The Steps To Take Before You Bid

1. Whether you are a first time bidder or someone who regularly bids on real estate through online auctions, it is very important that you carefully review all of the existing information you can find about the property you are considering.

Each auction posted on the Bid4Homes site contains detailed information about the property. Read the entire listing description and everything in the "Additional Details" tab.

2. If you have additional questions, after reviewing the information in the auction listing, you can ask the seller directly by using the "Ask Seller a Question" link located in the Seller Information box directly below the asset photo.

3. Often, dates are posted for an open house or hours of inspection in the auction description, We urge you to examine the property in-person. Some open houses require no prior registration. Inspection of forfeited U.S. Government property will require prior registration and presentation of identification at the door.

We also strongly encourage you to visit the Bid4Homes Resource Center for relevant information. We provide convenient links to respected information sources like Zillow, Google Maps, ZIPskinny and Microsoft 3-D maps.

You may also wish to check your local county or state assessor's office for property value information.

Registering

Only registered users can place a bid on Bid4Homes. You will be asked to register to get started. Here's how:

1. Go to the Bid4Homes home page and look for "Click here to register" in the lower right corner. Or click here.

2. You'll see this easy-to-use registration form:

3. At the bottom of the registration form, you will see a requirement to acknowledge that you have read the "user agreement". Please take the time to read the agreement carefully.

4. Each time you bid on an auction on Bid4Homes you will also be asked to acknowledge that you agree to the terms of service.

5. Registering on Bid4Homes will also allow you to bid on items on Bid4Homes' sister site, Bid4Assets.

Bidding

1. Browse or search for an auction or a real estate listing.
If you are just beginning your search, you may locate a property in one of two ways. You may place you cursor on a specific state and "click". A list of auctions will appear – see below.

• "Click" "View Details" and the auction details will appear.
• You may also search by property type: "residential", "commercial", and "land" listings will appear by state.
• Enter the county information or zip code information.
• You will be prompted to enter the distance from the center of the zip code where you would like real estate auctions displayed.
• You will also find many listings of properties not sold through auction. They are offered through our association with RealtyTrac. There are several ways to find them.
  • On the home page, click on the RealtyTrac logo in the lower left. This will take you to a national map. Click on the state where you want to search.
  • On individual Bid4Homes state pages. After the list of auctioned properties, scroll down to find a map of the state. Click on the county to access the listings.
  • On the Bid4Homes state pages; look for the RealtyTrac "button" in the left margin. Click on the button to go to RealtyTrac's state map.

2. Place a bid deposit.
If an auction requires a deposit, the deposit amount appears on the auction listing with an icon that says "BIDDEPOSIT". Click on the icon and the deposit payment options are displayed in the "Place Your Bid" box.

Click the button next to the deposit method you want to use and click the Continue button for further instructions. (Click on the deposit method name for additional information on that particular method of payment.).

Bid4Homes does not charge a fee to place a bid deposit.

3. Ready to place a bid
Bid4Homes offers two types of bids: Auto Bid and Flat 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. Your bid will be increased only as others bid against you. Your Auto Bid is held confidentially in the system. Our system defaults to Auto bid. To choose a Flat Bid option, click on the radio button next to 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 will have to manually place another bid to maintain your high-bid position.

When you are ready to place a bid choose a bid type then 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). Below is an example of a bid amount box and confirmation.

Please note: It's important to remember that if you are the winning bidder, you are legally obligated to purchase the item. Each bid you make is a binding contract and cannot be revoked. Make sure you have done all necessary research before placing a bid. The winning bidder's deposit will be applied against the purchase price of the property.

If you are not the winning bidder on the auction, your deposit will automatically be refunded within 10 business days of the close of the auction.

For more detailed information on bidding, please click here.

Additional purchasing methods

Buy Now: Some auctions include a BuyNow option. When a seller selects the BuyNow option, there are two ways the item can sell. If a buyer is willing to meet the BuyNow price before the first bid comes in, the item sells instantly and the auction ends. If a bid comes in first, the BuyNow option disappears and the auction continues as a regular online auction. To BuyNow you must click on the BuyNow icon located to the right of the BuyNow amount.

"Make an Offer" allows a bidder to submit an offer for a property. Properties offering this option will be clearly marked with this symbol Bid4Homes will immediately send an offer submitted through "Make an Offer" to the seller and their listing agent. Bidders will be notified through email about the status of their offer. ("Make an Offer" is not available on property for sale in an online auction on Bid4Homes)

4. New bidder authorization
Bid4Homes authorizes all new bidders and sellers, prior to bidding on any auction, through B4A's New Bidder Authorization process. This added step of security significantly decreases instances of Internet fraud on our site and ensures that bidders and sellers are who they say they are. The process is free, quick and secure, and if successful, your bid is placed immediately. (Note: Bidder authorization is not needed for bidders who place a deposit for an auction. Many auctions, however, will not ask for a deposit.)

Through the Verid verification process, buyers and sellers will be asked a series of very specific questions that only they will be able to answer.

This process provides an increased level of security and trust between buyers and sellers. Sellers who do not pass ID Verification have to go through a manual registration and approval process.

The Identity Verification System is an effective tool in preventing fraud, but it cannot stop fraud completely. Because the verification of someone's identity over the Internet is difficult, Bid4Homes cannot and does not confirm each seller's purported identity. Thus, we have established a user-initiated feedback system (see "Rate a Seller" above) to help you evaluate with whom you are dealing. We also encourage you to communicate directly with potential sellers through the tools available on the site, such as asking the seller a question through the "Question the Seller" link and attending inspections (if available).

Once you have completed the Verid authorization process, proceed to the Bid Confirmation page.

5. Monitor your auction
You can manage and monitor auctions you're watching / bidding on via Bid4Homes' auction management center, My B4H. Take advantage of this tool and make your auction experience on Bid4Assets much easier. One of the main features of My B4H is My Messages. This is how sellers will respond to you before and during the auction. You will receive notification of auction updates via e-mail in My Messages.