Settlement
How does settlement work?
Both parties will receive an email (and a message in their MyB4H Message Center) from Bid4Homes after the close of the auction confirming the sale price and contact information for the other party. We may also ask for information to begin the settlement process. Both the seller and winning bidder are responsible for contacting each other within two business days of the close of an auction to begin the settlement process. In some cases, the seller may ask you to use their settlement company. Depending on the jurisdiction, this is negotiable between the buyer and seller. Regardless of whom you choose to manage your settlement, you will be asked to provide some information, essential to settlement, immediately after you are notified that you are the winning bidder.
By making the winning bid, the buyer has entered into an enforceable contract with the seller. If the winning bidder does not complete the transaction, unless otherwise provided in the auction listing description, the seller will report the bidder as a non-performing bidder (NPB) to Bid4Homes which automatically suspends the buyer's account. The buyer and seller are expected to conduct the deal in accordance with the terms of the asset listing and the Bid4Homes Terms of Service.
Can Bid4Homes act as settlement company for a transaction?
No. Bid4Homes does not act as a settlement company. Depending on the jurisdiction, selection of a settlement company is negotiable between the buyer and the seller
