How to Buy
At Unreserved, we’re committed to a better buying experience that creates an equal opportunity for all buyers. With our fully transparent online auction, we work directly with buyers and buyer agents to provide a fair and honest home buying process. We facilitate everything a buyer could need to make an informed decision, from home inspections that are backed by a one year warranty, to providing market comparisons to help inform and increase buyer confidence. View the steps below to see how seamless buying a home with Unreserved can be.
Steps to Buying
Browse our homes
Browse our inventory of homes with all the information you need right at your fingertips. View the home inspection & home warranty reports, along with the most relevant market comparisons, all online from the comfort of your home. Our in-house inspector thoroughly checks every home, however, buyers are welcome to do their own inspections in advance of any auction.View Homes for Sale
Book a showing or visit an open house
Our team of property experts will assist you in viewing any of our properties at a time that works for you and your buyer agent (if you’re working with one). Alternatively, you can drop in to one of our scheduled open house dates to view the property.
Become a verified bidder
Before placing a bid, all buyers must submit proof of funds (mortgage pre-approval). This step is necessary to ensure that only qualified buyers participate in the bidding. Once submitted, we will verify your account and set your spending limit based on the approved amount provided. Then, you’re all set to bid on any home within your spending limits. Need a pre-approval for a loan? If you don’t have one, we can get you pre-approved fast by completing this secure online application.
Place your first bid online
Once you’re verified and up to speed on our process, you’re ready to participate in the online auction. Before placing a bid, you must agree to our standard Terms & Conditions, as well as the seller’s closing date range (some sellers are more flexible than others).Terms & Conditions
Bid with full transparency
Everyone can see the bids being placed online in real time. As a bidder, you’ll receive instant notifications when you’ve placed a bid or if you’ve been outbid by another bidder. The bids increase in $2,500 minimum increments, however bidders can also enter custom bid amounts or set up an autobid if they choose to do so.
Watch the auction end time
Although we have set auction ending times, the gavel doesn’t drop until the bidding stops. When a bid is placed within the last 5 minutes of the auction, the auction time automatically extends for another five minutes to allow every other bidder the opportunity to place another bid, if they wish to do so. We don’t want a buyer to lose out on a home if another bidder jumps in with a bid in the last second of the auction.
Deposit & Purchase and Sale Agreements
The contracts are ready once the auction ends and will be sent to your lawyer immediately following the auction. Your chosen lawyer will close out the transaction with the lawyer who is representing the sellers. Unreserved will make arrangements to pick up a deposit cheque in the amount of 2.5% of the purchase price within 24 hours of the auction ending.
Do I need a buyer agent?
No, you don’t need a buyer agent to bid on a home with Unreserved. Our team of professionals will work with you to facilitate private showings and provide you with market comparables.Continue Reading
Do we work with agents?
Yes, we do work with all agents. We provide agents with our standard referral fee for any buyer who chooses to work with an agent.Continue Reading
I want to buy a new home, but need to sell my current house.
We’ll come and appraise your house and give you our written guaranteed minimum auction price. We’ll also work with you to align the closing dates so you can buy with confidence knowing your home is guaranteed to transact with unlimited upside from our minimum guaranteed amount.Continue Reading
Do we provide market comparables?
Yes, we’ll provide you with all the public information that’s available so you can make an informed decision.Continue Reading
Can I bid without viewing the house?
We strongly recommend all buyers walk through the house prior to bidding. However, we’re happy to provide you with every detail you need to participate in the auction with total confidence.Continue Reading
Are there buyer fees?
In the traditional real estate process, fees charged to the seller are actually rolled into the buyer’s mortgage, without the buyer even realizing it. With Unreserved’s transparent process, the buyer’s bid already includes the 1% buyer fee. So, let’s say you win the house for $840,000, your offer would actually be $831,600 with the $8,400 buyer fee rolled into the total purchase price. Lower fees mean both parties win!Continue Reading
Still have questions?
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