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Frequently Asked Questions

What is a Featured Property


What type of properties will be sold on BidPointe.com?


How are the property values determined? How current are they?


Should I inspect the property prior to bidding at the Listing?


May I conduct inspections after the Listing?


May I bring a contractor with me during inspection?


Do I need to register to bid at the Listing?

What is the Buyer(s) Premium, and what is it used for?


If I am the winning bidder, may I assign my contract to someone else?


What if I change my mind? May I cancel the transaction after the fact?


Do you publish Listing results?


Because these properties were foreclosed on, are there any liens on the property?


Is there a redemption period where the former owner can make good on their debt?


May I choose my own Title Company?


When will I receive title to a property that I have purchased?


How do I get financed if I am the winning bidder?


What if I want to use my own lender?


May bidders provide their own financing?


When the property is listed as Cash Only, must I have cash at the Listing?


What are the closing costs?


I am trying to register for the Listing tomorrow. Why will it not let me?


May I bid if I am not a US citizen?


I have registered for the website, so why can I not bid?


I forgot my password; how do I access my BidPointe.com account?


May I title the property in my corporate name?


What documents are required for Corporations?


What is required for Limited Liability Companies (LLC)?


What do I need to put it in a Trust?


What is required to hold title as a Partnership?


What documentation do I need to submit as proof of funds?


Who owns the properties that are being offered at the Listing?


May I increase my bidding limit?


May I bid on more than one property?


What if I want to bid on back to back properties?


May I set a max bid once the Listing has started?


May I set a proxy bid?


When does the Listing end?


Do all the properties close at the same time?


How will I know if I am the winning bidder?


I received an email stating that I am the highest bidder, but no one has contacted me. What do I need to do?


Can I see the property after the Listing?


I have not received my contracts; what do I do?


Can I add another name on the contract after the Listing?


Q.

What is a Featured Property


When a property is listed as a Featured Property, it will be placed in the Featured Property section of the BidPointe.com homepage. This will give any prospective bidder the greatest opportunity to view a listed property. Please note: Requesting a property to be listed under the Feature Property section does not guarantee such.

 


Q.

What type of properties will be sold on BidPointe.com?


Whether you are a first-time home buyer, looking for a second or vacation home or a real estate investor, BidPointe.com offers a numerous and attractive selection of homes. They are residential properties ranging from single family homes to condo units, 1-4 multi-family residential units and more!


Q.

How are the property values determined? How current are they?


The value to price is based on the higher of the following: A) the appraised value of the property in connection with the most recent mortgage on the property, B) the most recent asking price, C) the assessed value or D) the most recent broker price opinion.


Q.

Should I inspect the property prior to bidding at the Listing?


Yes, yes, yes! The only way for you to make an informed decision when it comes to bidding and buying a property is to not only visit, view and inspect the property prior to the Listing but also to read and review any property information and disclosure documents pertaining to that property. Do your investigation; make your inspections. By registering and bidding at the Listing, you are representing that you have not only viewed the property prior to bidding, but have also inspected, reviewed and accepted all relevant property information deemed necessary to make an informed decision. The properties will not be open for inspection after the Listing so be diligent and do your inspections and investigations prior to the Listing.


Q.

May I conduct inspections after the Listing?


No. All inspections must be completed prior to the Listing. For each Listing there will be published select open house viewing dates at which you can view the properties. The properties will not be open for walkthroughs or inspections after the Listing.


Q.

May I bring a contractor with me during inspection?


Yes! You are encouraged to do so!


Q. Do I need to register to bid at the Listing?

Yes! But registering is free and easy. We recommend that you register at least 48 hours prior to the Listing day in order to receive information relating to the event. And remember, it is totally FREE! There is no obligation on your part!


Q.

What is the Buyer(s) Premium, and what is it used for?


