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The REXTAR Help Center

Video Tutorials

 
 
 
 
 
 

Help for Sellers

 
 
 

Selling on our website is extremely easy.

The process of selling with REXTAR is extremely streamlined and requires almost no involvement on the part of sellers: In fact, it's so easy that - unless they wish to - sellers needn't do anything at our website other than register to use it!

When you sell a home there is, of course, information that must be provided, but a REXTAR Rep can help with this... basically all you have to do is sign the agreements - and a REXTAR Rep can assist with this too, at the time of their visit to your property!

On the other hand, while the REXTAR website is easy to use it's also very powerful and, if you wish to have more involvement, there's almost no limit to what you can do! Everything begins with registration.

Registering to use our website.

Although it isn't necessary to register in order to explore our website and auction listings, by entering some basic information you will be able to view all data about every property, as well as list a property for sale. Our required information includes your name, address, phone number and email address (by registering you also confirm that you are 18 years of age, or the appropriate age of majority for your home state, are of sound mind and have the legal ability to participate and accept our Terms and Conditions). Upon registration, a confirmatory email will be sent to you - you agree to keep your registration information confidential and allow REXTAR to communicate with you: These procedures allow us to protect all of our registrants.

There are 2 ways to list a property for sale on REXTAR.

1. Call REXTAR or complete the property form on our home page.

The easiest way to get started is to simply call REXTAR and provide some basic information about your property, or fill out the simple form that you'll find on our Home page. Either way, an appointment will be scheduled with a REXTAR Rep to visit you at your property, discuss your needs and assess your property's value.

2. Create your own property listing on REXTAR.

After registering at REXTAR, you can fill out the more detailed property listing form that you'll find on our Sell page, by clicking the ‘Proceed to Sell’ link on our Sell page. This will bring up Step 1 of the Creating Listing process. To begin, select the property type that best describes your home. A Detached home is a single family residence that is not physically connected to another structure, such as a Row or Townhouse, or two houses that share a common wall, known as a Twin or Duplex, also referred to as semi-detached.

When you’ve made your selection, click Next. This will bring up the 2nd and final step in the Create Listing process. Please note that while certain fields are marked as necessary, this is only to indicate that, ultimately, these items must be added to the listing. However, you can complete as little or as much information on this form as you wish. Here you’ll enter some basic information about your property, starting with the street address. This is simply the street number and street name, and any additional information that identifies the property as a unit, such as a letter or number – basically everything that comes before the name of the city in your full property address.

For the brief description, enter the type of home – such as Rancher or Colonial – and the number of bedrooms and any other short description you feel is appropriate. Don’t worry too much about this – both the brief and full descriptions will be edited by a REXTAR Rep before your listing is published.

If your property has some special features that you feel are particularly noteworthy please enter them in the full description box. Then fill in some specifics:

  • A full bathroom is one with a sink and toilet as well as a shower or bathtub, whereas a half-bathroom lacks a shower or tub.
  • Living space is all the finished space in your home, and is denoted in square feet.
  • Lot size is the amount of land that your home is situated on, denoted in acreage or square feet.
  • Enter a brief description of your parking situation, such as driveway, 2 car garage, carport, etc.
  • If you have no basement, type NO, otherwise enter a brief description, such as finished or unfinished.
  • Enter the dollar amount of your annual property taxes.
  • Enter the type of heating, such as gas or electric.
  • Enter the type of cooling, such as central, heat pump or room.
  • Then click to locate your property on the map. Here you’ll identify and confirm your full property address.

 

Then click Save Listing and you’re done. A REXTAR Rep will be notified that you have created a listing and will be in touch to take the next step - to discuss your situation and, if you wish, schedule an appointment to visit your property.

At the time of the visit, the Rep will assess the value of your property and make you a guaranteed cash offer. You can accept this offer, and move to a quick closing, or, with the guarantee in your pocket, you can let REXTAR market your property to a wide audience of interested buyers, who will bid against each other to beat the guarantee amount. There is no cost to sell your property on REXTAR, and if you agree to move forward your listing will be published and an auction time set - generally within one to two weeks.

