What is housebid.com?
HouseBid.com is an online auction site that specializes in moving real estate fast. Our platform is designed to make it easy and cost-efficient for the general public to sell real estate with no seller commissions. Housebid.com charges a 5% or $2500 buyer’s premium to each winning bidder. Our online auction platform makes it easy for buyers to browse and bid on a wide variety of properties from a computer or smartphone.
How do I bid on a property?
Simply register by clicking REGISTER in the upper-right hand corner. After you create a username and password you will be asked to enter credit information. This is simply a good-faith measure during bidding. House Bid will not run your credit card. This simply ensures that only serious bidders participate in our online auctions. Once you have registered, you may begin bidding!
What is the reserve price?
The reserve price is the minimum desired price set by the seller. Bidders will be notified as soon as the reserve price on a property has been met.
What if an auction ends and the reserve price is not met?
The seller has the option to accept the highest offer even if the reserve price has not been met. If the seller chooses not to accept an offer below the reserve price, the property may be put up for auction again. For example: The highest bid on a property is $55,000, but the seller wanted $57,000. He or she may still choose to accept the $55,000 offer and sell the property to the highest bidder.
Can I get a home inspection?
All houses sold on HouseBid.com are “as-is” sales. There are no home inspections. They are all buyer beware and there are no home inspections.
Can I see an Auction Agreement?
Absolutely. There is an auction agreement that must be accepted by each registrant of the HouseBid.com website. Click here to read it in its entirety before registering.
How long do you market the properties before going to auction?
Typically a property is marketed for 7-14 days before bidding begins to attract motivated buyers.
The auction has been running several days, why haven’t any bids been placed?
While offers may be placed throughout the duration of the auction, it’s not uncommon for many bidders to wait until the end of the last day (and in some cases the last few hours) of the auction to begin placing competitive bids for the property.
How do I know that HouseBid.com is a reputable business?
HouseBid.com was started by real estate investors with more than 30 years of industry experience, who were looking for a better way to quickly connect wholesalers, home-flippers, and financial institutions to motivated buyers. The HouseBid.com team has overseen thousands of home sales, and has an A+ rating from the Better Business Bureau. At the end of each successful auction, all earnest and escrow money will be directed through a reputable third party closing and escrow company chosen by the seller. If the seller does not have a preferred closing company, we are happy to recommend one in your area.
How long is the closing process?
Once the auction is completed and the seller accepts the winning bid, the closing process typically takes between 2-4 weeks.
What are the bid increments?
The bid increments are predetermined by HouseBid.com. Typically the increments are $1,000-$2,500.
Is the auction time extended if a last-minute bid is placed?
Yes, the auction will extend by 2 to 5 minutes every time someone bids within the 3 minutes of the auction. We do this to ensure competitive prices for our sellers and fairness for all bidders. The 5-minute extension gives other bidders the opportunity to evaluate and reply to the last bid before the auction ends.
For example: If there are 10 seconds left in an auction, and someone places a bid, the clock will automatically reset to 5 minutes remaining. If someone bids with 1 minute 30 seconds, the clock will once again jump back up to 5 minutes.
How can I reach someone at housebid.com?
If you need to get a hold of someone at HouseBid.com, please use the Contact Us page. You can also email us if you have a question or a property to list at housebidlive@gmail.com, and a representative will be in touch with you shortly!
How do I put a property up for auction?
CLICK HERE
Fill out the form provided to request that House Bid list your property for auction. Please include the address of the property, phone number, and price you are wanting for the property, and a HouseBid.com representative will be in touch with your shortly.
Can I visit the houses in person?
Most houses are not open to the public. Some will allow showings, however this is permitted on a case-by-case basis.
Do you offer a commission fee for a realtor?
HouseBid.com offers a commission on some properties on a case-by-case basis. You can find out if they are offering commission on a property by reading the details on the house.
How long do the auctions last?
Auctions typically run for 7 – 14 days. The “Time Remaining” tab will indicate the amount of time left before the auction ends, down to the very last second.
