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How To Bid Houses
It is free to register as a Bidder Member. For General Bidder, ListRealestate.com will verify your address before you can bid any house. Your address verification is conducted when you pay the $1 Non-refundable Verification Processing Fee. Currently there two type of auction: Mortgage and Cash. For Mortgage Type Auction, the bidders are required to be pre-qualified for a loan from a mortgage company in order for them to place any bid. After the auction closed, for Cash Type Auction, the Winning Bidder is required to make one time payment on line. For Mortgage Type Auction, the Winning Bidder is required pay 1 % of the auctioned property price or $1000 (if 1% is less than $1000) on line and finish Closing procedure inside the auctioneer's branch office.
1. You go to the login page and click on the link for the General Bidder. You can register as a General Bidder. If successful, you will receive an activation email which is valid for 3 days.
2. You should click on the link inside the email and activate the account and login the Control Panel.
3. You click on the Verify Me button and follow the screen instruction to verify your address.
4. You go to the Search House page, select the auction only, select the state and do a Search By House Features. You click on the thumbnail picture to go to the house details page. You should always write the house id so that you can do a Search By House ID later on.
5. You click on the Click to Bid button to go to the bidding page.
6. If it is Mortgage Type Auction, you need to be pre-qualified for a mortgage loan from a mortgage company before you can place a bid. If it is Cash Type Auction, you don't need to do that.
7. After successful pre-qualified for a mortgage loan from a mortgage company, you login the Control Panel and click on the Pre-qualified Amount button and enter the amount.
8. You go back to the bidding page, enter the amount and click on the Add Bid button to place a bid. You must inspect the property during Open House and read and accept the Contract of Sale before placing a bid.
9. When you have placed a bid on a Mortgage Type Auction item, it will prohibit you from placing any other bids to any other auction item until you delete that Mortgage Type Auction item bid. The assumption is that it will affect the bidder's credit rating and the pre-qualifying loan condition.
10. The first time you place a bid by clicking on the Add Bid button, within an hour, the delete button will be displayed only to you and you have the option to delete that bid. If your internet connection is disconnected and if you want to delete that bid, you should relogin within that hour and delete it. If the hour requirement expired and you aren't able to delete your bid, your bid will be valid. Please note you shouldn't place any bid if you have no intention to buy the auction house item.
11. Before the auction closed, an Increase button will be displayed only to you and you may increase the amount of bid if other bidders has placed a higher bid.
You can login and click on the Edit Bids button and click on the Auction ID to go to the bidding page.
12. After the auction closed, a Click to Pay button will be displayed according to the Dates Can Pay column of the table. The Click to Pay button will be displayed first and only to the highest bidder for the first two (2) days. if the highest bidder didn't pay in those two days, it will be diplayed to the next highest bidder for two days, and this process continuous. You should check the
Dates Can Pay column for your bid rank and relogin ListARealestate.com during those days. If those bidders with higher bid ranks than you didn't pay, you may still have a chance to pay.
13. If the Click to Pay button is displayed to you. You should click on the Click to Pay button to go to the checkout page, and enter your check information to submit a check payment on line. If you don't submit payment, the auctioneer has the option to suspend you if your bid rank is among the top three.
After the suspension, the bidder can on longer place any bid until they pay the $100 reactivation fee to ListARealestate.com.
14. When submitting payment, please wait till you see an acknowlegement message before you leave the web site. Sometimes it takes a while for the submission to go through if the network is busy.
Please also check the house detail page to see if there is any open house day. You must inspect the foreclosed house's condition before placing any bid. |