If you start the process by phone or by submitting the simple form from our Home page, you don't have to worry about completing the more detailed listing form on REXTAR.com - a REXTAR Rep will handle all of that for you. Either way, REXTAR will order Inspection, Title and Neighborhood reports, photograph your home, and add all of this material to your property listing.

Your REXTAR Control Panel

Once your listing is published and the auction is set, you have the option to monitor the action from the My Listings section of your Control Panel on REXTAR.com. You can see all of the information that has been provided and watch the bidding as it occurs. You can also track everything that happens, in real-time and anytime after the fact - every bid that is made, including the date and time at which it is placed. Your REXTAR account gives you unprecedented power and control over the sale of your property.

Your Control Panel can be accessed from the upper right corner of the REXTAR website. When you are logged in, you will see a box with a message that reads "Hello" followed by the username you created when you registered. By clicking that box, you will see a menu that includes the following items:

  • Create Listings
  • My Listings
  • My Bids
  • My Account Home

In the My Listings section of your Control Panel, you will see the following options:

  • Drafts
  • Active
  • Scheduled
  • Successful
  • Unsuccessful
  • Ended

The Drafts section shows all listings that you have created but that have not been published. Only a REXTAR Administrator or Project Manager can publish a listing, which creates an auction. The Active section shows all of your listings that are currently available to bid on. The Scheduled section displays all of your published listings for which there is an upcoming auction. The next three sections are for auctions that have ended - those shown in the Successful section have sold while those in the Unsuccessful section have not.

Help for Buyers

 
 
 

Buying on our website is a simple 3 step process:  REGISTER—BID—BUY

Buying a property on REXTAR.com is simple and easy, but before you get started you should familiarize yourself with a couple of key aspects of our marketplace. First, you should clearly understand the mechanics of how our auctions work – the basic rules that govern the bidding process. You should also be able to find and understand all relevant information relating to a property that you are interested in buying, and be comfortable with the terms of sale that apply to that property.

As we covered in a separate tutorial, in order to bid on REXTAR.com you must register for each auction you wish to participate in. This is different from general website registration, which you also must do in order to bid. When you register to use our website, you acknowledge that you accept REXTAR’s Terms and Conditions of Use, which cover a broad range of issues. However, each auction has its own specific terms of participation, and you will be asked to read and accept these terms when you register for the auction. In particular, you will be asked to confirm that you have read and understood the contract of sale for the property you are registering to bid on. The Contract of Sale can be found on the property listing and auction page, along with a number of other documents that REXTAR makes available to compliment your due diligence investigation. These documents generally include a Title Abstract, an Inspection Report, a Neighborhood Report, and in some cases a construction estimate detailing the projected costs associated with renovations or repairs that might be needed to maximize the property’s value. All available documents will be found under the heading Due Diligence documents. These are pdf files that you can open directly in your browser or download to your computer. The method by which this is handled can vary from browser to browser and may depend upon how you have your browser configured to handle such documents. Generally speaking, if you are on a windows computer and left-click one of these documents, it will open directly – either in a new tab or browser window, or in whatever program you have associated with pdf files, such as Adobe Acrobat. If you right-click with your mouse, or tap with two fingers on a touchpad, you will have the option to download these files to your computer. On a Mac, opening the files is accomplished by a mouse click or a tap of the touchpad, and downloading by control-click or a tap of two finders on a touchpad. Handling of these files on a phone or other mobile device is discussed in a separate tutorial.

REXTAR listings also include photos, and sometimes video and 3d virtual tours. Photos, and video if any, can be found just above the due diligence documents. You can scroll through the thumbnails, select one by clicking on it, and open it in a larger view by clicking again. If there is a video, it will be represented by the YouTube icon, and can be viewed by clicking the icon. If there is a 3d tour, the link will be displayed in the full description box.

