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Bidding

During the Auction

After the Auction

Who can bid?

Only registered Bid4Homes' and/or Bid4Assets' users and those capable of forming legally binding relations under applicable law, can place a bid. There is an exception. If an auction requires a deposit, and a bidder places a deposit for that auction, they will be able to bid in that auction without registering. Click here to register or refer to the Bid4Homes' Terms of Service for more information on who can bid.

How do I bid?

Before placing your first bid, thoroughly review the auction description and any additional details included in the listing. Remember, it is incumbent upon the bidder to verify all information provided and conduct additional research before placing a bid.

* When you are ready to place a bid, choose a bid type, enter your bid amount in the Bid Amount box and click on the Bid on this item button. You will be prompted to login (or register, if you haven't already.)

* Once you are logged in, if you are a first time bidder, you must complete our New Bidder Authorization process. This added step of security significantly decreases instances of internet fraud on the Bid4Homes site.

* Once you have completed the verification process, proceed to the Bid Confirmation section.

* Verify your bid amount and check the boxes next to "I have reviewed and researched asset details to my satisfaction and Bid4Homes "Terms of Service". Enter your password and click on the "Bid Now" button. If the Bidder Authorization is approved, your bid will automatically be processed and you will receive a bid confirmation message.

* If the auction has a deposit requirement, follow the instructions for your preferred deposit method. Click here for a more comprehensive, step-by-step How to Bid guide.

How does the "new bidder authorization process" work?

If you're a first- time bidder, you must complete our New Bidder Authorization process once you are logged in. Bid4Homes authorizes all new bidders, prior to bidding on any auction, through B4H's New Bidder Authorization process. This added step of security significantly decreases instances of internet fraud on our site. The process is free, quick and secure and, if successful, your bid is placed immediately. The verification process is from Verid. Bid4Homes is committed to providing a secure environment for all of our customers. "Bidder ID Verify" significantly decreases Internet fraud and our sellers are assured they are doing business with buyers who are who they say they are. RSA Identity Verification from Verid is a Knowledge Based Authentication (KBA) that provides real-time confirmation of customer identities. RSA Identity Verification is an interactive solution that presents a series of top of mind questions utilizing relevant facts about the registrant obtained by scanning billions of public records.

Verid uses data aggregators to query more than 1,000 databases, such as state motor-vehicle departments and marriage records. Verid's KBA technology presents consumers with a series of personalized questions based on background data derived from a variety of these public information sources. The technology conducts sophisticated analytics to build a comprehensive knowledge profile and guides the consumer through an intuitive and interactive process until identity is confirmed.

Based on the number of correct answers you give, Verid assigns a score to your application. Authorized bidders must score a 90 or above and have no flags for suspicious activity in the past to receive a "passing" rating.

Bid4Homes' secure 128bit encryption technology ensures the safety of the information provided. Bid4Homes does not share any data with third parties and ensures that unauthorized parties cannot gain access to the data. Bid4Homes also does not store the questions and answers from the verification process.

If you need to make changes to the information you provided during registration go to My B4H and make edits through the My Profile link located on the left navigation bar. When you try to access My B4H, you will be prompted to login and then will be able to review and change any information you provided during registration.

Once you have completed the authorization process, proceed to the "Bid Confirmation" section.

What is Bid4Homes Terms of Service Agreement?

You must read and agree to Bid4Homes "Terms of Service" before you can bid on an item. You can click here to view terms of service.

What is an Auto Bid?

Auto Bid is the maximum bid you're willing to bid on the auction. Bid4Homes will automatically increase your bid to maintain your high bid position or to meet the reserve price.

Our system defaults to Auto Bid. To choose a Flat Bid option, click on the radio button next to Flat Bid.

Examples of Auto Bid:

A) If the auction has a minimum bid of $2000 and you enter your maximum bid amount of $4000, your bid will automatically be placed at $2000. Your bid will automatically increase as other bidders participate, up to your $4000 maximum bid amount.

B) If the auction has a Reserve Price of $20,000 (this amount is hidden from bidders) and you enter an Auto Bid amount of $18,000, your bid will automatically be placed at $18,000. The Reserve Price has not been met so there will be no winning bidder unless additional bids are placed.

