HELP CENTER

FAQ

To Seller and Buyer

  • What are the benefits of doing real estate auction Online?
    For buyers: Starting with lower price to bid, know your competitors’ move, the best and highest wins— you will be fairly treated. In additional, the overall cost of sell is lower than the average, therefore, you may pay less.
    For sellers: Starting with low cost; Guarantee to meet the expectation; Less showing times and less hassle; Meet with all the buyers in a short time period; Possible to reach the highest net income of the sell!
  • Do I need an account in order to place a bid on a property?
    Yes, registration with therealbid.com is free and easy to complete.
  • Is a fee required to submit a bid?
    It is almost free to bid! However, you must register for the auction event. During the event registration we will place a charge of $1 on your credit card before you can place bids on properties within the event. If you are the winner and your credit card will be charged an additional $999 and the total of $1000 will be transferred to the escrow company and become a part of the initial deposit. The $1000 is not refundable if you are the winner but do not complete the transaction.
  • How do I bid on a property?
    Once you are registered for an auction event, you will be able to place a bid. Each property will have an opening price and bid increment. Each bidder receives a confirmation once a bid is placed.
  • What is a reserve price?
    A reserve price is the minimum price the seller is willing to accept for the property in an auction.
  • Can my real estate agent assist to the bid process?
    Yes, real estate agents can register with therealbid.com and submit bids on behalf of their clients. Agents must be actively licensed in the state where the property is located. Qualified agents are paid commission on the winning bid amount in cooperation with the listing broker. Commission information is available in the applicable Multiple Listing Service (MLS) listing.
  • Do I need to provide proof of funds or a prequalification letter prior to bidding on a property?
    Yes
  • What is a Buyer's Premium?
    It is the fee collected by Hozbid.com that will be added to the amount of the Winning Bid as compensation for the Real Estate Agent(s) and Auctioneer in performing the auction. The Buyer’s Premium is to be paid by the Winning Bidder. Usually it is 3% to 5% of the final price.
  • What happens if someone outbids me when online bidding is about to end?
    The act of placing a bid at the last moment in the hope of winning is called auction sniping and is intended to deny other bidders time to place a higher bid. To provide transparency and a fair bidding opportunity, we extend the auction time if a last-minute bid is received.
    If you are outbid within the last 5 minutes of an auction, we will notify you via email and the auction will be extended for 5 minutes. The auction will be extended by 5-minute increments until 5 minutes have passed without bidding activity.
    Note: We recommend you track email alerts and keep an eye on listings that are nearing their time limits.
  • Does therealbid.com own the homes for sale on therealbid.com?
    No, all properties are owned by individual homeowners or financial institutions.
  • I am having trouble submitting a bid online. What should I do?
    Please contact our Customer Service at: admin@therealbid.com.
  • What requirements do I need before placing a bid?
    1. If you are financing your purchase, get a pre-approval letter from a direct lender.
    2. Upload your Bank Statement(s) before you bid. You need to show that you have enough funds to cover the down payment if you are financing or cover the total cost if you are paying cash.
  • What happens to the property if the auction ends and the reserve price is not met?
    If an auction ends without the reserve price being met, no winning bidder is declared. However, the seller reserves the right to accept a lower bid, negotiate with a bidder, propose new terms to the bidders, or relist the property.
  • Does the seller have to approve the winning bid?
    Sellers can accept or reject any bid and have the legal right to approve or reject bids based on all components, including financing type and requested closing date. However, the $2500 deposit would be refunded if seller chose to reject.
  • What is Auto Bid?
    Auto Bid is a feature bidders can choose when they bid on a property in order to remain competitive for the property without having to sit and watch the auction. The bidder stipulates increments of higher bids to place whenever a new, higher bid is posted by another bidder. The bidder also stipulates a ceiling amount that they do not want to go above in bidding.
  • How long does it take for the seller to accept my bid or offer?
    Usually response time is within 2 days.
  • What if I don’t sign and return the Purchase Agreement within 48 hours?
    If you fail to sign and return the Purchase Agreement within 48 hours, the seller has the option to unilaterally cancel your bid and your $2500 bidding deposit will be charged as nonrefundable. The listing agent holds the responsibility for informing the buyers about the signing requirements.
  • What is eSignature?
    eSignature refers to the specific technology allowing you to digitally sign your name and initial contracts and paperwork online in a secure environment.
  • What is DocuSign?
    DocuSign is a leading provider of web-based electronic signature technology that facilitates exchanges of contracts, tax documents, and legal materials. DocuSign eliminates the need for the mailing of paper contracts by keeping track of document versions, and they keep your information safe and secure at all times.

To Agents

  • What are the benefits of doing real estate auction online?
    For buyers: Starting with lower price to bid, know your competitors’ move, the best and highest wins— you will be fairly treated. In additional, the overall cost of sell is lower than the average, therefore, you may pay less.

