Table of Contents

1 How it Works

2 What is a Pre-Auction Bid

3 Auction.com Auctions

4 After a Winning Bid or

an Offer is Approved

We are thrilled to be working with you and sincerely hope our dual path program will

help agents and brokers expand their business opportunities.

With over 500,000 unique page views every day, Auction.com has been helping

agents obtain more leads for years. We display your name and contact information

on our property description pages, introducing you and your business to thousands

of potential homebuyers every day.

How it Works?Q. Now that my listing is assigned to Auction.com what are the

next steps? A. The first step is to gather all the materials needed to properly market the property.

Here’s what we need from you:

1. Let us know whether the property is financeable in its CURRENT condition. We prefer you communicate this information to us via Equator (cc: Auction Company - Auction.com BAC).

2. A minimum of ten high quality marketing photos for each vacant property and at least five photographs for occupied assets. Please supply via www.SendThisFile.com/Auction.

3. Send the MLS printout to Auction.com via Equator (cc: Auction Company - Auction.com BAC).

Partners for Success

Dual PathPROGRAMListing Agent FAQs

WHERE REAL ESTATE IS MOVINGTM

WHERE REAL ESTATE IS MOVINGTM 2

Listing Agent FAQs Auction.com

4. We also encourage open houses and will provide nationwide advertising for these events. Please add the open house information into Equator as soon as you schedule one.

Q. Once my listing is on the Auction.com website what happens next? A. You will receive an email notification that your listing has been loaded on

Auction.com. You will also be asked to verify that all property information listed on our site is correct. After that, it’s a simple matter of:

1. Responding to buyer requests and other calls about your listing

2. Making bids/offers (bids and offers are essentially the same thing and the terms are used interchangeably) on behalf of your clients

Q. What are the broker/agent commissions on the Bank of America Dual Path homes?

A. Listing Agent Commission: 2% or $1000 minimum

Buyer’s Agent Commission: 2.5% or $1200 minimum

Q. When are broker/agent commissions paid? A. Commissions are generally paid out in the same manner as in traditional

transactions, with all monies being distributed upon close of escrow. You can check out all the commission details on the Property Page.

Q. What is Auction.com doing to co-market the homes? A. Our marketing begins once we load the property to our website. Some marketing

activities include listing properties on Zillow, Trulia and 10 other listing sites as well as implementing a targeted positioning and optimization campaign on the Google display network. We also employ dynamic retargeting ads across the internet, repeatedly reach out to our database of 4-million+ active users via emails and banner ads and contact potential buyers who have bid on similar properties.

Auction.com marketing drives 500,000 unique visitors to our site every day and hundreds of new buyers purchase properties via Auction.com each week. This means thousands of users daily will see your name associated with the Auction.com property you are representing.

What is a Pre-Auction Bid?Q. What is a Pre-Auction Offer? A. Prior to the first auction event, you will have the opportunity to submit your highest

and best offer. If your offer meets or exceeds what the seller is looking for, the property will be sold to you and we will remove it from the future auctions. This bid will not be entered as an auction day bid, so if it is rejected, you will still have the opportunity to register and bid during the scheduled online auction. The ability to place a pre-auction offer is turned off 3-days prior to the auction event start date.

WHERE REAL ESTATE IS MOVINGTM 3

Listing Agent FAQs Auction.com

Q. How do I submit a Pre-Auction offer? A. Visit the property detail page, click the Pre-Auction Bid button, and fill out the

form. Once you click the red Pre-Auction bid button your offer will be directed to our Auction Team to review.

If you submit an offer that is too low, you will automatically receive a message on the screen: “Thank you for your interest in the property. Your bid is too low. Please try again with your highest and best bid”.

You will only be allowed to enter 5 low bids per day for three days. After that you will be blocked from submitting a pre-auction offer on the property, and you will have to place a bid during the auction event if the property is still available.

