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Chapter 15 [Buyer's Agent]
Bidding Process
Current bids
Automatic Bidder
End of auction
Contact the listing agent
A binding bid is
created
Current
bids
You can click on the property listing that interests you
to see the CURRENT BIDS on the listing form. The time, date, and
amount of every bid is displayed, which allows you to view how much
the competition has offered.
Automatic
Bidder
The amount of the last bid, increased by the increment is the
lowest price the buyer can bid.
The increment is the minimum amount by which the buyer is allowed
to increase the last bid.
For those who do not have time to actively participate in the
bidding process, the AUTOMATIC BIDDER is the answer. Simply enter
the amount of your client's MAXIMUM BID and the AUTOMATIC
BIDDER will increase the current bid by $500.00 automatically
when another bidder will make an offer, and will continue to do
so until the AUTOMATIC BIDDER has reached your client's MAXIMUM
PRICE. Your client's MAXIMUM PRICE is not visible to other bidders
or to sellers.
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End of
auction
At the top of every listing form will be a specific time as to
when the auction will close. If your client is the highest bidder at the
time of closing, the listing agent will contact you to
confirm the sale. You have 24 hours (COOLING PERIOD) to do so.
Failure to confirm the sale may result in the selection of the next
highest bidder by the seller. If your client is no longer interested
in the property, for any reason, you must inform the listing agent (no explanation is required). Remember, if the seller is
not satisfied with the highest bid (offering price), the seller may, at his/her own discretion, choose to
continue with the auction for an additional period of time, or to
not sell at all.
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Contact
the listing agent
You can contact the listing agent via email.
At the bottom of every listing, there is a "Comments" section where
you can ask the listing agent a question or view
previous questions from other buyers. When submitting a question to
the listing agent, the message is sent directly to his/her email
address on file. The listing agent can respond by following the link in the email.
To ask the listing agent a question:
- Log into your account.
- Go to the listing.
- Scroll down to the section marked
"Comments."
- Click the text "Ask the seller a
question." This will take you to a Contact User form.
- Enter your message.
Click "Send"
button.
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A binding
bid is created
In order to have a legally binding bid, there must be a contract
signed by both parties (sellers and buyers). Only after the contract
is signed by buyers and sellers, IS A BINDING BID
CREATED.
Start Bidding Now!
Do not let your inexperience with buying real estate online keep
you from getting the best deals for your clients. Let us help you
through it!
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