The following terms and conditions apply to all real estate agents attempting to bid or sell properties on RealtyBid.com. Please take a moment to read this document thoroughly before registering on the site.
General Terms for Listing Agents and Buyer Agents:
Each registered Agent shall act with honesty and integrity while on the site; otherwise, user privileges shall be revoked. RealtyBid.com may suspend your account and seek legal remedies if the site's staff at any time suspects that either as a buyer or seller, you have committed or engaged in fraud or fraudulent activities relating to transactions on the site. Any Agent making fraudulent bids on this site or defaulting on properties won shall be banned from the site indefinitely without any recourse from the Agent.
Fees & Services
Currently, registration is free; however, we reserve the right to change our Site Terms at any time relating to fees and other items mentioned or not mentioned in this published document. Changes to the policy are effective after we have posted the new Site Terms for at least five (5) consecutive days. We may in our sole discretion change any or all of our services at any time. If a change occurs in a particular service, the fees for that service are effective at the introduction of the service. Each Property will be subject to an Internet Transaction Fee (a.k.a. Buyer's Premium) added to it as defined in the description box for each property, to be paid by the BUYER at the closing.
Discrepancies in Advertisements
If there are any discrepancies between the terms and conditions outlined on this site and the terms outlined in the Purchase Agreement, the terms in the Purchase Agreement shall prevail, so read the Purchase Agreement carefully. All dates and times listed on this site supercede any advertisements or printed statements.
Bid Presentation to the Seller
If a property meets or exceeds it reserve price during the Online Bidding process, it will be coded as Pending until the buyer executed Purchase Agreement and a deposit check is received from the Bidder. At that point, the bid will be presented to the Seller and if it is accepted in their system, and the Purchase Agreement is fully executed, it will be coded as Sold and the closing process will begin. While the property is coded as Pending, and up until the property is accepted in the Seller’s internal system, additional higher bids may be presented.
Pre-Sale Bids: If a Pre-Sale period is allowed, the property will be available on a "first come, first served" basis. Only bids entered that meet or exceed the Seller's undisclosed price range will be allowed by our system. When a Pre-Sale Bid is received, the property is coded Pre-Sale Pending in our system. Bids will be under RealtyBid.com internal review, a process that may take up to 3 business days. Bidders will be notified via email with the results as soon as this process has concluded. At that point, the paperwork process will begin for that bidder; however, that bid will not be presented to the Seller until the buyer-signed Purchase Agreement and earnest money are returned to RealtyBid.com. Until the bid is accepted and coded as Sold in the Seller’s Internal Tracking System, additional bids may be placed by other bidders. If multiple bids are received, the Seller reserves the right to call for a Highest and Best Bid Request among the parties. When this occurs, competing bidders will have typically one day to submit their highest bid. More than one Highest and Best Bid Request may occur should other bids be placed on RealtyBid.com before a bid is accepted and coded as Sold in the Seller’s Internal Tracking System. For more details on the Pre-Sale Bid Process,
Note: Bid History for a Pre-Sale property is not disclosed to other bidders and is NOT available by calling or emailing RealtyBid.com at any time. No bidder shall receive preferential treatment over another bidder. No bidder will receive any type of first right of refusal on any property. The Seller will decide which conforming bid to accept in their sole and absolute discretion.
Post Bids: If a property does not meet its reserve price during the PreSale period, or the Online Bidding Process, it will move to a Post Bidding status, which means that additional bids can be submitted up until an acceptable bid is achieved and accepted in the Seller’s internal system.
Highest and Best Offer Process: If more than one bid is submitted in what is considered an acceptable price range by RealtyBid.com, a highest and best offer round may be held to make sure each bidder received a fair opportunity to place their highest possible bid. This process may be utilized even after a property is coded as Pending. The highest and best offer process will be utilized at Seller and RealtyBid.com’s sole discretion.
Notice to All Bidders: RealtyBid.com is charged by its Sellers with selling properties in a time efficient manner at the highest possible price. In all cases, it operates its business process with those two ideas in mind.
Negotiations & Post Bidding Activities
Once an online bidding event concludes, neither the Seller nor RealtyBid.com is under any obligation to negotiate with any bidder. All properties will be sold on a "first come, first served" basis by the Seller.
