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Auction guide

Welcome to the Oursqft Auction Guide! This guide will help you navigate the auction process on our platform, covering key aspects like bidding, requesting showings, making a lease now request.

Before you can participate in any auction activities, you must register for the specific auction. Here’s how the process works:

  • Registration: Click on the “Register” button on the auction page and complete the required information. You can select guarantors during this process if you have added any earlier, or you can add them at this stage.
  • Landlord Approval: Once you register, the landlord will review your registration and approve or disapprove your participation. If no action is taken by the landlord within 24 hours, you will be automatically approved for the auction.
  • Credit Card Hold: When you register, a hold of $250 is placed on the credit card linked to your account during setup. This is a standard procedure to ensure serious participation.
  • Landlord’s Rights: The landlord can remove you from the auction at any time, for any reason you are not suitable, if your documentation fails, or for any other reason.

When you register for an auction on Oursqft, a hold of $250 is placed on the credit card linked to your account during the setup. This hold ensures serious participation and covers the following scenarios:

  • Initial Hold Placement: Upon registering for an auction, a $250 hold is immediately placed on your credit card. Ensure that your credit card is unlocked and capable of handling US-based online transactions to avoid any issues.

  • Non-Shortlisted or Kicked Out:

    • If you are not shortlisted for the auction, the $250 hold on your credit card will be released.
    • If the landlord removes you from the auction for any reason, the hold will be released.

  • Shortlisted Tenants:

    • If you are shortlisted, you will be asked to choose your lease term. After the auction ends, you have 24 hours to:
      • Select your lease term.
      • Finalize pre-bid formalities such as signing your side of the lease.
      • Select the lease commencement date.
    • If you fail to complete these steps within the 24-hour period, the $250 hold will be charged to your credit card.

  • Landlord’s Decision:

    • If the landlord does not award the lease to you or awards the lease to someone else, the hold will be released.
    • If you win the auction, the hold will be retained and released when the initial invoice is credited back to Oursqft.

Additional Information:

  • Unlocking Your Credit Card: Ensure that your credit card is unlocked for US-based online transactions. This is crucial to avoid any issues with the hold placement.
  • Monitoring Your Credit Card: Keep an eye on your credit card transactions to ensure that the hold is placed and released as described.
  • Communication with Your Bank: If you encounter any issues with the hold, contact your bank to ensure that your credit card is enabled for international and online transactions.

Oursqft auctions use the minimum lease term as the reference for bidding. Each subsequent year’s rent increases by a formula that is dependent on the bid you place and the Lease Now price set by the landlord. You can see each year’s monthly rent before you submit your bid.

Manual bidding is a straightforward process that allows you to directly participate in the auction. Here’s how it works:

  • Placing a Bid: To place a manual bid, enter your bid amount in the designated field and click the “Place Bid” button. Your bid must be higher than the current highest bid by the minimum increment amount.
  • Bid Confirmation: After placing your bid, you will receive a confirmation notification. This ensures that your bid has been successfully recorded.
  • Monitoring Bids: Keep an eye on the auction status to see if your bid remains the highest. The auction page will show real-time updates of the current highest bid and your position.
  • Outbid Notifications: If another user outbids you, you will receive a notification. This allows you to decide if you want to place a higher bid to regain the top position.
  • Bid Strategy: Develop a bidding strategy that suits your budget and interest in the property. Consider setting a maximum bid amount beforehand to avoid overspending.
  • Secondary Confirmation: Every time you place a bid, you will be prompted with a secondary confirmation that includes the projected lease breakdown according to the minimum and maximum lease terms the landlord selects.

Auto bidding automates the bidding process for you. Here’s how it works:

  • Placing an Auto Bid: When you enter an amount to auto bid, this represents the highest price you are willing to let the system bid up to on your behalf. The system will bid the lowest amount it can to ensure that you are currently the highest bidder.
  • Updating Your Auto Bid:: You can modify the maximum amount you want the system to auto bid for you as long as it is not lower than your current bid.
  • Auto Bid Cancellation: Cancel your auto bid anytime by clicking the Cancel button.
  • Auto Bid Process:
    • The system checks each user’s auto bid status every minute.
    • If your auto bid is activated, the system places bids on your behalf up to your maximum auto bid, ensuring you’re always in the top position if possible.
    • Oursqft uses a formula to dynamically change the minimum bid increment based on the current price and the time left in the auction.
    • In the case of two or more auto bidders, the system places a bid for the lowest of the auto bid prices at that auto bid price. Each remaining auto bid is subsequently bid until there is only one auto bid left above the current price. The next bid would be placed above the second highest auto bid by the minimum bid increment.
    • Users can update their maximum bid limit, and the system will reflect these changes.

When the auction is in the listed phase or live, you can request a showing of the property by selecting an available time and date slot. Each slot is 30 minutes. This allows you to physically inspect the property before placing a bid or making a Lease Now Request. If the landlord needs to reschedule the showing for any reason, you will receive an email notification.

Once a showing is approved, you will be provided with the following showing instructions:

  • Person Attending: The name of the person who will meet you at the showing.
  • Temporary Code: A temporary code to a Oursqft lockbox will be provided if applicable. It would only work during your showing’s time slot.
  • Lockbox Instructions: Any special instructions from the landlord to find the lockbox.
  • Viewing Instructions: Any special instructions to view the unit.

You can make a Lease Now Request at any point during the auction, whether it is listed or live. Here’s how it works:

  • Initiate Request: Click on the “Request Lease Now” button on the property page.
  • Preferred Terms: Select your preferred lease terms and commencement date.
  • Documentation: You and your guarantors have 24 hours to submit the necessary documentation, failure will cause your credit card to be charged.
  • Landlord Response: The landlord has 48 hours to review and respond to your lease request. If the landlord does not award the lease within this period, your request will expire.

We hope this guide helps you navigate the auction process on Oursqft with ease and confidence. By understanding the steps involved in registration, bidding, requesting showings, and managing credit card holds, you are well-equipped to participate effectively in our real estate auctions.

If you have any further questions or need assistance at any point, our support team is here to help. Good luck with your bidding, and we hope you find the perfect property through Oursqft. Happy bidding!

 

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