Deposits
- How do I become qualified to bid on an auction?
- What deposit methods do you accept?
- When should I send in my deposit?
- How do I know if Bid4Homes has received my deposit?
- Are there costs associated with placing a deposit?
- Who should I contact if I sent a deposit and it is not posted in my account?
- How do I get a refund of my deposit?
- If I am not the winning bidder, can I use my deposit for another auction?
- I won an auction, but I changed my mind about buying the item. Can I get a refund?
How do I become qualified to bid on an auction?
Only registered users of Bid4Homes or Bid4Assets can place bids on an auction. Click here to Register. There is an exception for auctions requiring a deposit. If a bidder places a deposit, they do not have to be registered to bid on the property. If you're already registered and are interested in bidding on an auction with a deposit requirement, please review our How to Place a Bid Deposit Step-by-Step guide.
What deposit methods do you accept?
The following deposit methods are possible:
* Personal/Company Check:
* Online Check (ACH): An online check is an electronic transaction that enables a person to pay online with his/her checking account. Payment is automatically deducted from their checking account through the ACH (Automated Clearing House) system. Currently, ACH only supports U.S. currency customers with U.S. checking accounts.
* Certified Check/Money Order: A certified check/money order is a form of check for which a bank verifies that sufficient funds exist in the bidders account to cover the check. You will need to mail or express deliver the certified check/money order to Bid4Assets for deposit in the deposit escrow account.
* Wire Transfer: A wire transfer is an electronic transfer of funds. You must contact your bank to wire funds from your bank account to the deposit escrow account.
* Note: The seller determines which method they will offer for their auction(s).
When should I send in my deposit?
Deposit schedules for online auctions will vary by auction. The deadline will be noted on deposit instructions on each individual auction. Read the deposit instructions carefully.
How do I know if Bid4Homes has received my deposit?
Log into MyB4H and select My Bid Deposits to view the status of your deposit. Please note: the deposit transaction history will display "Checks as Received" while Wire transfers and ACHs display as "Deposited".
Who should I contact if I sent a deposit and it is not posted in my account?
Please send an email to deposits@bid4homes.com with the information outlined below. Please consider that Bid4Homes receives and processes thousands of deposits. To ensure we can quickly provide you an update regarding your deposit, it is essential you include all the information listed below.
* Your name and user ID #
* How you sent the deposit (ACH, Check, Wire)
* Date of the deposit
* Auction ID #
* Name of originating bank/financial institution
* Name on account from which the funds were sent
If you placed your deposit by Wire Transfer you must also include the FEDWIRE tracking number. Your bank or financial institution can provide you with that tracking number.
How do I get a refund of my deposit?
If you are not the winning bidder on the auction, you can send an email request to deposits@bid4homes.com and your deposit will be refunded within 10 days of receipt of your request. All deposits are returned by check or the method by which the deposit was received. The method for refunding a deposit is done at the sole discretion of Bid4Homes.
It has been 10 business days and I have not received my refund?
You can check the status of your refund in the My Bid Deposits link of the MyB4H section of the site.
If you placed your deposit by Online Check:
Bid4Homes will process your refund within 10 business days after the auction closes and the Refund Process Date will be noted in your account. However, your financial institution may take up to 3 to 4 business days to process and post the refund to your account.
If you placed your deposit by Wire Transfer, Personal or Company Check, or Certified/Money Order:
Bid4Homes processes and mails refund checks, via first class mail, within 10 business days after the auction closes. The refund is mailed to the address listed on your Bid4Homes profile.
If you still haven't received your refund 5 business days after the Refund Processed Date shown in your My Bid Deposits, please contact our client services department at deposits@bid4homes.com with the following information:
* Your name and user ID #
* How you sent the deposit (ACH, Check, Wire)
* Date of the deposit
* Auction ID #
* Name of originating bank/financial institution
* Name on account from which the funds were sent
If I am not the winning bidder, can I use my deposit for another auction?
No, your deposits may not be transferred from one auction to another. Once an auction ends, your deposit funds are refunded to you. If you wish to participate in another auction requiring a deposit, you must place a new deposit in the amount required for that auction.
I won an auction, but I changed my mind about buying the item. Can I get a refund?
Refunds may be available for an auction. If a seller allows a refund, it will be listed on the auction. Refunds are not allowed unless specifically specified. All terms of the auction are specified in the auction information and the buyer's agreement. Read all documents carefully. Buyers are required to conduct any research or due diligence on a property prior to placing a bid.