A Buyer(s) Premium*, is a percentage of the purchase price that will be added to the Winning Bid Amount to establish the Total Purchase Price. For example, if the Winning Bid Amount is $200,000, then the Buyer(s) Premium* would be $10,000 (5% of $200,000). The Total Purchase Price is then calculated as the Winning Bid Amount + the Buyer(s) Premium, or $200,000 + $10,000 = Total Purchase Price of $210,000. The Buyer(s) Premium* is used to help the Broker promote and market the property for sale and to help defray the Commission expense costs without having to pass on all of those costs to the Seller. It is a standard practice utilized by most major listings. *Remember: A Buyer(s) Premium is a percentage of the purchase price and will be added to establish the Total Purchase Price.


Q.

If I am the winning bidder, may I assign my contract to someone else?


No. The purchase agreements are not assignable. All parties who wish to buy must be present on Listing day so that they can register for the Listing and execute the necessary documents if they win.


Q.

What if I change my mind? May I cancel the transaction after the fact?


No! Once the auctioneer has announced \\\\\\\\\\\\"Sold!\\\\\\\\\\\\", you have agreed to purchase the property. There is no rescission or cooling off period. That is it why it is important for you to conduct all of your due diligence and inspections prior to Listing day and prior to bidding on the property. Please review the Listing terms and conditions for further information.


Q.

Do you publish Listing results?


No. As the broker in the transaction, BidPointe.com is prohibited from disclosure during escrow. Once escrow closes, you can obtain the information from the County Recorder(s) Office.


Q.

Because these properties were foreclosed on, are there any liens on the property?


No! The sellers provide insurable title to the properties sold at Listing. You will receive a standard Title Policy as part of your transaction. Please review the purchase agreement for further details.


Q.

Is there a redemption period where the former owner can make good on their debt?


No! These are all bank owned properties; the foreclosure process has been concluded and finalized.


Q.

May I choose my own Title Company?


No, the seller chooses the Title Company. Closing costs are standard and customary for the county in which the property is located.


Q.

When will I receive title to a property that I have purchased?


The closings are expected to occur within 30 days of the Listing. At closing, and upon payment of the purchase price and closing costs, you will receive insurable title vested as you designated to the closing agent. Please review the purchase agreement for additional information.


Q.

How do I get financed if I am the winning bidder?


It is recommended you take advantage of our FREE loan pre-qualification through our National Financing Lenders prior to Listing day. The lender(s) offer competitive rates and programs, with financing available as low as only 3.5%* down!


Q.

What if I want to use my own lender?


You are free to use your own lender…BUT, you will be requested to take an application with the onsite lenders at the Listing should you be a successful bidder. We encourage you to utilize the designated lenders due to their experience as large, national lending companies who specialize in helping everyone, from first-time buyers to sophisticated investors. Please see the Listing terms and conditions and review the purchase agreement so you are fully informed.


Q.

May bidders provide their own financing?


Yes, but the sale will not be contingent upon financing, escrow closing will not be contingent upon financing, nor will escrow closing be extended for that purpose. Winning bidder using their own financing must at time of Listing provide a written unconditional lending commitment from their lender. Failure to provide at Listing will result in the winning bidder being required to use Seller(s) lender, subject to qualification. Bidder must fill out loan application for their lender allowing Seller to confirm credit status.


Q.

When the property is listed as Cash Only, must I have cash at the Listing?


You must have the down payment (5% for owner occupied, 15% for investment property) on Listing day, and be able to fund in cash within the 30 day escrow.


Q.

What are the closing costs?


The Standard and Customary charges for the county in which the property is located, which may include but are not limited to escrow fees, recording fees, normal pro-rations, lenders title insurance premiums and fees, loan fees, document processing fees, document transfer taxes, and homeowners association dues.


Q.

I am trying to register for the Listing tomorrow. Why will it not let me?


Registration for online only Listings is available up to the Listing ending date. Please contact customer service for assistance if you are having any problems registering.


Q.

May I bid if I am not a US citizen?


Yes, anyone can bid! The registration and bidding process are the same for all bidders.


Q.

I have registered for the website, so why can I not bid?


You may have created your profile with BidPointe.com, but did not register to participate in an online only Listing event. Please go to the Online Bidding tab, click on the Listing for which you would like to participate and then click on the Register Now button.


Q.

I forgot my password; how do I access my BidPointe.com account?


