BidWin.org

|Foreclosure Listings

Auction FAQ

faq about real estate auction platform If your question is not addressed here, please CONTACT US.

  • [ + ] 1. What is bidwin.org?

    Bidwin.org is the first online marketplace for real estate auction in Canada. Its innovative auction platform ( patent pending ) is a complete solution for real estate( high value assets) to be transacted via Internet. It is also a network that connects real estate agents, auctioneers, sellers and buyers. By embodying enhanced seller verification, bidder verification, bidder qualification and bidding process, bidwin.org's auction platform makes an online real estate marketplace more transparent, more efficient, more fair. It also embodies modified auction rules specifically for online real estate transaction to make that happens. Bidwin.org's platform is designed to keep agent at the center of the real estate transaction: (1) All properties on bidwin.org are required to have a listing agent, no FSBOs are allowed; (2) Buyer agent co-operation is welcome. Bidwin.org is an open marketplace where all real estate agents and brokers can sell via online auctions.
  • [ + ] 2. Who can sell on bidwin.org?

    The two groups that can sell on bidwin.org are licensed real estate agents and property managers who are authorized by the property’s owners. Professional investors, builders, developers, financial institutions and official government agencies can also list on the site on their behalf. Bidwin.org has agreements with both mortgage service companies and banks to put listings on the platform at greatly reduced prices. If you are a private individual seller, you cannot list on bidwin.org. In order to use the platform, you need to use the services of a licensed real estate agent.
  • [ + ] 3. How do I get notice about new listings in my area?

    Bidwin.org uses email to notify our subscriber list. This is a free service. To get started, use the form to sign up for free email notification. Rest assured that bidwin.org never sells your information and will never spam you with unwanted emails.
  • [ + ] 4. Who is responsible for liens and back taxes that are owed on a piece of property?

    Buyers are not responsible for liens, back taxes or issues related to the title for any property purchased unless it is specifically noted on the Bidding page. You as the buyer receive the insurance title at closing from the seller, unless it is otherwise spelled out. If this turns out not to be the case, you as the buyer can cancel your purchase and receive a full refund on your deposit.
  • [ + ] 5. How long does the bidding process last?

    The bidding process goes on for 7, 14 or 21 days, depending on the length chosen by the seller. Check the countdown clock on the bid page to see how much time is left. If the property fails to make the reserve price, it can be relisted.
  • [ + ] 6. Does the public see the reserve price?

    No, the reserve price is considered confidential. Once it is met, a notice on the Bid Page will tell the public that it has been met.
  • [ + ] 7. If my bid is the highest, do I win the property automatically?

    If you are the highest bidder, you will receive a Purchase Agreement via email that you will need to sign. The process is not complete and approved until the Purchase Agreement is signed by you and the seller.If you are the highest bidder but the property didn’t meet the reserve price, the seller can accept or reject any offer, at his sole discretion. In this case, the seller is not obligated to give any special rights or consideration to the highest bidder and is not required to negotiate with him.
  • [ + ] 8. What is the process at the end of the bidding?

    The winning bidder will receive an email at the close of the bidding, as long as the property met or exceeded the reserve price. At that point and upon review and acceptance by the seller, the procedures involved in the finalizing the contract will start. All the information is included in the email.
    On the other hand, it the reserve price wasn’t met, the auction is over. The seller might choose to relist it, with a call for a higher opening bid.
  • [ + ] 9. Is it guaranteed that I get the property if it makes the reserve price?

    Unless otherwise stated, you will get the property, but it isn’t entirely automatic. This is because all bids must get a final review by the seller. Since most of our sellers are connected with financial institutions, they usually must get final approval from a committee.
    In 98% of all cases, the deal is accepted as long as the reserve price is met or exceeded. But there is no actual guarantee that the bid will be accepted. A buyer and seller must both sign the Purchase Agreement before the purchase is assured.
  • [ + ] 10. What are the costs incurred with buying a property?

    If you are the winning bidder, you will be responsible for these fees:
    Bid price
    Internet transaction fee, or buyer’s premium
    Closing costs
    At the current time, bidwin.org has a $0 internet transaction fee.
  • [ + ] 11. Will I be able to finance a purchase if I buy on bidwin.org?

    Yes, but you need to have your financing worked out before you bid because there is no contingency for financing.
  • [ + ] 12. Can I bid without being glued to a computer or internet-connected device?

    Check out ProxyBidding ™ which offers an automated bid process when using an online auction system. This lets you bid even when you aren’t close to a computer. It is especially helpful if you are bidding on several properties at once. It lets you place bids properly during the close of the bidding.
    To use it, figure out your top price that you want to pay for a property that is listed. When you submit your bid, enter that amount in the Your Maximum Proxy Bid box.
    The ProxyBidding ™ app is effective for a real estate auction because it compares your bid with those of other bidders, then places your bid using only as much as is necessary to keep you the high bidder. It bids one increment at a time against other bidders as it bids up to the maximum you decided on.
    As an example, if the high bid is $100,000 and you entered $105,000 as your maximum, the ProxyBidding ™ system will put in a bid for you of $101,000, assuming the bid increment is $1,000. It will go up to your maximum amount of $105,000, one increment at a time.
  • [ + ] 13. Can I wait to place my bid in the last five minutes?

