Step One:
Terms: Before submitting a bid online, all bidders must read and agree to the Terms of the Sale
Step Two:
Online Contract: Before submitting a bid online, all bidders must read and agree to the Online Contract. Said online contract shall bind both parties only in the event that the bidder has the highest bid and that bid is subsequently accepted by the seller.
Step Three:
Registration: All bidders must register online before submitting a bid by going to the Member Login to create their profile along with a username and password.
Step Four:
Submitting a Bid Online: Before any prospective bidder can place a bid online, Steps 1 and 2 must be submitted online first. Once both steps have been completed, then a registered bidder may submit their bid. If working with an agent, and the seller is willing to pay the Realtor's commission, then the bidder's agent's complete information must be included on the form when submitting the first bid.
Step Five:
Monitoring: During the 72 hour online Sales Event, monitor the bidding being placed on the property by other bidders. At any time you wish to increase your bid, you may do so by going back to the Bid Submission Page and submit a new bid. All subsequent bids must be in an amount equal to or greater than the posted bid increments on the property feature page. Keep in mind that the GROSS BID to the seller is what is being displayed.
Please Note: If the property you are bidding on during the Sales Event is a property in which the seller chose to shield the bids from being displayed during the last 12 hours, then those bids will not be openly displayed during the last 12 hours of the Sales Event.
Step Six:
Close of Bids: All Sales Events will have a posted start and end time for the bidding process. Upon receipt of the final bids, seller shall have 24 hours to accept or reject the highest bid. All bidders will be notified within 36 hours of the close of the Sales Event and the status of their bid.
Step Seven:
Notification of Acceptance: If your bid is accepted by the seller, then both parties shall arrange to have a written contract to purchase, drawn up and signed by both parties within three (3) business days of notification of the accepted bid. Said contract shall have the same terms and conditions set forth in the online contract.
