Frequently Asked Questions
Agents
Can I represent an unrepresented Buyer or Seller?
Yes, of course if they agree to it. Make sure you have commission arrangement clearly spelled out.
Do I need to disclose that I am representing a Buyer or Seller?
What do you mean by Non-Binding Offer ?
At the end of the Competitive Bid Process, the Highest Bidder will be identified. They will be expected to submit the bonafide offer reflecting the Highest Bid to the seller within 24 to 48 hours. THE SELLER RESERVES THE RIGHT TO ACCEPT, COUNTER OR REJECT ANY BID.
How do I get compensated for my help in a transaction?
Please make arrangements with the party you are representing or working with. This is especially important if the property is NOT listed in the MLS.
I wish to maintain Privacy; How do I do that?
Your User name should reflect an idea rather than your personal info. XYZ (Agent) is an example. If you have multiple clients or customers you are bidding for in the same transaction, register different Users. XYZ2 (Agent) is an example.
What are your Terms of Service and Platform Usage Fees?
Buyers
Do I need an Agent to Bid?
No. This website assumes that there are some savvy , sophisticated Buyers who are willing to do business without an Agent. You take all responsibility for your actions, and we assume you have professionals like mortgage brokers, Title companies, attorneys, contractors, even Real Estate Agents with whom you can consult.
Can I use my own Real Estate Agent?
Yes, of course. Please make arrangements for commissions if the subject property is not listed in the MLS.
What do you mean by Non-Binding Offer ?
At the end of the Competitive Bid Process, the Highest Bidder will be identified. They will be expected to submit the bonafide offer reflecting the Highest Bid to the seller within 24 to 48 hours. THE SELLER RESERVES THE RIGHT TO ACCEPT, COUNTER OR REJECT ANY BID.
Is there a Buyer's Premium?
No, The selling party is responsible for a Platform and Usage fee as described here.
Is there an autobid feature?
Yes.
What are your Terms of Service and Platform Usage Fees?
Can a Seller have Sealed Bids?
What forms are used to write up the offer if my Bid is accepted?
Standard MLS forms, or ones drafted by your legal professional. The Buyer is responsible for submitting the paperwork to the Seller. Get help if you need it.
How will know if I am the current High Bidder?
Watch the website, or look for confirmation in an email. If the system has a glitch, use text or email to communicate with the seller. There is also a Private message feature you may use on the website.
Is there a Buy it Now Feature or Reserve Price?
Yes, seller may choose those options. We don’t recommend it. The Competitive Bid Process done transparently is a fair and transparent method of telling you what the current Buyer pool thinks your home is worth.
Sellers
Do I need to have an agent?
No. This website assumes that there are some savvy , sophisticated Sellers who are willing to do business without an Agent. You take all responsibility for your actions, and we assume you have professionals like mortgage brokers, Title companies, attorneys, contractors, even Real Estate Agents with whom you can consult.
Can I use my own Real Estate Agent?
Yes, of course. Please make arrangements for commissions if the subject property is not listed in the MLS.
What do you mean by Non-Binding Offer ?
At the end of the Competitive Bid Process, the Highest Bidder will be identified. They will be expected to submit the bonafide offer reflecting the Highest Bid to the seller within 24 to 48 hours. THE SELLER RESERVES THE RIGHT TO ACCEPT, COUNTER OR REJECT ANY BID.
Is there a Seller's Premium?
Can you help me locate an agent who can provide me a la carte or full service?
Yest. Please contact me directly and let me know how I may help you..
What are your Terms of Service and Platform Usage Fees?
Can a Seller have Sealed Bids?
Yes, but that complicates things and makes this process less transparent. Sellers will need to identify that, and then bids should be submitted by email or text to the Seller. The winning Bid can be posted when the Bidding ends. In categories like Savvy Seller, Dealmakers, and Fix It Right it makes perfect sense.
Do I need to run an open house?
Every situation is unique. We recommend 1 or 2 Open Houses in the same weekend for maximum exposure and minimal disruption. We do NOT recommend private showings when you use the 21 Day Sale Method.
A Virtual Tour may be helpful for interested buyers who are not local, or cannot attend. That said, my confidence level is higher with a Buyer who has actually visually toured the home. This is your sale and you are in control of how you conduct the sale. The minimum expectation is that you behave legally and ethically.
Can you decribe the difference in Selling traditionally vs The Bidding Process?
Sure, Typically houses in the traditional sales method have an inflated asking price, then offers come in and the price gets reduced as time goes by. In exceptionally hot markets like this one, prices are often offered above asking price. Through the Bidding process offered here, the selling time is condensed, sellers have a minimum disruption to their lives, and remain in complete control throughout the process. This includes the right to decide if your selling price is adequate or not for your needs. .It is also a fair and transparent method for Buyers who love to see that at least they had a fair opportunity to have their Bid be offered.
Transparent, Fair, Logical Process, Control. Save on commisions.