C) If the auction has a Reserve Price of $20,000 (this amount is hidden from bidders) and you enter an Auto Bid maximum of $21,000, your bid will automatically be placed at the Reserve Price of $20,000. If another bidder participates, your bid will automatically increase until you meet your $21,000 maximum bid.

What is a Flat Bid?

Flat Bid is a one-time bid for the amount you indicate. Unlike Auto Bid, which automatically increases your bid amount to maintain your high-bid position, when a Flat bid is placed, you must manually place another bid to maintain your high-bid position.

What is "Make An Offer"?

A "Make An Offer" auction means you can bid on the item one of two ways:

1. If you are willing to offer the "Make An Offer" price before the first bid comes in, you win the item immediately and the auction ends.

2. If you place a bid first instead of offering the "Make An Offer" price, the "Make An Offer" option disappears. Then the auction proceeds as a regular online auction.

What is a Reserve?

A reserve price is the minimum dollar amount a seller is willing to accept for an item. This amount is not disclosed, but bidders are notified ("reserve met" message appears on the auction listing) once the reserve price has been met.

Why isn't the reserve price disclosed?

The seller has set the hidden reserve price to protect his or her financial interests. It is the price at which the seller is obligated to sell.

What is a Bid Increment?

A bid increment is the minimum amount you can bid above the current bid price. A bidder can place a bid amount that is equal to or greater than the bid increment, just not less than the bid increment.

Can I place a bid for less than the Minimum Bid amount?

No. The Minimum Bid is set by the seller and is the floor at which bidding begins.

Can I remove or cancel a bid?

No, a bid amount cannot be removed or cancelled from an auction once it is placed. If you have made a typographical error in your Auto Bid amount (i.e. intended to place an Auto Bid of $100 but accidentally typed $1000), you must contact Support Services at service@bid4homes.com immediately to report the error. Refunds may be available for an auction. If a seller allows a refund, it will be listed on the auction. All terms of the auction are specified on the auction and in the "buyer's agreement". Read all documents carefully. Buyers are required to conduct any research or due diligence of an asset prior to placing a bid.

Can I change my bid?

It depends on how you placed your bid.

* If you placed an Auto Bid, you may raise or lower your bid amount by entering the new bid amount in the yellow bid box and clicking on "Bid on this item".

Note: You can lower your bid amount only one bid increment above the current bid amount.

* If you placed a Flat Bid, you cannot lower, removed or cancel the bid.

Can I increase my bid if I am the high bidder?

Yes. If you are the current high bidder, you can increase your bid amount. Enter your bid in the "Place Your Bid" box to submit a higher bid amount. If you have a maximum Auto Bid amount that you would like to increase, type the new bid amount in the yellow bid box and click on the "Bid on this Item" button.

What is a deposit?

Some online actions require bidders to submit a deposit. specified by the seller, prior to placing a bid on an auction. Government property auctions, for example, will usually require a deposit. Following the auction, the Seller will receive the deposit from the winning bidder as a purchase deposit payment for the asset. If a winning bidder, for whatever reason, does not perform after the auction, their deposit is forfeited and their Bid4Homes account is suspended. For more details and instructions on how to place deposit, click here.

What is an Overtime period and what is "Overtime Bidding"?

Bid4Homes' "Overtime Bidding" keeps an auction open for bidding until there is no further bidding activity for 5 consecutive minutes. Overtime bidding occurs automatically when a bid is placed within the last few minutes of an auction. The auction will remain open until an entire overtime increment (5 minutes) has passed without any bidding. The overtime increment is indicated on the auction listing page.

What is the "Bidder On Deck" feature?

With "Bidder On Deck", the seller may contact the bidder with the next highest bid (after the bidder winning the item defaults or if the reserve is not met) and offers them the opportunity to purchase the property at the price they submitted on their last bid. "Bidder on Deck" is available to sellers in two situations: if the winning bidder defaults on their purchase or if the reserve is not met. In each situation, the seller has 30 days to activate "Bidder On Deck". The buyer has 48 hours to accept or reject the offer. When the auction ends, if you are the second highest bidder on a property, you will receive an email that gives you the option of keeping your deposit with Bid4Homes until it is certain the winning bidder will complete the transaction. You must keep your deposit at Bid4Homes while the winning bidder moves through settlement to be eligible to be the Bidder On Deck.

