Real Estate Bidding Platform

Who Can Sell?

Who is eligible to sell on AuctionLook?
Only licensed agents or auctioneers who are current members of a qualifying MLS, Association, recognized entity may sell on the platform. Simply register a profile with us and we’ll verify your membership status right away for approval.

If my MLS or Association is not partnered with AuctionLook, can I still sell?
Yes. As long as you are a member of a qualifying Association or MLS, you may still sell. The only difference is that your MLS or Association will not receive a revenue share.

For Auctioneers?

Is AuctionLook taking business away from auctioneers?
No—AuctionLook is designed to add business, not take it away. By streamlining the process, we make it easier for agents to embrace auctions as a selling option, which in turn creates more opportunities for licensed auctioneers.

Do I have to use AuctionLook’s bidding platform?
No. You may use your own bidding software and simply link it when posting a sale. Using AuctionLook’s bidding platform is optional for auctioneers.

What happens if I use the AuctionLook bidding platform?
When you use our platform, you simply enter the commission you’ve agreed upon with the seller. AuctionLook charges an additional 1.5% platform fee and a $75 per-sale listing fee.

What if the property does not sell?
The $75 listing fee is non-refundable. However, any bidders or buyers generated through the platform remain your leads, except in cases where high-profile or institutional buyers request that their information remain private.

For Agents?

Can I sell properties on AuctionLook?
Yes. Agents can sell at auction through AuctionLook, but you must use the platform’s bidding software unless the sale is being run through a licensed auctioneer.

How does the process work for agents?

1. Log in and enter the commission percentage agreed with your seller.

2. Upload your listing contract and all required documents.

3. Enter property details and auction information.

4. AuctionLook sends a DocuSign to you and your seller for approval.

5. Once signed, your sale goes live on the dates you and your seller select.

6. Your sale will be assigned a licensed auctioneer required license according to your local state regulation and licensing laws.

Are my commissions protected?
Yes. Agent commissions are always protected. Unlike traditional sales, commissions are paid from the buyer’s premium. That means the buyer covers all commissions (agent + auctioneer + platform fee), leaving the seller with more net proceeds.

How are buyers vetted?
All buyers must:

• Create a valid profile,

• Verify identity and funding through Plaid, and

• Be pre-checked for purchasing power.

What is a Buyers Premium?
A buyer’s premium is an additional fee charged to the winning bidder on top of the final hammer (sale) price at an auction. It is expressed as a percentage of the winning bid (for example, 5% or 10%) and is paid by the buyer. The premium is used to cover platform or auction costs, and in many cases, it also funds the seller’s agent/auctioneer commissions, so the seller keeps more of the net proceeds. Example: If a property sells at auction for $500,000 with a 5% buyer’s premium, the buyer pays $525,000 total.

What Happens When a
Property Sells?

How a Typical Closing Works on a Property Sold at Auction

1. Winning Bid & Contract

   • When the auction ends, the winning bidder’s offer becomes a binding contract.

   • The buyer and seller both sign the purchase agreement (often electronically through DocuSign).

2. Buyer’s Premium & Deposit

   • The buyer pays the required buyer’s premium or any stated deposit.

   • These funds secure the property and are applied toward the final purchase price.

3. Closing Process

   • The buyer has a set timeframe (usually 30–45 days) to complete closing.

   • Buyers can choose any licensed title/closing company, or use AuctionLook’s preferred partner, Fidelity National Title, for a streamlined process.

4. Payment & Transfer

   • At closing, the buyer pays the balance of the purchase price (plus premium and fees).

   • The seller receives the net proceeds, commissions are paid, and ownership is formally transferred.

5. Flexibility

   • Just like a traditional sale, inspections, financing, and contingencies depend on the auction’s specific terms. Some auctions are “as-is, where-is,” while others allow limited contingencies. the buyer and seller may close with any title/closing company of their choice, or they may use our preferred partner, Fidelity National Title.
     Have questions on Title to Close? email us at auctionlook@novarenss.com