BidWin.org | How To Bid
BidWin.org

|Foreclosure Listings

How To Bid

The entire bidding process in bidwin.org website is quite simple. You only have to follow the steps mentioned below:

Step 1 - Registration

 The first step in any website would be to register. It is easy and free. However, you need to have a username and password. Click here to register with bidwin.org.

In order to prevent unlawful transaction and other fraudulent activities, you must register with your credit card details as well. This is to ensure that you are a real person and you are of age. You will not be charged anything when you register, nor would you be charged for auctioning or bidding. If you make a purchase, however, you will be charged.

Step 2 – The Bidding Process

You can go to the website's Bid page to bid on a property. Thanks to bidwin.org's ProxyBidding™ feature, you can use it to enter the maximum proxy amount and click on the 'submit' button. Of course, you must be signed in to do this. Once you are signed in, you can visit any property and place a bid, either the next bid increment or a higher bid. The process for bidding for all the properties is the same. When you win in a bid, you would be notified of it through an email sent by the website. It will also contain complete instructions on how to proceed with the bid.

Related Reading:  Frequently Asked Questions.

Step 3 – We recommend you view the property before purchasing

The properties for auction would be listed on the bid page. You can bid on them and win a bid, but as a listing agent, it becomes your responsibility to view the property and conduct the necessary inspections to ensure everything is "clear" and to adjudge its condition. Even if you do not view the property, the auction would happen as scheduled, but you will not be able to blame the seller or his agent if you did not like its condition. Of course, it is the duty of the seller to include the negative aspects of the property, if any, but it is your duty to view the property to check its actual condition. All the properties are sold in an ‘as is’ condition - no contingencies for inspection or financing.

When you bid and win, you will be notified through email and the details of closing would also be decided. In case you are not able to complete the closing, you will have to pay a penalty fee of $2000. Of course, this happens only when the fault is your own. Hence, you are responsible for making your own financial arrangements before the closing date.

When your bid is accepted:

It is Bidwin.org who would notify you of a winning bid. During the five days that follow the bid, you and the seller would conduct discussions on the bid, and you would be talking with the seller and his agent. At the end of the discussion, the agent should communicate to the website.
Related Readinng: What Happens When I Win?

Who has the right to reject a bid? 

Depending on the auction rules, the seller reserves the right to accept or reject any bid, regardless of the results of the auction. It is the website that decides whether the bid amount has exceeded the reserve price or not, whether the bid placed is the highest ever on that particular property and so on. If it is a bank property, then the approval and the final review would be made by the bank manager. If a bid has to be considered valid, the contract must be in the written form (written by the seller) and the approval made by both parties, irrespective of how the transaction is made.