What is a Buyer's Premium?

Buyer's Premium is an optional fee that sellers can add to the winning bid amount of an auction to cover costs associated with their auction. The fee can not exceed 10% of the winning bid amount and is included in the total purchase price paid by the buyer to the seller. The buyer's premium percentage is indicated on the auction listing and displayed during the bid process. The seller is responsible for collecting the Buyer's Premium from the buyer.

What does the icon located in the Seller Information box indicate?

All sellers on Bid4Homes are authorized through an ID Verify process provided by Verid Identity Verification and includes the icon on their auction listing page. Seller ID Verify significantly decreases Internet fraud and our buyers are assured they are doing business with sellers who are who they say they are.

Who can buy property on Bid4Homes?

Any person capable of forming legally binding relations under applicable law and who has a valid U.S. mailing address, can buy property on Bid4Homes. All buyers will have to go through an identity verification process. Buyers will have to also digitally accept a "Terms of Service" agreement. An exception is made for a bidder who would like to participate in an online auction that requires a deposit. Both foreign and domestic bidders may participate in online auctions requiring a deposit without being vetted through the online identity verification process. All bidders must digitally agree to sign the Bid4Homes' "Terms of Service" agreement.

Any person who is the rightful owner of a U.S. property, or authorized by the owners, a court of law, or through power of attorney to sell can list a property on Bid4Homes if they have deeded property and they sign a "Terms of Service" agreement.

How long is an auction?

It's up to the seller. A typical auction lasts between 3 and 7 days, with an optional Preview period. The length of the auction is set by the seller and varies.

Note: During the Preview Period, bidders can view the auction listing and the due diligence included in the "additional information" tab, but they are unable to place bids. Note: Government auction may appear on the site longer.

What kind of properties are sold on Bid4Homes?

On Bid4Homes you'll find the largest selection of real estate properties anywhere. Here you will find many types of residential homes, commercial buildings and land. Many of these properties are for sale through online auctions. Some are available outside of an auction by meeting a seller's price ("Make An Offer") or by contacting the agent or seller directly and negotiating a price.

On bid4assets.com, you will find online auctions for financial instruments, personal property including jewelry, art, collectibles, coins, computers, vehicles and sports equipment.

How do I know the seller is reputable?

All sellers on Bid4Homes are authorized through an ID verification process provided by Verid Identity Verification and include an icon on their auction listing page. Seller ID Verify significantly decreases Internet fraud and our buyers are assured they are doing business with sellers who are who they say they are.

Buyers and sellers are bound by the Terms of Service agreed to when registering on Bid4Homes. Please refer to the Terms of Service for responsibilities of each party. We also require that bidders conduct due diligence research and ask any questions prior to placing bids; including verifying the information provided about the asset by the seller and asking questions to the seller. For information on the seller's history on Bid4Homes, you can access seller rating details by clicking on the number of feedback submissions next to the seller rating.

Why am I unable to view the additional details?

To view information listed under "Additional details", you must first install Adobe Acrobat Reader. To download Adobe Acrobat Reader for free, visit their Website at www.adobe.com/products/acrobat/readermain.html. Often, our government clients require that only registered users view the information included in the "Additional Details" section of their auctions. For these auctions, you will be required to input a valid Bid4Assets username and password before accessing the information. Click here to register now!

Can I contact the seller during the auction?

Yes. You may forward questions to the seller by clicking on the link "Ask Seller a Question" located in the Seller Information box on the auction listing page.

What are seller ratings and what do the stars mean?

