What does it mean when an auction is in "Review" status?

IRESE has the right to verify at any time the accuracy of all statements and information provided by Brokers, and Investors at registration or in connection with auctions and bids. If IRESE is unable to verify material information with respect to an auction or bid, IRESE may cancel an auction, or cancel any or all bids against an auction. IRESE may conduct its review at any time—before, during or after the start of an auction, or before or after the funding of an auction. Part of this verification occurs after the bidding period ends, at the pre-funding stage.

Auctions which have ended with bids totaling 100% of the financing amount may go into a pre-funding review status labeled in "Review" status, in which the auction is reviewed by IRESE's funding team. During this process, which will last no longer than 10 days. Learn more about Real Estate Notes verification.

How long does the pre-funding auction review take?

IRESE's pre-funding review can take up to 10 days from the date the bidding period for the auction ends. If IRESE does not receive all requested documents within 10 days from the date the auction ends, the auction will be cancelled and will no longer be displayed, and you will not receive shares as an Investor.

What if a listing doesn't pass auction review?

If an auction does not pass pre-funding auction review, either for lack of response, incomplete documentation, or incorrect documentation, IRESE will cancel the auction. When this happens, the amounts of all winning bids are released to the IRESE accounts of the Investors who placed them, and are available for further bidding. A message is sent to winning Investors notifying them that the auction was cancelled.

What happens when the auction passes review and is cleared for funding?

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.