Settlement

• How does settlement work?


• Am I required to offer a refund to the buyer?

How does settlement work?

The seller and winning bidder are responsible for contacting each other to begin the settlement process, within two business days of the close of the auction. Both parties will receive an email (and a message in their MyB4H Message Center) from Bid4Homes after the close of the auction with the final auction details and contact information for the other party. One of the first things the seller must do with the buyer is to identify a settlement company. Depending on the jurisdiction, this is negotiable between the buyer and the seller.

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.

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 transaction in accordance with the terms of the asset listing and the Bid4Homes Terms of Service.

**Note: If the winning bidder does not complete the transaction, unless other terms are stated in the auction listing, 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.

Am I required to offer a refund to the buyer?

Not all sellers on Bid4Homes offer a refund policy. Most properties are sold on an "AS IS" basis. However, if sellers would like to include this option they should provide a refund/return policy and guidelines in their auction listing and list this requirement in the contract.

Please be aware that some states and jurisdictions require that buyers be given a 7 day period within which to legally allow a refund.

Please refer to the Terms of Service and auction specifics for more information on these requirements.