The selling agent sets the date & time to run the online bidding process and posts property on PropertyBid.ca (Just like setting an offer date- except offers are accepted online, in real-time.)
Buyers and agents log-on and compete in real-time - placing offers against other bidders/buyers.
When the auction ends, the home is SOLD to the highest bidder.
The buyer's agent and bidder connect within 24 hours to submit documents and the deposit.
HOW IT WORKS
- The selling agent creates a unique listing page on PropertyBid.ca, including agent details, asking price, acceptable conditions and a property link to your local boards Listing Service.
- The selling agent sets a date and timeframe for the online bidding to take place.
- Interested buyers have their agents pre-register and log-on to access the bidding portal and participate in the online bidding competition in real-time.
- If a bid is placed during the last 5 minutes of the bidding timeframe, the closing time will be automatically extended for an additional 5 minutes from the time the last bid was placed. The bidding will officially close once all bidding activity has stopped.
- The highest bidder is deemed the “winner” of the bidding competition and is awarded the sole entitlement of a written offer presentation.
- The buying agent will have a specified timeframe in order to complete the appropriate documentation and submit a deposit to the seller’s agent in order to complete the purchase agreement process.
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How is PropertyBid paid for its services?
PropertyBid is a FREE service to listing agents and sellers. We earn our fees from the winning bidder who pays a $3000 platform fee. All bidders secure a $3000 credit card “authorization hold” at time of registration. Only the winning bidder's credit card is processed. This also demonstrates to sellers that they are dealing with serious buyers.
We have found that our bidding format helps sellers to achieve higher prices than they would typically receive from "bully offers" or those traditionally handled by their listing agent. When more buyers compete and there is transparency- final offer prices are usually higher. As such, we believe the value of our services pay for themselves and provide a much greater benefit to sellers, agents and buyers.
Buyers will take the fee into consideration when making the offer and assume that, as part of the cost of making the purchase.
In many situations, buying agents will assume this fee as a cost of doing business, similar to the practice of reducing commissions or paying out-of-pocket marketing costs.
In the event a “winning” bidder fails to complete the purchase agreement and hand over the deposit, they forfeit their $3000 registration fee. A portion of this fee in turn gets paid to the seller to cover remarketing costs.