Final Approval by Seller
Each Seller on this site reserves the right to have final approval of any and all Purchase Contracts submitted by any broker or bidder, regardless of information provided by this site, any broker, or any RealtyBid.com employee or affiliate to the contrary. Each Seller reserves the right to have final review of any and all Purchase Contract regardless of whether or not the Reserve Price has been met. No property sale will be considered approved or final until a Purchase Contract has been signed by both Buyer and Seller.
RealtyBid.com Fairness Doctrine
RealtyBid.com prides itself with offering properties on a fair and level playing field allowing bidders an equal and fair opportunity to compete. If it is determined by RealtyBid.com that a property is won unfairly, for any reason, RealtyBid.com reserves the right to 1) re-offer the property in a new round of bidding, 2) request a highest and best offer among the bidders or 3) return the property to the Seller and not sell it to any bidder.
Online Transaction Venue
RealtyBid.com provides an online real estate transaction venue that allows for the bidding and transfer of properties via a public forum. RealtyBid.com does not hold itself out to be a real estate broker or agent, nor does it claim to act on behalf of buyers or sellers, even though it does hold real estate and auctioneer licenses in numerous states. RealtyBid.com does claim to provide an efficient and sophisticated platform that allows sellers to advertise their properties to willing and able buyers. All Listing Brokers identified with a property on this site are agents of the Seller, not the Buyer. If a disruption of Internet bidding service (such as a power outage) occurs at the end of an event, RealtyBid.com reserves the right to extend that particular event for a reasonable period of time as decided by RBI in order to provide bidders a fair chance to compete for the purchase of a property.
Terms for Listing Agents Selling a Property on RealtyBid.com:
As a Listing Agent representing a Seller on RealtyBid.com, each Agent agrees to the following:
- I am licensed in the state where the property is located and fully authorized to place the property on RealtyBid.com.
It is recommended that any listing agent posting a property on RealtyBid.com should have an Online Marketing Addendum agreed upon and executed by the Property Owner before placing a listing on RealtyBid.com. The addendum acknowledges that the Property Owner wants the property to be marketed on RealtyBid.com and helps protect the Listing Agent and RealtyBid.com from a Property Owner attempting to increase the reserve price after the auction bidding begins.
Please click here to view a
Sample Online Marketing Addendum
- During the timeframe the property is on RealtyBid.com, I agree to place all offers I receive on the website. No offer will be considered outside the RealtyBid.com process.
- I agree that an internet transaction fee will be charged to the winning buyer of the property and paid to RealtyBid.com at the closing. This fee will be agreed to on a RealtyBid.com Fee Addendum that I will have signed by the Buyer when the Purchase Contract is executed. I agree that if a property sells and I do not get the RealtyBid.com Fee Addendum signed by the Buyer, that I will be responsible for payment of that fee.
- I agree that after posting a property on RealtyBid.com, if I request to have the property withdrawn from the site prior to the full Duration of the online bidding event a Withdrawal Penalty will be assessed (unless prior approval has been granted by RealtyBid.com Management). The Duration is the timeframe during which a property is listed on RealtyBid.com to receive bids. It also includes the two-day, pre-bid, staging period and the "post-bid" negotiation period, which could last up to seven days unless a price is agreed upon prior to the end of the 7th day. If the property is withdrawn without prior approval from RealtyBid.com Management, a withdrawal penalty will be assessed. The Withdrawal Penalty will be .5% of the original reserve amount or a $500 minimum fee (if the original reserve is less than $50,000). This fee is charged to the listing agent and due within 10 days of the date the property is withdrawn from RealtyBid.com.
- I agree that a Starting Bid below my client’s reserve price will be generated by the RealtyBid.com system and that the Starting Bid will not be determined by me or my client.
- I agree to post as much useful information about the property as I have obtained and I will provide any required disclosures for the property.
- I agree that the Buyer Agent (Selling Agent) commission input into the RealtyBid.com system will be the same as that offered in the MLS. If not, the MLS listing will be used to determine the fee paid to a Buyer Agent.
- I agree that I will not artificially inflate or influence the bids on a particular property and I will discourage my client from doing the same.
- I agree that RealtyBid.com is a marketing vehicle to assist me in generating activity on a property and that it does not represent my client or any bidder as an agent.
- I agree that RealtyBid.com has given no guarantee as to its ability to obtain any price for a property.
- I agree that I can monitor all of my listings and their bidding activity through my Agent Account by clicking the link to the Activity Report.