Properties are generally listed on REXTAR.com for one to two weeks before the auction begins, during which period the property is listed in Bright MLS, the largest regional multiple listing service, and marketed to the widest possible audience. At the end of that period the auction begins, and generally runs for one to three days. Before the auction, please perform your Due Diligence - explore the area and property, search records and visit the property, inspecting the outside and inside - in many situations Open Houses will be listed at specific times. While our website provides a wealth of information you are responsible for your own Due Diligence.

REXTAR utilizes a 2 step registration process:

Step 1 — Register to use our website.

By gathering some basic information, you will be able to view all data on our website about any property. Our required information includes but is not limited to legal name, address, valid email address, and such other information as we determine to be required. You also confirm that you are 18 years of age (or the appropriate age of majority for your home state), are of sound mind and have the legal ability to participate and accept our Terms and Conditions. Upon registration a confirmatory email will be sent to you. You agree to keep your registration information confidential and to not share same with anyone. You also consent to Rextar communicating with you via any and all information provided by you. These procedures allow us to protect all of our registrants.

Step 2 — Register to bid in a specific auction.

In order to bid on REXTAR you must register for each specific auction that you wish to participate in. This is different from general website registration, which you also must complete before you can register to bid. By registering for an auction, you affirm not only that you agree to the terms and conditions for bidding on REXTAR but also that you have read and understood the purchase agreement for the property being auctioned – the contract of sale - which you will be obligated to execute if you are the winning bidder.

The first step in bidder registration is confirmation of your phone number. You can use the number that you provided for general website registration or you can enter a different one here, but to continue you must be able to receive a text message from us. When you click the Get Code button, REXTAR will send a text message to your phone containing a verification code. When you receive the code, enter it in the Verification Code box and submit it by clicking the Verify Code button.

The second step is acceptance of our Terms of Participation, which you must acknowledge you have read and understood, and that you accept them. Our Terms of Participation can be read by clicking the highlighted text link. Please consider them carefully. While REXTAR tries to provide as much information as possible about the properties it auctions you are responsible for your own due diligence. Buying a property on REXTAR is different from a typical, traditional real estate transaction. Importantly, there are no contingencies – our auction sales are cash only and the properties are sold as-is. While you may certainly finance your purchase, your obligation to buy is not contingent on your ability to obtain a loan. Nor is it contingent upon an inspection or anything else. Please read all of the disclosures in the text box as well as the full Terms of Participation by clicking the highlighted text as indicated. If you’ve read, understood and accept the terms, check the box, then click the Next button.

The third and final step is to provide a credit card against which we can place a $2,500 hold. If you are not the winning bidder, the hold will be released within 1 business day of the end of the auction. If you are the winning bidder, it will be released one business day after you wire the purchase deposit to REXTAR Title Company, which will hold your deposit in escrow. You may use any title company of your choice, but REXTAR Title will initially hold your deposit. Note that if you wish to register for another auction before the hold is released, and the second auction is scheduled to end within 30 days of the time the hold was taken, it is not necessary for REXTAR to take an additional hold - you can use the existing hold to bid on as many auctions as you wish if they fall within the same 30 day window. When you’ve completed the credit card form, click Register.

And you’re ready to bid. You can now participate in the auction.

BIDDING:

If you decide to bid on a property, and have registered for the property auction, you can submit a bid in two ways – by clicking the Quick Bid button, which will bid the minimum amount needed to become the current high bidder, or by entering an amount you wish to bid and clicking the Submit Bid button. While this is quite simple, there are a few things you need to understand about how bids are tallied, and we’ll use an example to make this clear. Every auction has a minimum or opening bid – this is the amount that must be offered to start the process – in this case, $50,000. Every auction also has bid increments. An increment is the amount that must be added to the previous bid in order to beat it. For example, if the current highest bid is $50,000, and the bid increment is $500, the next bid must be $50,500. So, if we open with the minimum bid of $50,000 by clicking Quick Bid, we’ll see that the Quick Bid price – the minimum that must be bid in order to become the high bidder – changes to $50,500.

