Your cost for purchasing a home on RealtyBid.com will be determined by:
Your winning bid price + RealtyBid.com Internet Transaction Fee + Closing Costs
Immediately following the end of an auction, emails and Alerts are generated by the system to the high bidders on all properties. If the Seller's discounted reserve price has been met, the high bidder is declared the winner of the property. If the reserve has not been met, an email and an Alert is sent to notify you if you are the high bidder and provides you with the next steps.
If you are the winning bidder (your bid met the Seller's reserve on the property), you will receive an email with a link to a questionnaire that you will fill out and submit back to RealtyBid. Once we receive the completed Questionnaire, we will email to you the contract that you will need to print, sign and return to us. We will include a prepaid FedEx shipping label for you to use to return your documents to RealtyBid. This will be sent to your email address that you entered during registration.
Review the Purchase and Sale Agreement then print, sign and initial in ALL indicated areas.
If you are a Cash Purchaser, meaning that you are paying the deposit now and the balance in cash from your bank account at closing, you will need to select the CASH option on the Questionnaire. If you select this option, you will be scheduled to close on a 21 day timeframe unless otherwise disclosed on the bid page for this property.
If you plan to Finance your purchase, you will need to be prequalified by your lender prior to bidding and winning a property. If you win a property and select the Financed purchase option on the Questionnaire, you need know the down payment amount required by the lender for the property purchase, as well as the type of financing such as Conventional, FHA, Hard Money, etc. All financing terms will be reviewed by the seller prior to a final acceptance of any winning bid for a property. If you require financing, please make sure that you are fully qualified for a loan prior to bidding on a property or your winning bid may be rejected by the seller and you could lose the property. If you select this option you will be scheduled to close on a 30 day timeframe unless otherwise disclosed on the bid page for this property. Please check the bid page for each property you are interested in purchasing as some sellers will not allow financing on certain properties. If financing is prohibited by seller that information will be disclosed on the property's bid page.
The Purchase Agreement package includes a pre-paid Federal Express label for you to return your documents to RealtyBid.com. Time is of the essence. Your Purchase and Sale Agreement, deposit funds ($2,000.00 or 5% of the purchase price, whichever is greater), and proof of funds must be returned to RealtyBid.com by the deadline listed on the Buyer Contract and Closing Instructions email or the bidder shall be in default.
A $500.00 penalty fee may be charged to the credit card listed on the Bidder's Registration Form, which is required to bid, ONLY if the signed Purchase Agreement is not returned to RealtyBid.com by the contract return date along with the minimum acceptable deposit and proof of funds. NO FEES will be charged to a bidder's credit card unless they fail to follow through with a transaction after winning a property.
The balance of the purchase price will be due in full at closing along with the closing costs (closing costs will include the Internet Transaction Fee). The deposit shall not be refundable except in case of material default by the Seller.
Once we receive the signed contract, deposit funds, and proof of funds from you we will email you confirming our receipt of the package. We will also: Mail, via Federal Express Overnight Delivery, the ORIGINAL buyer signed contract to Seller for signature/execution.
Send, via Federal Express Overnight Delivery, a COPY of the buyer signed contract to the Seller's closing agency along with the ORIGINAL certified check for deposit. Closing agency will place the buyer's deposit into their escrow account until closing takes place.
Once we receive the fully executed contract from the Seller, RealtyBid.com will fax or email a copy to buyer, listing agent, and buyer's agent (if applicable).
Your file will be transferred from our Contract Department to our Closing Department. The Closing Department will track your file through the local closing agency to monitor the closing progress. The local closing agency listed on your contract is the agency responsible for actually closing your file. You should contact that agency directly with questions regarding your closing costs and to schedule your closing. Unless otherwise disclosed on the bid page for this property, all sales shall be scheduled to close within 30 days of the date the property sells with NO contingencies. All bidders are responsible for their own financial arrangements to purchase the property that they are bidding on.
It is the recommendation of RealtyBid.com, that all parties involved (buyer, seller, and realtors) communicate directly with the closing agency to assure prompt notification of any issues pertaining to closing.
Should the buyer, seller, or closing agency need help in facilitating information or communication needed to close, RealtyBid.com will certainly provide that service promptly.
The balance of the purchase price will be due in full at closing along with the closing costs (closing costs will include the Internet Transaction Fee). The deposit shall not be refundable except in case of material default by the Seller.
Please Note: RealtyBid.com is an internet marketing and advertising firm that assists listing agents and corporate owners of real estate with the marketing of their properties. The firm provides an internet bidding system to these clients as a way to efficiently expose the property to potential buyers of real estate. RealtyBid.com is a licensed real estate broker; however, RealtyBid.com does not take an agent position in the transaction. If it were to be determined that RealtyBid.com was an agent in the transaction, RealtyBid.com would be a transaction broker only and not a representative of any party.
