Buyers Frequently Asked Questions

How much does it cost?

The only fee for a Buyer is the Buyer's Premium of 1% charged to your credit card if, and only if, you are the winning bidder in the online auction. Our service is free if you use the Buy Now or Make Offer pricing modules to arrive at your contract price.

How do I bid on a property?

First, you must register. A valid credit card is required at registration for identification and validation purposes only. Your credit card will not be charged at registration. The bid form for each property will have up to three different pricing "modules". Buy Now - At the listed price. Make Offer - Submit an offer to purchase and negotiate your final price online. Online Auction - Place a bid against other interested parties in an online, timed auction.

What if I want the seller to pay my closing costs?

All bids should be placed with the assumption that the buyer and seller will each pay their own customary closing costs, and that the closing will take place no more than 60 days from the close of bidding. If you wish for the seller to pay some or all of your closing costs, you will need to write your contract (with the help of your Realtor) accordingly. For example: Winning bid is $100,000, with the buyer and seller each paying their own costs. Buyer wants Seller to pay up to 3% towards Buyer's closing costs. Therefore, final contract = $103,000 or $100,000 + (.03 x $100,000). Seller pays $3000 towards the Buyer's closing costs, and the seller will still "Net" the $100,000 final bid amount.

I have a Realtor helping me already. Will they still get a commission?

Absolutely. All commissions per the listing in the MLS (Multiple Listing Service) still apply. Your Buyer's Agent will assist with writing your contract once you have arrived at the final sales price via one of our three methods.

Must I have a Buyer's Agent to use BidOnRealty.com?

No. You can utilize our system with only the assistance of the Listing Agent. If this is the case, you should contact the Listing Agent directly for a showing and/or preview open house dates, and inspect the property prior to bidding.

What happens at the end of the Online Auction?

If you are the winning bidder, the credit card provided at the time of registration will be charged an amount equal to 1% of the winning bid (the Buyer's Premium). For example: Winning bid = $95,000. Buyer's Premium = $950. You then must execute a written contract to purchase with the help of your Buyer's Agent, or the Listing Agent, within 48 hours of the close of the auction. You will also be required to provide either proof of sufficient cash to close the transaction or mortgage pre-approval at this time.