Bid increments can vary with the amount of the current highest bid – on REXTAR, there are three levels of bid increments: $250 for bids under $50,000; $500 for bids between $50,000 and $100,000; and $1,000 for bids above $100,000. The bid increment determines the amount of every bid after the opening or first bid. However, your bidding is not limited by the bid increment. REXTAR employs PROXY BID, also referred to as AUTOBID, which allows you to set the maximum amount you are willing to bid and then, if necessary, automatically bid for you in the required increments. In this example, if instead of bidding $50,500 you were to bid $60,000 – REXTAR would treat your bid as the maximum that you are willing to bid for the property: it would first bid $50,500, and continue to automatically bid for you, in increments of $500, up to $60,000. This means that you can set a maximum that you are willing to offer, sit back and watch what happens until the bidding either reaches that level or you become the winning bidder at some lower price. If the bidding were to exceed $60,000, you would have the option of setting a new, higher maximum. So you participate in the action as it happens or, if you wish, set an entirely automatic bidding strategy – set the maximum you are willing to pay then walk away until the auction ends… You’ll be notified in real-time - by email, and by push notification if you are using our mobile app - as each bid occurs, you’ll be notified if someone outbids you, and if you become the winner. You should be aware that, because other bidders may employ a similar strategy, it’s possible for the bidding to escalate very quickly. For example, if the current price is $50,000, and both you and another bidder set maximum bids of $100,000, the price will instantly become $100,000, and whoever entered the $100,000 amount first will be the current highest bidder.

The Rextar platform does NOT allow Bid Sniping, which is the practice of placing a bid in the last few seconds of an auction in order to win the auction, attempting to eliminate the chance for other bidders to bid again. On the Rextar platform, if a bid is placed within the last 10 minutes of the auction, the auction time limit is extended an additional 10 minutes, and this will continue until no other bid is received for a period of 10 consecutive minutes.

Your REXTAR Control Panel

Your Control Panel can be accessed from the upper right corner of the REXTAR website. When you are logged in, you will see a box with a message that reads "Hello" followed by the username you created when you registered. By clicking that box, you will see a menu that includes the following items:

  • Create Listings
  • My Listings
  • My Bids
  • My Account Home

In the My Bids section of your Control Panel, you will see the following options:

  • Watching
  • Active
  • Won
  • Not Won

The Watching section shows all listings that you are interested in following. To add a property to this list, simply click the "Add to Watch List" link that you will find on the listing page for the property you are interested in. The Active section shows all of the auctions that are currently active and for which you have registered. In the Won section are all the auctions that you won, and in the Not Won section are those for which you registered but did not win.

As mentioned, you will be notified of each bid as it occurs – by email and, if you are using our mobile app, by push notification – but you can also review the entire bidding history on the the Bid History page, which will show you the current price - which is the amount of the most recent, highest bid - the number of bids made up to the current time, the time remaining in the auction, and the start and end dates of the auction. You’ll also see the username of the seller; the date, time and amount of each bid; and the username, partially obscured for privacy, of the bidder.

If you are the winning bidder, you will receive the Contract of Sale that was posted on the property listing and auction page. We utilize Docusign, which allows you to execute contracts electronically, by email. You are required to execute and return the contract upon receipt.

While you may choose the title company of your choice to hadle your closing/settlement, REXTAR Title will initially hold your deposit, which must be transferred to REXTAR Title within 24 hours. REXTAR Title will of course be happy to help you with closing - REXTAR Title prepares the Title abstracts provided with our Due Diligence materials (REXTAR Title is affiliated with REXTAR LLC).

