Q. Who is Flip Detroit Auction.com ?
A. Flip Detroit Auction (FDA) is a local company serving the needs of both homeowners and investors. We provide affordable housing to the people of Detroit by offering reasonable financing terms.
Q. What makes FDA different from other auction companies?
A. FDA is the only auction site that offers easy financing terms, which makes the monthly payments affordable to customers. Each monthly payment is applied toward the winning bid.
Q. What is Financing?
A. An agreement between a buyer and seller of property in which the buyer makes monthly payments toward full ownership. An annual interest rate of 10% is charged for the outstanding unpaid balance. Upon final payment, title is conveyed to the buyer.
Q. How do I register?
A. There is no fee required upon registry, simply fill out the registration page.
Q. How many properties can I purchase?
A. One property for each $500 deposit.
Q. Will I be responsible for any back taxes or water bills owed on the property?
A. Buyer will be responsible for all taxes and water bills, consult with your local municipality for amount.
Q. Is a deposit required to register?
A. No. A deposit is only required to bid.
Q. How much is the deposit and when is it due?
A. $500 deposit is required before bidding
Q. What forms of payments are accepted?
A. Credit Cards, QuickPay, certified checks and bank wires, international and domestic.
Q. Which credit cards are accepted?
A. Mastercard, Visa, Discover, and American Express Credit Card are accepted.
Q. When will my credit card information have to be entered?
A. There is no authorization or charge upon registration. When you bid, the credit card will be authorized for $500.00 but will not be charged. If you do not have at least a $500 available balance on your credit card you will not be able to place a bid.
Only winning bidders’ credit card will be charged $500.00. If your credit card is denied for any reason, you will have 48 hours from denial to process another credit card or providing other certified funds for the $500.00 winning deposit. If payment is not made within 48 hours, you will lose your bidding privileges.
Q. What happens to the deposit if I lose the bid?
A. For all forms of deposits EXCEPT credit cards simply request a refund via email and your earnest money deposit (emd) will be returned, or the deposit may remain for future bidding. Every day there are houses to bid on!
Q. What happens to credit card authorization for losing bidders?
A. All losing bidder's credit card authorizations are released upon request. Otherwise the authorization will remain for 30 days allowing bidders to bid on upcoming properties. Flip detroit auction offeres properties every day.
Q. What happens after I win a bid?
A. Bidders are required to close within 48 hours after the bid has closed. An email will be sent with instructions.
Q. Will I obtain a clear title to the property at the closing?
A. Yes, with the exceptions of any possible water and taxes, your property will be free and clear of any liens.
Q. Will there be a closing charges by Flip Detroit Auction?
A. A doc prep fee of $200 is due upon closing.
Q. Can I close electronically since I live out of town?
A. Yes, you can close by email and all legal documents will be sent overnight.
Q. What if I have more questions than listed?
A. Please feel free to contact us at email@example.com