What are the possible outcomes of my bid?

When you place a bid on an auction, it can have one of the following 3 outcomes:

• Winning: If the full amount of a Investor's bid is being used to fund the Real Estate Note, it will be considered "winning". If another Investor offers a price per share, however, the winning bid could become outbid.
• Partially winning: If only a partial amount of a Investor's bid is being used to fund the Real Estate Note, it will be considered "partially winning", and the outbid portion of the bid will be returned to the Investor's account immediately. If a Investor is partially winning, it is also an indication that he or she is the next Investor who will be outbid as new bids come in.
• Outbid: If none of a Investor's bid is being used to fund the Real Estate Note, it will be considered "outbid", and the full amount of the bid will be returned to the Investor's account immediately.

If my bid is "winning", will I definitely get the Real Estate Note?

Not necessarily. If the auction is still active and did not end your winning bid could be outbid at any time by an Investor with a lower interest rate.

What does it mean to be "partially winning"?

Because there are cases, such as the case of the other Investor with the bid with lower minimum interest rates are preventing other Investors from participating fully in a Real Estate Note, we allow Investors to be "partial winners" in an auction. This means that only a portion of the Investor's bid was used in funding the Real Estate Note.

Investors with "partially winning" bids can place new bids to get more participation in the Real Estate Note auction.

If my bid is partially winning, can I use the non-winning amount to bid again?

Yes, you can use the remaining available bid funds to make a new bid on any auction, which is return to your cash account immediately.

What if two Investors bid the same interest rate? Who wins?

If two Investors bid the same minimum interest rate and there is only room enough for one to participate in the Real Estate Note, priority for Real Estate Note funding will be given to the Investor who bid earliest.

What if I was outbid?

If you were outbid, it means that there were other Investors who bid lower than your minimum rate. As a result, the interest rate may have dropped since you were outbid.

If you were outbid and still want to participate in the Real Estate Note, you should place a new bid on the auction with an even lower minimum rate.

Why am I always outbid by others who bid the same rate?

If you were outbid, it means that other Investors bid at a lower minimum interest rate than yours. Other Investors' interest rates are not displayed, so even though it might look like they are bidding at the same rate you bid, that is not necessarily the case. This hidden bid auction style guarantees the best rates for everyone involved.

If you notice that the interest rate on the auction has dropped since you placed your bid, you may still participate by placing a new bid on the auction with a lower minimum rate.

Can I bid again on an auction that I have already bid on?

Yes, you can always add more bids to an auction, even if you have already bid in the past. Each of your bids will be judged separately, so it is possible that you will win some and lose some.

Can I cancel my bid?

No. Bids cannot be cancelled or withdrawn at any time.

How can I find out whether I'm winning or losing?

If you are signed in, the status of your bid on a particular auction can be found by going to the auction page itself. A message at the top of that page will indicate whether you are winning or not.

You can see the status of all your bids at a glance. Go to "Home > My IRESE > Investing > Bids". Take me there

I'm a winning Investor and the auction has ended. What happens next?

As soon as an auction ends with bids totaling 100% of the requested Real Estate Note financing amount, it goes to IRESE's funding team for pre-funding review. During this time, the status of the listing is shown as "Review". Learn more about auctions in review.

IRESE's pre-funding review can take up to 10 days from the date the bidding period for the auction ends. If the auction clears pre-funding review, the Broker is asked to sign for the Real Estate Note and if needed Property Owner is requested to executed some agreements.. The Broker has 7 days to obtain all signatures for Real Estate Note, and at this time may also decline to accept the Real Estate Note altogether.

If the IRESE receives all required signatures, IRESE will disburse Real Estate Note proceeds to the Broker, and will sell and assign to you a Real Estate Note shares in the principal amount of your winning bid. Learn more about Real Estate Note shares disbursement. The amount of your bid will be withdrawn from your IRESE account and transferred to IRESE in exchange for the Real Estate Note shares. Learn more about Real Estate Note shares disbursement and Real Estate Note payments.

Interest on your note begins to accrue on the Real Estate Note's origination date, which is normally the business day following the day IRESE records all the documents required to complete the transaction and initiates the funds transfer.

If the Broker or Property Owner declines to accept the Real Estate Note financing, the Real Estate Note auction is cancelled and the amounts of all winning bids are released to the IRESE accounts of the Investors who placed them, and are available for further bidding.