FAQs & Glossary

 
 
 

Nuts & Bolts

Q. How can I recover a lost or forgotten password?

A. Send yourself a password reset via email.

  1. From the sign in page select the Forgot password? link or click here.
  2. Enter your email address associated with your account and click the [Submit] button.
  3. Check your email inbox. If the email does not arrive in your inbox be sure to check your junk mail folder or spam filter.
  4. Click the reset link in that email.
  5. Choose a new password.
Q. How do I change my password?

A. You can change your password at any time.

  1. From your logged in account, go to your "My Account" area.
  2. From the left hand menu, select "Account > Password."
  3. Enter your current password.
  4. Choose your new password.
  5. Save your changes by clicking the [Change Password] button.
Q. Why am I not receiving any emails?

A. If you are not receiving expected site emails, please check the following:

  1. Check your junk mail folder or spam filter for the missing emails.
  2. Make sure that your email address, in your account settings, is entered correctly.
  3. Verify that your email client, such as Outlook, is not in “offline” mode.
  4. If you use a POP3 connection to retrieve your email, please verify that the emails were not downloaded to a different computer.

     If you are still not receiving our emails, please contact us.

Q. How do I change the email address tied to my account?

A. You can change your email address by editing your account details within your “My Account” area.

Q. Why do I get a warning message that my selected username is invalid?

A. Every user must select a username for their account. The username can only contain letters, numbers, underscores, and hyphens. We recommend replacing all [spaces] with either an underscore or hyphen.

Incorrect: MY Username
Correct: MY-Username
Correct: MY_Username

Or, it says that the username selected is already in use.

Usernames are unique. Two users cannot share the same username. If you get a notice during registration that your username is already in use, you will need to select a different username.
Q. Why does it say that my email address is already in use?

A. If you get a notice that your email address is already in use when creating an account, it means that you have already created an account with us at some point. If you do not remember your login information, please enter your email address into the forgotten password form and you will be able to reset your password and log in to your account.

Buying & Selling

Q. What is REXTAR?

A. We are an online bidding platform for buying and selling real estate. We also provide deeply discounted traditional brokerage services for those properties that may not qualify for the platform.

Q. What types of properties are sold?

A. All types, but we specialize in investment and single family residential real estate.

Q. Do you sell bank owned property?

A. Yes, we sell properties for any owner who wishes to participate.

Q. What is the cost to sell a property on REXTAR?

A. ZERO!!! ZIPPO! Zilch! Sellers do not pay a thing - no commission, no fees!

Q. What is the cost to buy a property on REXTAR?

A. Buyers pay a small commission on the high bid price, called a Buyer’s Premium (BP), which varies from property to property. The BP is added to the final bid price to determine the contract price. For example, if the winning bid is $100,000, and the BP is $3,000, this will result in a contract price of $103,000. The buyer is responsible for all closing costs including transfer tax, title insurance (optionable to the buyer), recordation fees, etc.

Q. Where do I get information about the property?

A. REXTAR tries to provide detailed property information for every property it auctions - from a licensed real estate inspector, the public record, a preliminary title report, detailed neighborhood and school reports - plus photographs and more. The Contract of Sale is also available. Of course, buyers are responsible for conducting their own due diligence, but REXTAR helps make this process as simple and streamlined as possible.

Q. Can I visit the property before the auction?

A. Yes, and in most cases open houses will be provided.

Q. What do I need to bid?

A. We employ a simple 2 step registration process. Initially, you register to use our website - you only have to do this once and this registration is good for all of your future site activity. When you decide to bid on a property, you register for that specific auction by providing us with your credit card information. We place a $2,500 hold on your credit card, which is released within 24 hours of the end of the auction for all unsuccessful bidders. The hold on the winning bidder's card is released after the winning bidder executes the Contract of Sale and wires the Earnest Money Deposit to REXTAR Title company - an affiliated company - which holds the deposit in escrow.