    For sellers: Starting with low cost; Guarantee to meet the expectation; Less showing times and less hassle; Meet with all the buyers in a short time period; Possible to reach the highest net income of the sell!

    Easy to start with new listings with low commission rate; Monitor buyers’ bids in a short time period; Always show honesty and integrity to clients.
  • Do I need an account in order to place a bid on a property?
    Yes, registration with therealbid.com is free and easy to complete.
  • Is a fee required to submit a bid?
    It is almost free to bid! However, you must register for the auction event. During the event registration we will place a charge of $1 on your credit card before you can place bids on properties within the event. If you are the winner and your credit card will be charged an additional $999 and the total of $1000 will be transferred to the escrow company and become a part of the initial deposit. The $1000 is not refundable if you are the winner but do not complete the transaction.
  • How do I bid on a property?
    Once you are registered for an auction event, you will be able to place a bid. Each property will have an opening price and bid increment. Each bidder receives a confirmation once a bid is placed.
  • What is a reserve price?
    A reserve price is the minimum price the seller is willing to accept for the property in an auction.
  • Do I need to provide proof of funds or a prequalification letter prior to bidding on a property?
    Yes.
  • What is a Buyer's Premium?
    It is the fee collected by Hozbid.com that will be added to the amount of the Winning Bid as compensation for the Real Estate Agent(s) and Auctioneer in performing the auction. The Buyer’s Premium is to be paid by the Winning Bidder. Usually it is 3% to 5% of the final price.
  • What happens if someone outbids me when online bidding is about to end?
    The act of placing a bid at the last moment in the hope of winning is called auction sniping and is intended to deny other bidders time to place a higher bid. To provide transparency and a fair bidding opportunity, we extend the auction time if a last-minute bid is received.

    If you are outbid within the last 5 minutes of an auction, we will notify you via email and the auction will be extended for 5 minutes. The auction will be extended by 5-minute increments until 5 minutes have passed without bidding activity.

    Note: We recommend you track email alerts and keep an eye on listings that are nearing their time limits.
  • Does therealbid.com own the homes for sale on therealbid.com?
    No, all properties are owned by individual homeowners or financial institutions.
  • I am having trouble submitting a bid online. What should I do?
    Please contact our Customer Service at: admin@therealbid.com.
  • What requirements do I need before placing a bid?
    1. If you are financing your purchase, get a pre-approval letter from a direct lender.

    2. Upload your Bank Statement(s) before you bid. You need to show that you have enough funds to cover the down payment if you are financing or cover the total cost if you are paying cash.
  • What happens to the property if the auction ends and the reserve price is not met?
    If an auction ends without the reserve price being met, no winning bidder is declared. However, the seller reserves the right to accept a lower bid, negotiate with a bidder, propose new terms to the bidders, or relist the property.
  • Does the seller have to approve the winning bid?
    Sellers can accept or reject any bid and have the legal right to approve or reject bids based on all components, including financing type and requested closing date. However, the $2500 deposit would be refunded if seller chose to reject.
  • What is Auto Bid?
    Auto Bid is a feature bidders can choose when they bid on a property in order to remain competitive for the property without having to sit and watch the auction. The bidder stipulates increments of higher bids to place whenever a new, higher bid is posted by another bidder. The bidder also stipulates a ceiling amount that they do not want to go above in bidding.
  • How long does it take for the seller to accept my bid or offer?
    Usually response time is within 2 days.
  • What if I don’t sign and return the Purchase Agreement within 48 hours?
    If you fail to sign and return the Purchase Agreement within 48 hours, the seller has the option to unilaterally cancel your bid and your $2500 bidding deposit will be charged as nonrefundable. The listing agent holds the responsibility for informing the buyers about the signing requirements.
  • What is eSignature?
    eSignature refers to the specific technology allowing you to digitally sign your name and initial contracts and paperwork online in a secure environment.
  • What is DocuSign?
    DocuSign is a leading provider of web-based electronic signature technology that facilitates exchanges of contracts, tax documents, and legal materials. DocuSign eliminates the need for the mailing of paper contracts by keeping track of document versions, and they keep your information safe and secure at all times.
  • Can I list and sell properties on therealbid.com?
    Yes, if you’re a licensed real estate agent in California.
  • How do I determine the reserve price?
    Work with your seller to determine the minimum acceptable price for the property.
  • How long does an auction last?
    You decide the length of the auction when you add the listing to Hozbid.com. Choose from 1 to 7 days usually.
  • How do I monitor my auction for the seller?
    Go to the property detail page and you will see the activities. In additional, we will keep you updated with emails and notifications.
  • What if there is no buyer’s agent?
    The listing agent will receive the full commission as listed in the contract with your seller less therealbid.com’s service charge—0.5% of the final price.
  • What if I need help or have additional questions?
    therealbid.com’s support team is ready to help you at admin@therealbid.com. In most of the cases, you will have the answers within 24 hours