Q. What do I need to enter in the Total Purchase Price field?

A. Please enter your highest and best offer that you are willing to pay for the property including the buyer’s premium. The buyer’s premium and earnest money deposit will be automatically calculated when you enter the Total Purchase Price.

The buyer’s premium and earnest money deposit varies by property so please check the property details page for more information.

Q. How do I know if I win a property?

A. Shortly after your Pre-Auction offer is entered, you will receive a call from Auction.com to review your offer and to discuss next steps. If your offer is too low, you will receive an email notification.

Auction.com AuctionsQ. What is a reserve price? A. A reserve price is the minimum price the seller will accept for the property in an

auction. The reserve price is set by the sellers and is not shown to buyers; however, each property details page does show if the reserve price has been met or not.

Q. Where can I find the property’s auction dates? A. The auction dates can be found on each home’s property details page. Most

auctions last 4-5 days.

Q. A potential buyer wants to submit an offer and I can’t figure out how to help them, what should I do?

A. If you need help right way, call our Auction.com customer service team at 800-611-5555. There are also some basic instructions regarding the auction process, creating a free account and registering to bid on properties at www.auction.com/help.

WHERE REAL ESTATE IS MOVINGTM 4

Listing Agent FAQs Auction.com

Q. How can I represent a buyer or submit an offer on a buyer’s behalf?

A. It’s easy. Here are the steps:

1. Create a free account on Auction.com for yourself AND for your client.

2. Volunteer to walk the client through the registration process for the property they want to buy and ensure they list you as the agent. You will also have to register for that property in order to be eligible for the commission.

3. As long as you have an agreement in place with your client to bid on their behalf, ask them for their log in information so you can log in to their account and make bids for them during the auction.

4. If your client wins the property, they will receive a winning bidder email with instructions on next steps. The buyer will be asked to electronically sign the winning bid confirmation and submit bank statements to start the contracting process. You, as the agent, will also be required to electronically sign the purchase agreement.

5. Escrow begins once the seller approves the offer and signs the purchase agreement.

If you have further questions, please call our dedicated customer service number at 800-611-5555.

Q. What if the property does not meet reserve during the auction? A. Although the property did not hit the reserve, the seller has the right to review

all offers and accept an amount lower than reserve, make a counter-offer or place property into the next auction event.

After a Winning Bid or OfferQ. How is someone notified that they are the winning bidder? A. When the bid amount meets or exceeds the list price, a winning bid confirmation

email is sent out requesting the winning bidder to promptly execute the agreement (so the seller knows the buyer is serious). A simple electronic signature and copies of your bank statements will start the process. If you are an agent representing a buyer, you will have to sign the agreement too.

For more information please give us a call at 800-611-5555.

Q. What is a buyer’s premium? A. This is an added fee that goes to the auction house (Auction.com). The buyer’s

premium varies depending on the seller of the home and will be added to the winning bid amount on your purchase agreement.

WHERE REAL ESTATE IS MOVINGTM 5

Listing Agent FAQs Auction.com

Q. What is the earnest money deposit? A. This is the percentage or flat rate you put down on the property shortly after an

auction, similar to a down payment.

You will receive instructions on how to send these funds to the escrow company for holding.

Q. What are the average closing times for properties purchased on Auction.com?

A. While an average closing time for a bank-owned transaction on the retail level (i.e., in a traditional real estate transaction) is 45 days for financed properties, bank-owned properties auctioned on Auction.com close in an average of 39 days (and as few as 15 days for some cash buyers).

Q. How are all documents handled and how do I maintain compliance?

A. Most documents are handled by Auction.com and managed by one of our closing specialists. During escrow, all agreements and addenda will be executed and confirmed by escrow. Auction.com will distribute all signatures (via DocuSign) to open escrow. After the transaction, the agent is responsible for securing all necessary documents prior to the distribution of commissions, according to fiscal and legal rules.

Visit www.auction.com today to learn more.