Q. What if I do not wish to use REXTAR Title Company?

A. You can use the title company of your choice, but the deposit will initially be held by REXTAR Title Company. There are no fees for this service, just as there are no fees to bid on REXTAR.com

Q. Can I bid on my phone?

A. Yes, the REXTAR platform is available on most internet connected devices, from desktop and notebook computers to mobile devices such as phones and tablets.

Q. Do I have to watch all of the bidding and continually place bids?

A. No. The REXTAR platform utilizes AutoBid: The bidder submits the maximum amount they wish to bid and our system automatically places bids on their behalf, starting with the next highest increment and continuing up to the maximum. This automatically makes the bidder's submission the highest bid, up to their maximum, without the need to continually monitor the bidding. If the bidder is outbid immediately, it is because another bidder has set a maximum that is higher than that set by the bidder.

Q. Can I wait until the last few minutes to bid?

A. You can, but the REXTAR platform does NOT allow Bid Sniping - the practice of placing a bid in the last few seconds of an auction in order to win the auction by precluding other bidders from having the opportunity to bid against them.

Q. What happens at the end of bidding?

A. The winning bidder will receive an email notice that they have won and will be asked to execute the Contract of Sale via Docusign. You will be required to send the indicated deposit to REXTAR Title Company (an affiliated company). If you choose not to use REXTAR Title for closing, the deposit will be forwarded to the title company of your choice. However, we recommend that you use REXTAR Title for closing. REXTAR Title provides the title abstract for the property and will be able to produce the closing documents quickly and at a lower cost. At settlement, you will be responsible for the sales price, plus the Buyer’s Premium and the costs of closing.

Q. Can I finance my purchase?

A. Of course, but please remember that all of our auctions are cash transactions and are not dependent or contingent on financing. There are many lenders in the market, and REXTAR can provide you with contact information for some of them.

Q. Does REXTAR provide other services?

A. Yes. We cooperate with lenders and provide title and closing services through REXTAR Title Company, an affiliated company. We can also provide the names of staging companies for sellers, insurance agencies and construction companies.

Glossary

ABSOLUTE AUCTION

The property sells to the highest bidder — no reserve. Whatever the high bid is, the property sells for that amount.

ALERTS

Email notice you will receive when there is any activity in your account — notice of registration on our site, notice of registration for a specific auction, notice of your bid, notice that you have been out bid, notice that you won an auction.

AGREEMENT TO AUCTION

Executed agreement between seller and REXTAR to auction property online.

AUCTION CALENDAR

Schedule of upcoming auctions.

AUTOBID

Used for all of our auctions. Bidder inputs the maximum amount they want to bid and our site bids on their behalf in minimum increments up to the maximum. Bidders can not see one another's maximums.

BID

A legally binding offer to buy property.

BID EXTENSION and BID SNIPING

Bid Sniping occurs when a bidder places a bid in the final seconds of the auction. This practice blocks other bidders from placing higher bids. We consider this unfair. In order to eliminate bid sniping, our site extends the bidding time by 10 minutes if a bid is placed in the final minutes of the auction. Therefore, our auctions only close when no bid has been placed for 10 consecutive minutes.

BID INCREMENTS

The minimum bid amount necessary to surpass the current highest bid. These increments vary in accordance with the current highest bid: For example, with a current highest bid of under $50,000, the REXTAR BID INCREMENT is $250, so with a current highest bid of $49,750 the next bid must be $50,000. For bids greater than or equal to $50,000 and less than $100,000 the REXTAR BID INCREMENT is $500. The BID INCREMENTS are listed with each auction.

BUYER’S PREMIUM

An amount, designated as a percentage of the winning bid price, that REXTAR charges the winning bidder at settlement. REXTAR'S' Buyer’s Premium varies from property to property and generally is the lowest in the industry.

CLOSING

Closing is the final part of the transaction. Usually occurring within 30 to 45 days from the end of the auction, the closing transfers ownership of the property from the seller to the buyer.

