To place a bid on a property, follow these simple steps:
Step 1 – Register to Bid
To bid, you must first register on the site. Registration is free, but it is necessary to start the bidding process. REGISTER HERE
Step 2 – Submit Bid Deposit
When you are ready to place a bid, you should start on the property’s Bid Page by clicking the Bid Now button to the right of the property photo. If you are registered but not logged in, you will be prompted to login. You will then be prompted to enter your credit card information to secure the $250 bid deposit required for bidding. This bid deposit is a hold placed on a credit or debit card that allows RealtyBid to confirm that your account is valid and that you are placing a bid with sincere intent to purchase. The hold will not appear as a charge on your credit card or bank statement unless you are a winning bidder who fails to complete the contract execution and purchase process.
Step 3 – Place a Bid
Once you have submitted your bid deposit, you will then be able to place your bid. You will either bid the next bid increment, or you can enter a higher bid. The required bid increment will be indicated on the property’s Bid Page. Also, the RealtyBid Internet Transaction Fee (ITF), if applicable, is posted on the Bid Page. The ITF is the amount you will pay RealtyBid in addition to your bid price at closing.
Note: When you bid, you will have the opportunity to enter your maximum bid and have the RealtyBid system bid for you while you are away from your computer. This helpful feature is called BidAssist™; we highly recommend that you use BidAssist™ to make bidding easier and more effective for you. To learn more about BidAssist™, visit Helpful Site Features.
Once you submit a winning bid, you will receive an email with instructions on how to proceed with the purchase of the property.
Property Inspections:
Properties may be available for viewing and inspection by contacting the property’s listing agent if one is assigned to the property. Note that not all properties will have listing agents, as some of the properties on RealtyBid’s site are foreclosure properties. Additionally, some properties are occupied, and it is unlawful to trespass on these occupied properties. If a listing agent is assigned, their name and contact information is indicated in the lower right corner of the property’s Bid Page. It is recommended that you view the property prior to bidding if possible. If you do not view the property prior to bidding and you win the property, you will still be required to accept the property regardless of its condition. Unless otherwise noted within the property information, all properties on RealtyBid sell as-is, where-is, with no contingencies for inspection or financing.
Default:
If you, as the winning bidder, do not complete the contract execution process for the property that you won, RealtyBid will retain your $250 bid deposit as a cancellation fee.
Approval of Bids:
RealtyBid reserves the right to notify you of an approval of your bid for up to five business days after the conclusion of any auction. This allows our sellers time to evaluate your bid, speak with their agents and advisors, then communicate that approval back to the RealtyBid staff.
Rejection of any Bid:
RealtyBid’s sellers reserve the right to approve or reject any bid on this website regardless of how that bid is made, whether or not it exceeds the reserve price and whether or not it is the highest bid placed. Bank property sales typically require a final review and approval by the bank’s managers. No bid shall be deemed fully approved by the seller until a written contract has been executed by both parties, regardless of the nature and circumstances of that potential transaction.