The floor, in detail.

Each lead category arrives on its own clock. The auction window adapts to the source so that hot leads do not wait and slow leads do not crowd.

Requested valuations

Live within minutes of submission. Valuation forms are the highest-intent signal on the platform -- the homeowner is at their keyboard right now, hitting refresh on the response. Auction window: 8 minutes. Reserve floats with property value and contact completeness.

Pre-foreclosure

Live within hours of NOD or lis pendens recording. A 24-hour cooling-off window applies before the lot opens, giving the homeowner room to consult counsel before broker contact. Auction window: 12 hours. Distressed-category compliance rules (see Section D) gate eligibility per state.

Foreclosure

Listed on the floor when sheriff-sale or trustee-sale dockets publish. Short auction window (6 hours) reflecting the short decision window for short-sale or REO representation. Eligibility limited to states where post-NOD broker contact is permitted by statute.

Expired, withdrawn, cancelled

Live within minutes of MLS status change. The volume category -- standing max bids carry most of the bidding here. Auction window: 15 minutes. Withdrawn-status eligibility respects per-MLS local board rules.

FSBO

Live the morning after the listing publishes on the FSBO portal or the MLS limited-service entry. Auction window: 30 minutes. Homeowner opt-out flag (where given) excludes the lot from the floor entirely.

Who can bid

Only verified, licensed real-estate brokers and agents. The auction engine validates each license against the issuing state's regulatory API on signup and reverifies quarterly. Investors, wholesalers, and lead resellers cannot create accounts; the PropertyLeads-style audience is explicitly out of scope.

Bid types

Two bid styles live on the floor at once: standing max bids (a ZIP-and-price-tier ceiling set in advance, used by busy brokers) and live bids (real-time clicks during the auction window). Standing maxes are decremented automatically against live bids; ties resolve by timestamp.

Scoring and reserve

Every lot has a quality score derived from data freshness, contact completeness, intent strength (a valuation form scores higher than an expired listing), and historical conversion rate of the source. Reserve prices float with the score so a fresh waterfront valuation with a verified mobile and email opens higher than a thin expired from a slow ZIP.

Anti-collusion

Bidder identity is masked during the window. IP-collusion checks run between known related accounts. Suspicious patterns -- rapid shill bidding, alternating wins between linked accounts -- trigger a manual review and refunded clearance.

Pre-foreclosure and foreclosure leads carry obligations the other categories do not. ListingHammer enforces these at the auction layer so winners inherit a compliant lead, not a liability.

TCPA + DNC pre-screen

Every distressed-category contact is screened against the National Do Not Call Registry and per-state DNC lists at lot publish time. Numbers on either list are excluded from the contact data delivered to the winner; the lot may still auction with email-only contact if available.

Cooling-off window

A minimum 24-hour gap separates NOD or lis pendens recording from the lot's first appearance on the floor. The homeowner gets the legal-counsel window the law expects them to have before broker contact.

Per-record opt-out

Each winning bid arrives with a unique opt-out token. The token is required on every outreach attempt and must be honored within 10 days of the homeowner's request. Failure to honor an opt-out triggers automatic suspension and a refund clawback on subsequent wins.

State-by-state eligibility

Distressed-category lots are auctioned only in states where post-NOD broker contact is permitted under current law. ListingHammer maintains a per-state eligibility matrix updated quarterly with the help of outside counsel.

Bids are refunded if the contact is a wholesaler, a duplicate, off-market by award time, or the phone is disconnected at first contact. Distressed-category lots are additionally refundable if a previously-recorded NOD is rescinded before broker contact, or if the homeowner files Chapter 13 between award and contact. Refunds clear within 24 hours and never count against your account standing.