What steps follow a completed auction?
If the Reserve Price is met, emails from Bid4Homes outline the auction details to the seller and the winning bidder. The email includes: * Auction ID * Winning bid price * Contact information – to help the seller and winning bidder communicate with each other and make settlement arrangements. Ultimately, the seller and buyer must identify a settlement company. Depending on the jurisdiction, this is negotiable between the buyer and the seller. If a property is bought through Bid4Homes and that property is bought through “Make an Offer”, the settlement details are arranged between the buyer and the seller. In both cases, the buyer must communicate the contact information for the settlement company to Bid4Homes. Once a settlement company is identified, Bid4Homes will begin collecting information from the buyer that is relevant to closing to ensure that fees are properly disbursed. Who is responsible for payment processing? The seller must contact the winning bidder to arrange for payment
If the Reserve Price is met, emails (along with messages to the buyer and seller’s Message Center) are sent from Bid4Homes to relay the auction results. The email includes: * Auction ID * Winning Bid price * Contact information – to help the seller and winning bidder communicate with each other. Both the seller and winning bidder are responsible for contacting each other within two business days of the close of the auction to begin the settlement process. If you are the winning bidder, you will receive an email immediately after the purchase confirming the amount of the winning bid and a contract confirming those terms. The steps that must be followed will be clearly outlined in the auction details. Read these details carefully. The terms of the auction are in and of themselves a binding agreement. Soon after you are identified as the winning bidder, you will also receive an email asking you several questions about settlement.
