent to both parties and their representatives to document and verify the qualification of the referral.
What is a Bid Deposit?
Each property for sale has a required bid deposit that you must submit in order to have your bid on the asset considered valid. It tells us and the seller that you are a serious buyer.
How do I submit a Bid Deposit?
Bid deposits are typically submitted via wire transfer, certified check or a credit card hold. Please refer to the property profile page for the accepted submission of the bid deposit for that specific asset.
Is my Bid Deposit refundable?
Yes, if you are not declared the winning purchaser.
Can I place bids on multiple properties at once?
Yes, but only if you have submitted sufficient funds to cover the required deposits on each asset.
Can I place a bid directly to purchase a property?
No. All bids must be placed through the FRE.com website.
Is financing offered?
Financing is available on some properties. It’s best to confirm whether the particular property you are interested in does offer financing by reviewing the Terms and Conditions of Sale.
Will the property be sold with clear title?
Yes, the property will be conveyed free and clear of any and all liens and/or encumbrances, including delinquent taxes. If, for whatever reason, the property cannot be delivered with clear title, you will be refunded in full any and all fees and/or deposits you have submitted and you will also be under no further obligation to purchase the property.
How will I know if someone has outbid me?
For Last Call and Open Bidding Auctions, you will be notified via email each time a new bid is placed. If you are not actively bidding in the auction, you can receive “new bid” notifications by adding the auction to your Watch List. For Sealed Bid Auctions, other bidders are not notified when bids are placed.
What happens if the seller accepts my Bid?
You will be contacted by the Event Manager who will walk you through the next steps. But in a nutshell, once you have received confirmation that your bid has been accepted by the seller, you are required to submit the purchase deposit monies and execute the Purchase and Sale agreement. Review the Terms and Conditions of Sale for specifics.
What is a REIT?
Real Estate Investment Trusts (REITs), were created by United States Congress in 1960 to allow average investors the opportunity to invest in large-scale, income-producing real estate. To qualify as a REIT and enjoy preferential tax treatment from the IRS, a REIT must annually distribute at least 90 percent of its taxable income in dividends to its shareholders. Public “non-traded” REIT shares are not available for purchase on major stock exchanges. REITbid, powered by FRE, offers these shares for auction in a fair transparent online marketplace.
How do I sell my non-traded public REIT shares on FRE.com?
First, you will need to create a user account. Click on the REIT SHARES tab at the top of the page and then click the Sign-Up tab and provide your contact information.
How is bidding on non-traded public REIT shares different to property?
Rather than providing a bid deposit for each auction, it is required that you provide credit card details to verify your identity.