Broker FAQ
Can I show an occupied property?
If a property is privately owned or still occupied, we cannot provide a lockbox code. Your client will need to view the property during the scheduled Open Public Inspections. Some occupied properties have stipulations that prevent them from being seen prior to auction and require the bidders to bid without having first seen the property. The occupant should not be disturbed! Buyers and their agents should not trespass on the property prior, during, or after the auction. You can only view the property from the street.
Can I represent myself and still receive a commission?
Licensed agents who represent themselves in a transaction are not eligible for a commission.
Agent/Broker Cooperation
A fee based on the high bid may be paid to an Agent's Broker whose registered Client purchases property in strict accordance with the terms of the sale agreement. If the agent is not submitting the bids for the clients directly on the bidding platform; to qualify for a cooperation fee, the following requirements must be met with NO EXCEPTIONS:
- The Agent/Broker must identify the potential purchaser (Client) at least 48 hours prior to the auction date. If a legal entity is the Client, the principals must be disclosed. The Agent/Broker must submit the Client Representation form and any state mandated agency disclosures to Bang Realty and or Bang Auctions via email or fax. (Link to Registration Form)
- If it is a live auction, the Agent/Broker must personally attend the auction with the Client and present a copy of the Confirmation Email of this registration at time of bidder registration. If the Agent or Broker does not present this confirmation at registration a referral fee will not be paid. Any state mandated agency disclosures or agreements must be executed by the broker/agent and seller and delivered with registration form.
- The Agent/Broker should fully disclose in writing to the Client at first contact their status as either a Buyer's Agent/Broker or Transaction Broker and the associated responsibilities and legal ramifications either relationship entails for both the Agent/Broker and Client. The Agent/Broker shall indemnify and hold harmless Bang Auctions, Bang Realty and the Seller from any liability arising from its conduct relative to the transaction and sale, and hereby agrees to submit any claims the Agent/Broker may assert to binding arbitration per the Contract of Sale between Buyer and Seller, incorporated by reference herein. Agent/Broker hereby represents and warrants without limitation to Bang Auctions, Bang Realty and the seller it is a duly licensed Agent or Broker in the State in which the property to be sold is located, and is in full compliance with all laws, rules and regulations regarding a real estate licensee. No referral fee will be paid if the Client, who subsequently enters into a purchase agreement, does not close in strict accordance with the written terms thereof. In all events Bang Auctions shall have the sole authority and right to revoke this offer of compensation and/or determine if a referral fee shall be paid.
- Bang Auctions will not pay a referral fee or commission to an agent representing him/herself.
