To create your account choose the “Register” link in the header or footer of any page. You will be directed to a secure Registration/Log-in page. All registration and log-in information is encrypted via SSL technology and stored on a secure server. When registering you will be asked to complete a short form which includes standard information such as your contact details, preferred login credentials etc.
Mandatory fields include:
Registration Type (Bidder or Realtor)
Address, City, State, Zip, Country
Year of birth
Create username and password
Acceptance of Terms and Conditions
Once registered you will receive E-Mail confirmation.
Should you encounter any registration difficulties please contact us.
Placing a bid on a property you are interested in couldn’t be easier. When viewing the listing details page, you simply enter your bid in the box provided and click Place Bid. You will then be prompted to confirm your bid. You can also click on the Buy Now or Make Offer buttons if available. To place your bid simply enter the amount you wish to bid, e.g. 50000. Please note - no currency symbols are required. The bid will be placed in whole dollars and the bid increment will be posted on the bid form. If your bid is high enough to take the lead in the auction, a confirmation message will be displayed to you. If your bid has not taken the lead, be it due to a higher proxy bid or not meeting the reserve price, you will be invited to make a further bid. Should you decide to retract your bid this can be done via the “Current Bids” section of the Members Area.
Proxy bidding allows you to place your “Limit Bid”. Bids are automatically entered as Proxy Bids. This means that you will only pay the lowest required bid in order to win the auction, given your limit. For example, if the current bid on an auction is $50000, you can place a proxy bid of $65000. Should you remain the only other bidder you will take the lead in the auction at $50100. However, should the listing receive other bids, the site will automatically re-bid for you (up to $65000 in this scenario) to ensure you remain in the lead up to your proxy bid. If another bidder bids beyond your $65000 limit, you would need to place another bid.
The Listing Watch feature lets you keep a close eye on any auction without having to place a bid on it. This feature means you can be kept up to date on how an auction is doing and prepares you to place a winning last minute bid. You can watch any listing by clicking on the “Watch this Listing” link on that listing's detail page.
The Auction Watch feature notifies you of newly listed auctions which contain keywords you have chosen. For example, if you are looking for a lakefront property in Winter Park, you could enter in the keywords "Lakefront Winter Park" from within your members area. Each time a new auction is listed containing those keywords you will be notified via email.
If the option is available you can use “Buy Now” to purchase the property immediately without having to place a bid. Some Sellers and Listing Agents offer such an option which can be used at any time until a bid has been placed over any applicable reserve price.
The “Buy Now” option will appear on the listing details page. If you exercise the Buy Now option, the online auction will be cancelled. You will be asked to confirm your intention to execute a binding sales contract at the Buy Now price. Buy Now offers cannot be retracted.
Some listings will include a Make Offer option. The Make Offer feature is used for Listing Agents and Sellers to set a range that they will consider offers in prior to the start of the online auction. If you would like to make an offer on a listing prior to the start of the online auction, simply click on the Make Offer button for that listing and type in your offer as prompted. If your offer falls below the range set by the Seller and Listing Agent, your offer will immediately be rejected. If it falls within the specified range, an email notice will be sent to the Listing Agent, who can either accept or reject the offer upon approval from the Seller. The Make Offer feature is NOT an "Offer/Counter-offer" mechanism. Offers are either accepted or rejected. If your offer is rejected, you are welcome to place a higher offer.
To create a listing simply click on the “Create A Listing” link found on the header navigational bar, after you have been approved as a BidOnRealty.com Realtor with listing priviledges. The listing process is split up into several main sections, including:
- Category selection
- Listing Details
- Auction Settings
- Listing preview
- Listing confirmation
The system will prompt you to complete each step as you go, and you can always go back to the previous step by clicking on the "Previous Step" navigation button at the bottom of each page.
The first part of the process is to choose the category you wish to list the property in. Main categories are: Bank Owned, Non-Distressed, Short Sales, Commercial, and Manufactured-Chattel. Manufactured-Chattel refers to manufactured homes that are not titled as real estate. Further category breakdowns are available for property type (Single Family, Condo, Retail, Industrial etc.).
Step two enables you to enter your listing title and description. Enter the street address of the property, and city in which it is located as the title. For example: 123 Main Street, Orlando. A full wysiwyg editor is in place to enable you to use HTML descriptions as well. You can copy and paste your description from the public remarks section of your MLS listing if you like. You can also insert links to due dilligence documents for commercial property listings.
In step three, you can set the following:
· Auction Starts At:-
This requires you to enter a starting or "minimum" bid. The lower the starting bid, the more bidders are enticed to bid. Often, starting bids are set 20 -50% below the Reserve Price (see next item). We recommend a starting bid of a minimum of 10-15% below the Reserve Price.
· Reserve Price:-
Enabling a Reserve Price essentially means the Seller will not sell the property for less than the amount set. For example: You can set the starting bid at $75,000 but only accept winning bids over $100,000 (the Reserve). Should the highest bid be placed for $99,000, the auction will close without a winner, since the highest bid did not meet the Reserve. An Absolute auction is when there is no Reserve set, and the property will be sold to the highest bidder, regardless of the amount bid. We recommend setting a Reserve for all auctions.
· Buy Now (if applicable)
Buy Now allows you to set an amount you are willing to sell the property for immediately, typically the full listed price of the property. If you anticipate significant bidding activity, as with many REO properties, you may consider setting the Buy Now price 5-10% above the listed price, as the auction could surpass the listed price of the property. From the example above: You can set the start price at $75,000, the Reserve Price at $100,000, but offer interested parties the option to buy the property immediately for $125,000.
· Offer-Range (if applicable)
You can set a price bracket in which you (and the Seller) are willing to entertain offers. From the example above: You would set the Offer Range at $100,000 - $125,000 (The Reserve Price and the Buy Now Price). Within these brackets, you can opt whether to accept or decline these offers at any time via the Members Area.
· Set start/end time:-
You can opt to either begin your auction right away and set a defined number of days for it to be live for, or you also have the option to define your own custom start/end time. We recommend utilizing our Fastrack marketing process and running a 3 - 5 day auction after a preview period of 25 days. If you enable the Buy Now and/or Make Offer features, the listing will appear in an auction "preview" mode, and interested buyers will be able to either Make an Offer or Buy Now before the auction starts.
· Image upload:-
To accompany your listing, you can either upload images from your local computer or enter the URL of an image(s) hosted elsewhere. You can upload up to eight photos per listing.
· Media upload:-
In addition to images, you can also upload media files. Please note: only .avi/.mpeg/.mov are supported.
In the final step, you can review the listing and make changes if required. Please note, you can still edit your listing once live via the Members Area.
The final step provides you with listing confirmation.