COA

Condominium Owner’s Association

DEED

This is the legal instrument that transfers property title (ownership) to the buyer and is normally recorded at the county land records office.

DEPOSIT TO BID

A $2,500 credit card or debit card hold that is required to bid on a property. The hold is shown on your bank statement as a pending charge. Holds are released for unsuccessful bidders within 72 houses of the close of the auction and upon receipt of the earnest money deposit by REXTAR Title Company for successful bidders.

DISCLOSURE DOCUMENTS

There are several such documents that address lead paint, seller’s knowledge of conditions, possible tenant’s rights, etc. These are listed on the page for each auction as may be applicable. Bidders should familiarize themselves with these forms and consult their professional advisers as they may feel is necessary.

DUE DILIGENCE

Bidders are always advised to conduct their own Due Diligence. We try to provide comprehensive information on the REXTAR website about each auction property. However, bidders should always do their own investigation including inspections (if allowed), neighborhood research, determination of repair costs, review of inspection and title reports, and anything else that a prudent buyer would deem appropriate.

FINANCING

Entails borrowing money from a bank or lender to be applied to the purchase of a property. The borrower has the obligation to pay back the money to the lender, who will often put a lien on the property until the money is paid back. REXTAR can connect buyers with lenders, not related to our firm, that may be able to provide financing.

HOA

Homeowners’ Association

HUD-1 (also known as a Settlement Statement)

Standard form presented to the buyer by the settlement officer (also known as title company). The form shows the summary of the buyer's and seller’s transaction expenses or credits so that both parties can prepare for closing (settlement).

HOME INSPECTION

A professional home inspection is an examination of the current condition of a house. It is not an inspection to verify compliance with appropriate codes. A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings. The client then uses the knowledge gained to make informed decisions about their pending real estate purchase. The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components. REXTAR provides a home inspection for each property that it auctions on the auction page for the property. It is provided at no cost to bidders.

LANDING PAGE

This is our term for the individual page for each auction. Each auction page will contain detailed property information including photos, extract of a title report, neighborhood information via Neighborhood Scout, Home Inspection Report from a licensed home inspector, and much more.

LEASE

A contract entered into between the owner of a property and a tenant which states the terms of the lease including length, monthly rent, security deposit, responsibilities of each party and rules for use of the property.

MORTGAGE

A legal agreement between a lender and buyer. The lender provides funds to buy the property and the buyer agrees to pay the lender back, usually in monthly increments. The mortgage lists all of the terms of the agreement including monthly payments, interest rate, etc. Once the mortgage is paid in full, the mortgage is extinguished.

OCCUPIED PROPERTY

A property that is either owner or tenant occupied. Occupied properties are often not available for an open house.

ONLINE BIDDING

Bidding on REXTAR.com for a property.

OPEN HOUSE

A designated period of time when bidders or prospects can visit a property and inspect it for themselves. Sometimes houses are sold without an open house, with only photos and other property information posted online available. Bidders are always advised to perform their own due diligence.

OPENING BID

The amount required for the first bid.

PUD

Planned Unit Development. This is a planned residential community with certain home and lawn characteristics subject to the rules of the Homeowner’s Association (HOA). Most HOA’s require annual dues of the homeowner. A PUD may consist of single-family homes, condos, and commercial properties.

RESERVE AUCTION

Reserve Auctions have a minimum price that is acceptable to the seller. Bidders are unaware of the price and the highest bidder does not know if they will buy the property until after the sale, when the seller decides whether or not the bid is acceptable.

SOLD AS IS

The property is sold without any warranties and are sold “AS-IS”. This is typically how property is sold at auction and is how all of our properties are sold. This is why it is crucial for bidders to do their own due diligence and know the condition of what they are buying.

TITLE REPORT

A report from a title company that shows if there are any liens on the property or if there are any past/present issues or problems with the title and or ownership.

VACANT PROPERTY

A property without any occupants — no tenants and not owner occupied.

Have a Question?

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