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What is Reverse Price Auctions?

Reverse Price Auctions is a membership based online auction system where people can buy property at a 45–55% discount - half price or less! Unlike a normal auction, once biddings starts our prices go down, not up. The successful bidder is the first person to bid the highest price BELOW the reserve price.

How can you sell a house for 45-55% below market value?

Yes, this is a real concept - we buy property at the full, independently valued price; then by creating a strong membership and advertiser base we on-sell at a huge discount. This strong base is created by connecting members with advertisers offering discounts of 10% and more on their goods and services, with discounts that can reach thousands of dollars. Membership and advertising fees enable us to purchase property at fair market value then pass on huge savings to you. It’s a win-win-win situation!

What’s the catch? Is this for real?

There is none! We buy property at the fair, agreed market value. Members receive discounts from participating advertising partners. The advertising partners are exposed to an ever-growing community of Members looking for property and other goods and services. Revenue raised from membership fees and advertising partners enables us to pass on huge discounts of 45-55% in property to Members. It really is a win-win-win situation!

How does a Property Reverse Auction Work?

Put simply to be the successful property bidder you must be successful bidder is the first person to bid the highest price BELOW the reserve price. Once the minimum required number of members have registered to participate in a scheduled auction, the property goes on the market. Registered bidders are notified of the auction start time and we’re underway.

If the house is valued at $600,000, the starting price will be $300,000. A secret reserve price is set by the Reverse Price Auction team. The secret reserve price will always fall within 10% (above or below) the advertised starting price. You can’t see what other members are bidding, but you can submit up to 20 bids in any one auction during your membership period. The first person to register the highest bid is below the reserve price has the right to buy that property at their bid price.

Is this a lottery or a game?

No. This is an online auction and is similar to a tender process or blind auction - where people register their bids and do not know what the reserve price is or what other people are offering to pay for the property. Every step of the auction process is scrutinized. Staff of Reverse Price Auctions are excluded from participating and systems are audited to ensure a fair process.

Are you a Real Estate Agent?

No. We do sometimes work with real estate agents to locate and buy property to on-sell to our members, but we are not real estate agents and we are not a place to simply 'list' a property for sale.

Can you sell my property?

We are not Real Estate Agents – we do not list properties for sale on someone else’s behalf. We may however be interested in purchasing your property, at a fair and agreed market value. If you are a fully paid Member you may submit your property details to us for review. We have a very specific criteria for all our properties. If your property meets this criteria we will contact you to discuss the possibility of purchasing your property. We do work with real estate agents to locate and buy property to on-sell via our unique auction process to our members, but we are not real estate agents.

What do I get for my membership fee?

Fully paid members can participate in all property auctions throughout their annual membership period, with an allocation of 20 bids per member per auction. Members also benefit with great discounts from offers by our advertising partners, receiving 10% or more off an ever-growing range of products and services. PLUS members can receive a commission for membership fees if they tell friends and family about Reverse price Auctions and they become members themselves. The big bonus here is if one of your referrals buys a Reverse Price Auction property - you get a $15,000 referral fee.

What discounts can I get from your Discount Partners?

You can get discounts on any product or service that is offered by any one of our Discount Partners. Discounts start at 10%. Products and service discounts offered could be anything from a building and pest inspection to furniture removal. Other examples include:

• Furniture
• Property Cleaning
• Property Renovation Services – Plumbing, Builders, Electricians etc
• Garden Maintenance
• Property Cleaning
• Electricity

The discounts offered range from a minimum of 10% to thousands of dollars.

Why aren’t all of these discount products and services available on your website yet?

New Discount Partners are joining our program every day. The bigger the community, the more choices you will have. We are growing our advertising partner community every day.

How can I participate in a property auction?

It’s as easy as 1, 2, 3...

1. Become a paid member of Reverse Price Auctions
2. Browse the auction lots section and register your interest for any auction lot you are interested in purchasing.
3. You’ll receive and email when the property is on the market, then simply login and bid!

Do I need a deposit or equity in my home?

Your capacity to purchase the home will be determined by your lending institution. Housing affordability is a real issue and Reverse Price Auctions is committed to making this opportunity available to everyone.

Reverse Price Auctions is currently in discussions with financiers to arrange 100% finance on property auction purchases – in other words – no requirement for a deposit. Several major lenders have indicated interest in this particular product. Once this is finalised we will advertise the fact and list any criteria.

What happens if I can’t arrange finance?

If you are unable to arrange finance you are NOT obligated to purchase the property. Reverse Price Auctions will offer it to the next successful bidder.

How long have I got to arrange finance?

If you are the successful bidder you will have 48 hours to enter into a contract with us. Having pre-approval would mean that this is a lot easier for you. Following that normal Queensland settlement criteria applies.

Do I have to pay the stamp duty or transfer fees? Or other legal fees?

No! Reverse Price Auctions will cover all of the legal costs associated, including stamp duty, conveyancing and any land taxes. The only thing you pay for is the auction lot price you bid at the auction.

Can I nominate another person on the contract?

Yes – Reverse Price Auctions uses a standard REIQ (Real Estate Industry of Queensland) contract. As per any auction process the successful bidder can nominate another person on the contract. This person can then purchase the property.

Can I inspect the property?

Yes – Reverse Price Auctions will conduct regular open house inspections in the lead up to an auction. These open houses will be advertised on this website on that particular auction lot.

Can I get my own valuation and building and pest inspection?

Yes – just like any normal auction, you can get your own valuation and building and pest inspections. Reverse Price Auctions obtains a valuation and building and pest inspection from independent companies prior to putting the properties on the market for their own purposes.

What happens if there is a lower valuation?

Reverse Price Auctions orders an independent valuation on every property offered for auction. There is no guarantee that every valuer will value a property for exactly the same amount. We use professional, independent valuers who are not affiliated or connected by ownership to Reverse Price Auctions.

Can’t find the answer you’re looking for?

Contact us and complete the email form. If you can see the answer above there is probably someone else with the same question. We’ll get back to you as quickly as we can and we’ll add your question to this FAQ to help make the new Home Ownership Revolution easy for everyone to understand and participate in.

Other questions to be answered soon…

How does your referral system work?

Will I receive a membership card?

When will I receive a membership card?

How do I become an advertising partner?

I’m a property investor – can I buy a RPA property?

How long does it take to find out if I was the successful bidder?