RealtyBid.com, ("RBI") has agreements with various individuals and corporations, etc. ("Sellers") to market and advertise certain properties and/or financial instruments ("Property" or "Properties") through its online auction website, RealtyBid.com. All properties offered on RBI's website shall be offered subject to the Sellers' approval of the price and final terms and conditions. The Properties shall be offered through an Internet auction process with a specified opening and closing date.
All USERS MUST AGREE TO THE BIDDER TERMS BEFORE BIDDING.
The first step to using this site effectively is Registration. Registration is currently free and is necessary to unlock many of the site's more useful features; please review How to Bid and Helpful Site Features. BidAssist, as explained in the Helpful Site Features, is "highly" recommended to help you at the conclusion of bidding. This feature allows the computer to bid for you up to your maximum bid. It is protection against a last minute bid preventing you from winning a property. Also, because different computers have different connection speeds, waiting until the last 5 or 10 seconds to place your bid is not recommended. The countdown clock on RealtyBid.com should be considered accurate but not exact. Many processes can affect what actual time a user sees on their screen such as computer processor speeds, internet connection speeds, etc., so please do not wait until the last few minutes of an auction to place a bid. It is highly recommended that if you intend to place a bid, you should do so early to get a feel for the bidding process, and you should also use BidAssist, a feature designed to allow the computer to bid for you at the end so you are assured of getting your bids placed. If you choose to wait until the last few minutes or seconds of the countdown clock to place your bid and your system lags or your bid does not get placed, RealtyBid bears no responsibility for re-offering the property or causing your bid to be placed for you. If it is determined that there was a system issue that may have prevented a bid from being placed, RealtyBid reserves the right to review all bids and possibly re-open the bidding on a property. This determination will be made on a case by case basis and is at the sole discretion of the company. The intent of RealtyBid.com is to always provide a fair, level and transparent bidding environment for our consumer audience.
Property View & Property Information Packages
Prospective bidders and interested parties may view general information about a property just by clicking the links to the property's Bid Page. Additional property information may also be available by clicking additional links located on a particular property's Bid Page.
If you elect to bid on a property, you must be registered to do so; however, you do not have to be registered in order to view bids for a property. All bids are open and displayed for public viewing unless otherwise noted. You can bid on properties either from a property's Bid Page or from your My Properties listing page, which can display multiple properties for a bidder to monitor or place bids on. The My Properties area only has abbreviated information about each property but is a great tool if multiple properties are being monitored.
Each site user shall act with honesty and integrity while on the site; otherwise, user privileges shall be revoked. Each bidder shall review and adhere to the Terms of Sale for each individual property listed on the site. 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 bidder making fraudulent bids on this site or defaulting on properties won shall be banned from the site indefinitely without any recourse from the bidder.
RBI's services are available only to individuals who can form legally binding contracts under applicable law. RBI's services are not available to minors or to previously suspended RBI users. If you register as a business entity, by placing a bid, you represent that you have the authority to bind the entity to this Agreement and other real estate related agreements.
RealtyBid Fairness Doctrine
RealtyBid 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 that a property is won unfairly, for any reason, RealtyBid 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.
Email Notifications & Bidding Requirements
Property Notifications: To register to receive "email notifications" about properties in your specified areas of interest, you must fill out a simple email registration form by clicking the Property Notifications link.
Bidder Registration: Bidding on this site is a very simple but sophisticated process. If you intend to bid on a property, in most cases, registration is all that is required. In some cases, you will need to follow the additional Specific Bid Instructions to bid on that property. Bidder information and password information is confidential and may not be shared or transferred to another party.
If you intend to bid on a property, it is highly recommended that you register at least 72 hours prior to the close of the bidding, just as a precaution against any potential registration problems.
There are no fees required to bid; however, you will need a valid credit card in order to register and bid. If you win a property and default on the contract or do not return the contract, your credit card will be charged a default penalty fee of at least $500, and you may be banned from future use of the site.
Fees & Services
Currently, registration for all RBI websites 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. The bidding will not reflect the buyer's premium, but the Purchase Agreement shall include the buyer's premium through a RealtyBid Addendum, which shall be attached to the Purchase Agreement and signed by both Buyer and Seller.
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 supersede 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, click here.
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, 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’s sole discretion.
Notice to All Bidders: RealtyBid 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 Event Activities
Once an online bidding event concludes, neither the Seller nor RBI 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.
Online Transaction Venue
RBI provides an online real estate transaction venue that allows for the bidding and transfer of properties via a public forum. RBI 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. RBI 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 or other technical occurrence of any kind) occurs at the end of an event, RBI 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.