Terms and Conditions of Use
BidOnRealty.com is intended to be an online price negotiating tool, including online auctions, for residential real estate transactions. To use this site to list, bid on, buy, or sell a property, you must agree to all terms and conditions outlined here:
General Bidder Terms
Bidders or their Realtor must register with BidOnRealty.com prior to placing a bid via any of our three pricing methods (Buy Now, Make Offer, or Online Auction). Bidders must be of legal age (18), and able to enter a legally binding real estate purchase contract. If you are registering as a business, by placing a bid, you are representing that you have the authority to bind the business to this agreement and any other real estate-related agreements and/or contracts. Every registered user shall act with honesty and integrity while on the site. Any fraudulent activity on the site by a Bidder, Listing Agent, Selling Agent, or Seller shall result in the immediate revocation of your use of BidOnRealty.com, without recourse.
Site users must register either as a Bidder or a Realtor. If registering as a Bidder, you indicate that you are bidding on your own behalf, without the assistance of a Realtor (Buyer's Agent). If registering as a Realtor, you indicate that you are properly licensed and legally able to act on behalf of Buyers or Sellers in the state in which you operate. Once approved, Realtors can act on behalf of both Buyers and Sellers on the site. A Realtor can bid on behalf of a Buyer, or list property on the site on behalf of a Seller if listing priviledges have been enabled. Site users create their own username (which identifies you to other users on the site). This enables you to remain anonymous during the bidding process. Do not use your email address as your username.
Bidders (Buyers) are required to execute a contract for purchase with their Buyer’s Agent (if applicable) or the Listing Agent with 48 hours of the conclusion of the online auction (or upon indication of a Buy Now, or successful Make Offer negotiation). The winning Bidder (Buyer) must also produce either proof of sufficient funds to close, or mortgage pre-approval at this time.
Browsing properties listed on BidOnRealty.com is not to be construed as a substitute for viewing the property personally before placing a bid. All properties listed with us are sold “as-is” unless otherwise indicated in the Multiple Listing Service by the Listing Agent. It is strongly recommended that you inspect the property personally, get estimates for any required repairs, and are fully aware of its condition prior to placing a bid.
Seller Fee – No fees are ever charged to a Seller from BidOnRealty.com
Listing Agent Fee – It is free for Realtors to list properties on BidOnRealty.com once listing priviledes have been enabled.
Buyer’s Agent Fee – No fees are ever charged to a Buyer’s Agent from BidOnRealty.com
Buyer’s Fee – The winning bidder (Buyer) will be charged a Buyer’s Assurance Fee equal to 1% of the winning bid at closing on the HUD-1 settlement statement. If a Buyer utilizes the Buy Now or Make Offer pricing module to arrive at the final sales price, there are no fees from BidOnRealty.com. The Buyer’s Assurance Fee will be charged if, and only if, the Online Auction pricing module is used to arrive at the final sales price, and only if the winning bid is above the reserve price (if applicable) set by the Seller. If the reserve price is not met in the auction, no Buyer’s Assurance Fee will be charged, and the Seller is not obligated to sell.
All properties listed on BidOnRealty.com are listed with a licensed real estate broker through a local Multiple Listing Service. Properties listed here are offered for sale “as-is” with no personal property included, unless otherwise noted. Please consult your Buyer’s Agent (if applicable) or the Listing Agent for particular details about any property you are interested in bidding on. Information entered into the MLS by the Listing Agent will supersede information contained here if there are any discrepancies. Always consult the Listing Agent to confirm if a property is being offered in some way other than “as-is”.
Final Approval by Seller
The Seller of a property listed with BidOnRealty.com reserves the right to final approval of any Purchase Contracts submitted by any Broker or Bidder, regardless of any information provided by this site, any Broker or BidOnRealty.com employee to the contrary.
Online Realty Pricing Venue
BidOnRealty.com provides an online real estate pricing venue, including an online auction. BidOnRealty.com does not hold itself out to be real estate brokers or auctioneers. We are providers of an efficient and fair way to negotiate the price of real estate online. We do not represent Buyers, Sellers or Real Estate Agents. If a disruption of internet bidding service (such as a power outage or other technical issue of any kind) occurs at the end of an auction event, BidOnRealty.com reserves the right to extend that particular event(s) for a reasonable amount of time deemed necessary by us to provide Bidders with a fair chance to compete for the purchase of the property.
ALL BIDDERS AND REALTORS MUST AGREE TO THESE TERMS PRIOR TO PLACING A BID OR LISTING A PROPERTY