On the LOGIN page, click on \\"Forgot Password?\\" and fill in the answers to your three security questions. After you have answered all three questions correctly you will automatically be emailed a randomly generated password. Follow the instructions from there, and click on the link provided for you.


Q.

May I title the property in my corporate name?


Yes, you may title the property in the name of a Trust, partnership or corporate entity. To do so , you must fax in your entity formation documents to (800) 555-0121 prior to bidding on the property.


Q.

What documents are required for Corporations?


Articles of Incorporation, By Laws, and Resolution authorizing the Corporation and party signing Purchase Agreement to act on behalf of Corporation in this transaction.


Q.

What is required for Limited Liability Companies (LLC)?


Articles of Organization, Operating Agreement and Resolution authorizing the LLC and party signing Purchase Agreement to act on behalf of LLC in this transaction.


Q.

What do I need to put it in a Trust?


Declaration of Trust and evidence that party signing contract is Trustee of the Trust.


Q.

What is required to hold title as a Partnership?


A Partnership Agreement and evidence of authority of signing party is all that is required for title to be held under a Partnership.


Q.

What documentation do I need to submit as proof of funds?


Bank statements and/or investment statements for stock or bonds will suffice as proof of funds.


Q.

Who owns the properties that are being offered at the Listing?


These properties are all acquired by lenders through the foreclosure, sheriff(s) sale or deed in lieu of foreclosure process and are now being liquidated. The lender(s) do not want these homes on their books and have ordered them to be sold - these homes must be sold, and they must be sold fast! Be sure to register and attend the Listing to take advantage of the fantastic bargains available to Listing bidders.


Q.

May I increase my bidding limit?


Yes, you may increase your limit by clicking on the money bag icon in your account information section on the website. Please be aware that if you increase your limit after it has been initially set, an additional hold on your credit card for the amount required to raise your bidding limit will occur.


Q.

May I bid on more than one property?


Yes. You determine your bidding limits, and as long as you have enough funds, you may bid on more than one property. Make sure that the sum of your bids does not exceed your bidding limit.


Q.

What if I want to bid on back to back properties?


You may bid on as many properties as you like provided the sum of your bids does not exceed your bidding limit.


Q.

May I set a max bid once the Listing has started?


Some events may include a proxy bidding period where you are able to set a bid amount, to which amount BidPointe.com will automatically bid for you. On events that do not include this feature, you must make bids yourself.


Q.

May I set a proxy bid?


Some events may include a proxy bid period, where you are able to set a bid amount, and BidPointe.com will bid up to that amount for you automatically. On events that do not include this feature, you must make bids yourself.


Q.

When does the Listing end?


The first property closes at the posted end time and the remaining properties will end in numerical order at various intervals. A property will have extended bidding time added if there a bid is placed in the final seconds of the Listing.


Q.

Do all the properties close at the same time?


Properties are scheduled to end in sequence, approximately 30 to 60 seconds apart on the date and time indicated on the bidder page. End times for some assets may be extended up to 2 minutes increments due to aggressive last minute bidding by multiple parties.


Q.

How will I know if I am the winning bidder?


If bidding on your property ends and you see SOLD!, along with an indication that you are still the highest bidder, you will receive a winning bidder confirmation via email very soon after. That email will be followed up as soon as possible and within 24 hours by a phone call from one of our online sales representatives, who will walk you through the contracting process.


Q.

I received an email stating that I am the highest bidder, but no one has contacted me. What do I need to do?


You will receive an email when you are the highest bidder on a property. If at the end of an Listing you have not received another email indicating you were outbid, you should receive an email indicating you were the winning bidder for this property. Within 24 hours, you will receive a phone call to walk you through the contracting process.


Q.

Can I see the property after the Listing?


Winning bidders are not authorized to enter the property until close of escrow. Remember that all properties are sold as-is and there is no inspection contingency.


Q.

I have not received my contracts; what do I do?


If you have not received your contract documents within 24 hours of Listing end, please contact customer service at 1-800-555-0121 and ask to speak with the Director of Online Sales


Q.

Can I add another name on the contract after the Listing?


All parties on contract must be added at the time the contracts are being drawn up. We cannot add co-buyers after the contract documents are sent out.




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