Buyers - How does it work?

All properties listed on BidOnRealty.com are being offered for sale by a licensed real estate broker. We do not accept for sale by owner listings. You must Register prior to placing a bid via any of the three pricing methods. You can Browse our inventory without registering. After browsing our inventory and finding a property you are interested in, preview the property with your Realtor®, or contact the listing agent of the property for a showing. You can also see the property at an auction preview open house, hosted by the listing agent. Please contact the listing agent for dates/times. Do not place a bid on a property without previewing it first. All properties are sold "As is" unless otherwise noted. It is your responsibility to make sure you are aware of the condition of a property prior to placing a bid.

Once you are satisfied with the condition of the property you are interested in and have registered to bid, you can place a bid in one of three ways. You can Buy Now at the predetermined Buy Now price. If you choose this option, you are required to execute a sales contract to purchase the home at the Buy Now price within 48 hours, and to provide either proof of funds to close or mortgage pre-approval. Your Realtor® (if you have one) will assist with the contract and forms necessary. If you do not have a Realtor®, please contact the listing agent directly for assistance with your contract. If you choose this option, the property will be listed in "Pending Contract" mode in the MLS (upon execution of your contract) and the Online Auction will be cancelled.

Non-distressed listings will also have a Make Offer pricing option. This option allows you to make an offer on the property and negotiate your final sales price online. The seller has predetermined a range in which he/she will entertain offers. You will be notified via email if your offer was accepted or declined. If it was declined, you can submit a higher offer. Your Realtor® and/or the listing agent can assist with the contract and necessary forms. If more than one offer is placed via the Make Offer pricing option at the same time, you will be directed to the Online Auction pricing module. This is to ensure that a fair price is arrived at for all parties.

All properties listed with BidOnRealty.com will have the Online Auction pricing option enabled. The auction will be held completely online and will usually last 5 days. The auctions are scheduled after a preview period of approximately 25 days. The preview period will usually include at least two preview "Open House" dates. Please contact the listing agent for open house dates and times, and inspect the property before bidding. The bidding increments are indicated on the bid form, and the bidding will take place at the allotted time. Bidders will not be able to "snipe" and win the auction by placing a bid at the last second. Our auctions have an extended bidding feature that allows bidding to continue beyond the deadline if bids are received at the "last second", just like at a live auction. This is to ensure fairness to both the bidders and the sellers. If you are the winning bidder, you are required to execute a sales contract at the winning bid price within 48 hours, and provide proof of funds to close or mortgage pre-approval. Immediately following the auction, you will be charged a Buyer's Assurance Fee equal to 1% of the winning bid. This fee will be charged to the credit card on file from your registration. The 1% Buyer's Assurance Fee only applies if the auction module is used to arrive at the final sales price. There is no Buyer's Assurance Fee if the price is derived via the Buy Now or Make Offer pricing options. The Buyer's Assurance Fee is completely separate from the real estate transaction and will be charged immediately following the auction. There are no refunds of the Buyer's Assurance Fee under any circumstances, even if you do not close on the transaction.

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