Your cost for purchasing a home on bidwin.org will be determined by:
Your winning bid price + bidwin.org Internet Transaction Fee + Closing Costs.
Here is a detailed description of what you can do when you win:
All the highest bidders in an auction will be notified when the auction reaches an end. The person who wins the bid will also be notified of his win if he meets the discounted reserve price. In case, the reserve hasn’t been met and you have become the highest bidder so far, you will be notified of the same as well.
Once you win in the auction, you will receive a questionnaire that you have to fill and send to the website. Once the accuracy of the questionnaire is verified, you will be sent a contract which you will print, sign and return by post. Kindly go through all the information in the form and verify the answer and put the signatures in the exact places before sending. The FedEx shipping label through which you have to send the documents would be paid by the website. Ensure the email address that you entered at the time of registration is accurate because most of the correspondence will be through that.
The questionnaire has an option that says “Cash or Financed Purchases”. If you select the “Cash” option it means you are paying a deposit now and the balance amount would be paid in cash during closing. The normal time-frame for a deal to close is 21 days; it could change depending on the time-frame specified alongside the bid.
If you plan to finance, you have to be pre-qualified by the lender before you become eligible to bid and win a property. You must be aware of the down payment of the property as well as about the different options for financing such as FHA, Hard Money, Conventional and so on. If the bidder can purchase a property only through financing, the seller has to review and agree to the same. If the seller is not happy, he has the right to reject the bid even if you happen to win the bid; in such cases you stand to lose the property. If you choose the financing option, you have 30 days until otherwise mentioned in the bid for the closing. All other information regarding the bid would be mentioned on the property’s bid page.
As mentioned earlier, you will have to return the Purchase Agreement package, which will be accompanied by a pre-paid Federal Express label, so that you can send the documents without any delay. As soon as the documents are sent, the better it would be for you. The documents that are to be sent are: Purchase and Sale Agreement, Deposit Funds ($2,000.00 or 5% of the purchase price), Proof Of Funds. There is a deadline for receiving the documents, it would be listed on the buyer’s contract and must be adhered to. The instructions for closing will accompany the email sent to the buyer.
The bidder has to divulge the details of his credit card at the time of registration. In case, there is a penalty, then a fee of $500.00 would be deducted via credit card if the documents are not sent to Bidwin.org. If they are sent on time, NO FEES will be charged.
The balance amount that the buyer has to pay must be paid at closing. Closing costs include Internet Transaction Fee. If there is a material default by the seller, the deposit will not be refunded.
Once the Purchase and Sale Agreement, Deposit Funds ($2,000.00 or 5% of the purchase price) and Proof Of Funds are received at Bidwin.org, a confirmation email will be sent to your address. We will also send the original buyer/seller contract to the seller for his signature.
Once the closing process starts, your file would be transferred from Bidwin’s contract department to the closing department. It would be the closing department that would then monitor the progress of your closing. Bidwin partners with a local closing agency that would be physically present during the actual closing. The fee that you pay for the local agency would be decided by them. It is also this agency that would decide on the closing date, but sales must be closed within 30 days of selling. It is the responsibility of the buyer (bidder) to get the funds ready for purchase.
Bidwin.org advises all buyers to have direct communication with the closing agency to ensure there is no confusion in the closing process. The website would however help anyone requiring any help in communicating or facilitating information from the closing agency.
The complete amount and all balances should be paid at the time of closing and this would include Internet Transaction Fee as well. Unless there has been a material default by the seller, there will be no refund of deposit.
bidwin.org is an internet marketing and advertising firm where information about properties are listed by the concerned agents and where auction happens with a view to sell the property to the highest bidder. However, Bidwin.org does not act as an agent in any of the transactions.