After the Auction

• What are the possible outcomes of an auction?


• What steps follow a completed auction?


• Who is responsible for payment processing?


• How do I notify the winning bidder?


• What if the winning bidder does not respond?


• What if the winning bidder refuses to honor the bid?


• What happens if the auction does not reach the reserve price or no bids are made?


• Can Bid4Assets' marketing fee be taken out of the winning bid amount?


• Can a buyer or seller enter comments related to a feedback submission?


• How do I find an auction that has closed?

What are the possible outcomes of an auction?

There are four possible outcomes to an auction:

1. The item is sold to the highest bidder

2. The item is not sold because no bids were placed

3. Bidding did not meet the Reserve Price or minimum acceptable bid

4. A winning bidder did not complete the purchase.

In situations 3 and 4 above, a seller may choose to activate "Bidder On Deck". (Click Here) for information about "Bidder On Deck".

What steps follow a completed auction?

If the Reserve Price is met, emails from Bid4Homes outline the auction details to the seller and the winning bidder. The email includes:

* Auction ID

* Winning bid price

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

Ultimately, the seller and buyer must identify a settlement company. Depending on the jurisdiction, this is negotiable between the buyer and the seller.

If a property is bought through Bid4Homes and that property is bought through "Make an Offer", the settlement details are arranged between the buyer and the seller.

In both cases, the buyer must communicate the contact information for the settlement company to Bid4Homes. Once a settlement company is identified, Bid4Homes will begin collecting information from the buyer that is relevant to closing to ensure that fees are properly disbursed.

Who is responsible for payment processing?

The seller must contact the winning bidder to arrange for payment and make any other requirements for payment processing and settlement (unless otherwise agreed upon). By making the winning bid, the buyer has entered into an enforceable contract with the seller. Bid4Homes is not a party to the contract. The buyer and seller are expected to conduct the deal in accordance with the terms of the auction listing and our Terms of Service. Read all items related to the auction carefully before bidding. Thorough due diligence is essential.

How do I notify the winning bidder?

After bidding closes, Bid4Homes will email the seller and winning bidder contact instructions. The seller and winning bidder will also receive an alert in their Message Center.You should make contact within 2 business days to confirm the sale and arrange payment and delivery terms.

What if the winning bidder does not respond?

Allow your winning bidder at least 2 business days to contact you and confirm the sale. If you have not received a response, you may either continue to try to reach the winning bidder or you can consider utilizing our "Bidder on Deck" tool to offer the second highest bidder the property (click here for details).

The seller must report the bidder as a Non-Performing Bidder (NPB). A seller must wait at least 48 hours and no more than 30 days after the auction closes to report an NPB. If a seller does not file an NPB claim within the 30-day timeframe, Bid4Homes will NOT issue a marketing fee credit. (Refer to the Non-Performing Bidder Procedures in MyB4H - Credit Request Center.

What if the winning bidder refuses to honor the bid?

The winning bidder is legally bound to contact the seller within 2 business days of the auction close and complete the sale within 30 of being notified of the auction's completion (or within the timeframe stipulated by the seller in the auction listing). If you are unable to resolve a dispute with the winning bidder, you can process the marketing fee credit request on our site by going to MyB4H and clicking on the Credit Request Center tab. If you wish to consider offering the item to the second highest bidder, you may do so using our "Bidder on Deck" tool, also included in MyB4H.

What happens if the auction does not reach the Reserve Price or no bids are made?

* If your item did not sell (i.e., the auction closed without bids or no bidder met the Reserve Price) you can re-list the item on our site. We encourage you to consider adding additional information and/or lowering the Minimum Bid and/or Reserve Price to boost your chances for a successful auction. If the asset is re-listed and the auction is successful, our normal marketing fee will apply.

* If your auction closed without meeting your reserve price, you can consider offering the item to the highest bidder with our Bidder on Deck tool located in MyB4H.

Can Bid4Homes' marketing fee be taken out of the winning bid amount?

Bid4Homes is not involved in the closing/settlement portion of the auction. The seller's credit card will be charged or an invoice sent following the close of the auction.

Can a buyer or seller enter comments related to a feedback submission?

We do not allow comments related to transactions from buyers or sellers. Buyers are able to rate sellers using our "Rate a Seller" link after winning an auction.

How do I find an auction that has closed?

In order locate an auction that has sold or closed, you will need the auction ID number. You can search for auctions with the auction ID # using our search feature found on the homepage.

If you previously added this auction to your watch list on MyB4H or you previously listed this auction for sale, you can also access a list of closed or sold auctions through MyB4H. Click on the link to MyB4H; select the appropriate tab (My Auctions or My Sell List) and then click on the link to view closed auctions.