    You can, but it isn’t recommended. If you suddenly experience problems with your power, computer or connection, you will lose out. We suggest placing your bid at least two hours ahead of the end of bidding. Protect your bid by using ProxyBidding ™.
    ProxyBidding ™ is your protection that you don’t overpay for the property. It also gives you the security of not getting beat by another bidder at the very end of the bidding session.
    If you wait until the last few minutes, bidwin.org is not responsible if your bid doesn’t make it to the site in time to become part of the bidding process.
    That’s the big advantage of ProxyBidding ™, you don’t have to worry about “last minute” bids. The bidwin.org countdown timer is accurate, but not exact. Any number of issues can affect the time you actually see on the screen. This includes the speed of your computer processor and your internet connection.
    For those reasons, don’t wait until the last minute to place your bid. You are taking a real chance that your bid won’t be part of the bidding process.
  • [ + ] 14. What are the safeguards against the process of “sniping” at the end of the bid?

    Sniping happens when one bidder times his final bid for the last few seconds of the process, leaving other bidders no chance to react and counterbid.
    Bidwin.org uses the Auto-extend Sniper Protection feature to prevent this practice. If a bid is placed within the 24 hours within the Auction End Date, the auction is automatically extended by 24 hours.
  • [ + ] 15. How is the starting bid decided on?

    To determine the starting bid for each property, bidwin.org uses a formula that takes into consideration a number of factors:
    List price
    Reserve price
    Estimated market price
  • [ + ] 16. Can I view and inspect the property after I place my bid?

    After your bid is accepted, you can view the property and have it inspected. But there is no contingency for inspection before you place your bid.
    If you default on a property due to its condition after you win it, be aware that you will forfeit your deposit or be charged $2,000 as a default fee.
    Therefore it is essential that you do not bid unless you are satisfied with the condition of the property.
  • [ + ] 17. Do I need to pay a fee to register to bid or a fee to place a bid?

    There are no fees with either registration or bidding. A fee is charged when you win a property. Unless it is stated differently, at that point you need to make a 5% deposit or a $2,000 deposit, whichever is greater.
  • [ + ] 18. If I am an agent representing a buyer, do I receive compensation?

    Yes, you receive the buyer agent fee that is indicated on the bid page for the property, unless other information is stated on the bid page.
  • [ + ] 19. What type of computer system do I need in order to bid?

    Here are the requirements that work best for bidwin.org.
    For Windows users:
    Internet Explorer 6.0 or higher or Firefox 1.5 or higher, Adobe Flash Player 8 or higher, Javascript enabled, Adobe Reader
    For Mac users:
    use the Firefox browser.
  • [ + ] 20. I am using the correct login information but can’t gain access. What do I do now?

    >First check to be sure you are using the correct login information. If you are, it could be a problem with either your firewall or software that blocks popups.
    Bidwin.org uses popup windows and secured servers to collect and process data. You need to check your browser settings to make sure you are allowing popups. Also check that JavaScript and Flash are not blocked.
  • [ + ] 21. If I want to complete a short sale, can I use bidwin.org?

    Yes, bidwin.org can help you get a large number of bids at the best price possible. Lenders are impressed when you receive multiple bids. It proves to them that you have done the work needed to get the highest price possible before submitting an offer for a short sale.
  • [ + ] 22. Is it possible to monitor multiple properties from a central dashboard on bidwin.org?

    Yes, registered users can place properties in their Watching Properties folder. This makes it possible to monitor them from a single page.
  • [ + ] 23. When do I know when the active bidding ends?

    >Check the countdown clock on the bid page for the property you are interested in. This tells you how long you have left for bidding. When it reaches zero, bidding is over and there are no time extensions.
    At this point, if it has met its reserve price, the property is declared sold, subject to a final review. If the reserve price was not met, the property may be relisted using a higher open bid call.
  • [ + ] 24. When will I know if I have been outbid?

    We use a bidding notification process for the both the bidder and the seller.
    As a bidder, you will receive an email saying you have been outbid. Additionally, you can check the bid page just under the countdown clock. This will tell you who is the current leading bidder.
    The seller will receive an email saying the property has received a bid and the amount.
  • [ + ] 25. If I bid on a property but it is no longer on bidwin.org, do I still need to pay the internet transaction fee or buyer’s premium?

    Yes, you must if the property was bought within 30 days of it being on bidwin.org.
  • [ + ] 26. What will happens to a property if the reserve is not met by the end of the Post Bid Period?

    The property will be withdrawn from the website and returned to the Seller.
  • [ + ] 27. Are listing agents assigned to the properties by bidwin.org?

    No. Agents have already been assigned by the seller when they are sent to bidwin.org.
  • [ + ] 28. How secure is my credit card data when I make my bidding deposit on bidwin.org?

    Your data is extremely safe. All deposits are run through the international Paypal system.
  • [ + ] 29. How do I sell my property on bidwin.org?

    First you need to find a real estate agent who is accredited by bidwin.org. If you can’t find one in your area, contact admin@bidwin.org.
    If you are currently selling, simply ask your realtor to put the property on the auction platform. We make it easy to link your property to an auction. If your current agent is not accredited, have her email her details to us.