Bid4Homes encourages the winning bidder to "Rate the Seller" and their auction experience using a scale of 1 to 5 (one being very dissatisfied and five being very satisfied) after the close of an auction. The feedback is based on three criteria:

1. Product Quality/Value

2. Communication

3. Ease of Transaction

Seller ratings are based on a 5-star system and appear next to the seller's username on the auction listing page. The total number of feedback submissions appears in parenthesis. A seller rating is displayed in half-star increments and is the average of all feedback submissions they've received. Sellers with no "Rate the Seller" feedback from winning bidders will have either "Pending" (seller has sold item(s) and buyer has not completed the rating process) or "Not Yet Rated" (seller has not sold any items) appearing in place of the stars. Interested customers can view a seller's past rating details by clicking on the submissions feedback number next to the seller rating.

What steps follow a completed auction?

If the Reserve Price is met, emails (along with messages to the buyer and seller's Message Center) are sent from Bid4Homes to relay the auction results. The email includes:

* Auction ID

* Winning Bid price

* Contact information - to help the seller and winning bidder communicate with each other.

Both the seller and winning bidder are responsible for contacting each other within two business days of the close of the auction to begin the settlement process.

If you are the winning bidder, you will receive an email immediately after the purchase confirming the amount of the winning bid and a contract confirming those terms. The steps that must be followed will be clearly outlined in the auction details. Read these details carefully. The terms of the auction are in and of themselves a binding agreement.

Soon after you are identified as the winning bidder, you will also receive an email asking you several questions about settlement.

Who is responsible for contacting whom?

Both the seller and winning bidder are responsible for contacting each other within two business days of the close of the auction. If the buyer does not follow the "Terms of Service" agreement, which specifies the contact requirements, the seller may report the buyer as a Non-Performing Bidder. Bid4Homes will suspend the account of an NPB, in addition to any other remedies provided in the "Terms of Services".

Am I notified if I am not the winning bidder?

No. Only the winning bidder is notified at the end of an auction. Bidders are notified during the auction only when they are outbid.

When do I have to pay for the property I won?

Carefully review the property description and settlement requirements on the auction listing for specific instructions. Payment terms will vary by auction and by property.

Can I buy the asset if the Reserve Price was not met?

If a Reserve Price was not met and you were the highest bidder, the seller may choose to contact you to complete the transaction via our "Bidder On Deck" option in My B4H. . "Bidder on Deck" is available to sellers in two situations. If the winning bidder defaults on their purchase or the reserve is not met, the seller can activate "Bidder On Deck".

In a situation where "Bidder On Deck" is used, the seller contacts the bidder with the next highest bid (after the bidder winning the item defaults or if the reserve is not met) and offers them the opportunity to purchase the property at the price they submitted on their last bid. The seller will specify the deadline for replying to the "Bidder On Deck" opportunity.

What happens to my deposit? Can I use it to pay for an auction?

If you are the winning bidder, your deposit is automatically transferred to the seller, or held in escrow, at the close of the auction. You are responsible for paying the seller directly for the remaining balance of the transaction.

How can I submit feedback on the seller and the transaction?

If you are the winning bidder, you will receive a winning bidder notification email. Included in this email is a link to our Feedback Tool. You can also access our Feedback Tool by logging into My B4H and clicking on the Leave Feedback link located on the left navigation bar.

You can rate the seller based on the following 3 criteria, using a scale of 1 to 5 (one being very dissatisfied and five being very satisfied):

1. Product Quality/Value

2. Communication

3. Ease of Transaction

Seller ratings are based on a 5-star system and appear next to the seller's username on the auction listing page. The total number of feedback submissions appears in parenthesis.

Can I enter comments when I rate the seller?

We encourage buyers to provide seller feedback based on the 5-star system, however, a comments option is currently unavailable. What if I have a problem with the seller after the auction?

If you have tried to resolve the issue with the seller directly and are still not satisfied, please contact our Support Services department at service@bid4homes.com and provide details of the problem you encountered including the auction ID and the seller's name. Our Support Services will try to mediate the situation.

How do I find an auction that has closed?

You will need the auction ID number in order to locate an auction that has sold or closed. You can search for auctions with the auction ID using our search feature found on the top header of our website.

If you previously added this auction to your watch list on My B4H or you previously placed a bid on this, you can also access a list of closed or sold auctions through My B4H. Click on the link to My B4H on the top header of our website to log in; select the appropriate tab (My Auctions or My Bid List) and then click on the link to view closed auctions