- What is Time Limit Bidding?
Time Limit Bidding is an online bidding process that ends at a specified time and date. In this format, the highest bidder at the specified time and date is the conditional winner. For Time Limit Bidding, you can either place a bid using theBuy Now option or become the highest bidder at the end of the time limit period by outbidding the prevailing highest bid. In a Time Limit Bidding format, the property is soldAS IS unless specified otherwise in the terms/contingencies on the property details page.
Time Limit Bidding is NEW and very EASY to use! However, there are some MAJOR differences with Time Limit Bidding than what you may be used to such as the following:- In order to WIN a Time Limit Bid, theWinning Bid must be equal to or greater than the Reserve Price. Unlike a typical listing price, a Reserve Price is not published to the public but is the minimum price acceptable to the seller of the property. Once a bid goes above the Reserve Price during the Time Limit Bidding period, the property page will indicate “Reserve Met= Yes”. Until then, Reserve Met= No.
- With all Time Limit Bids, there is a Web Transaction Fee. ThisWeb Transaction Fee is paid at AT CLOSING BY THE BUYER. The Web Transaction Fee is in addition to the bid placed on the home. For example, if the winning bid was $100,000 and the web transaction fee was 2% then the BUYER would pay an additional 2% at close to GoHoming or its Affiliated web sites as a cost of conducting the Time Limit Bidding. The Web Transaction Fee is agreed upon by GoHoming and the Seller and can range from 0% to 5%.
- Like the traditional NO TIME LIMIT BIDDING,all Time Limit Bids can NOT be won without agent representation. If a buyer wins a bid without agent representation, they may be forced to retract their winning bid and be subject to a penalty (see Terms and Conditions.)
No Time Limit Bidding is a process that does not end on a specific time and date. Under Time Limit Bidding the property will only be sold to the buyer if the Seller agrees to an “acceptable” offer. - How to Bid?
You can place a bid by registering onGoHoming.com or its affiliated websites. You can register as a Buyer or a Buyer Agent. There are two types of online bidding formats onGoHoming.com - Time Limit Bidding and No Time Limit Bidding.
If you are not the highest bidder on the property, you will see the status of your bid as Outbid in the Bid Manager section. Outbid or bid rejection happens when the then highest bid is rejected because a new better bid has been made.
Note: Best offer is decided by the seller, at its sole discretion, based on factors like offer amount, seller contributions (Property Tax, Attorney Fees, Repairs, Home Warranty, Incentives etc) and other factors. - How do I register?
On GoHoming.com or its Affiliated web sites, click on the "Register" button at the top right-hand corner, and enter the Mandatory Fields marked in red. Accept the Terms and Conditions of GoHoming.com or its affiliated web sites to complete the registration. For detailed, step-by-step instructions, please click here.
Once registered, you can:- Place bids
- Watch Properties
- Save Searches
- Receive Property Updates
However, you must provide additional details (such as Buyer agent information) requested by the seller in order to place a bid.
If you register as aBuyer or Buyer’s Agent, you can enter the website by clicking on "Bidders" tab at the top right ofGoHoming.com or its Affiliated web sites.
If you register as aSeller, Asset Manager or Listing Agent, you can enter the web site by clicking on the "Seller" tab at the top ofGoHoming.com or its Affiliated web sites. - How to Register as a Buyer?
- Enter the URLGoHoming.com or its Affiliated web sites on the address bar.
- Click on "Register" on the top right of the screen
- Fill in the data in the boxes shown. You can have a screen name or alias. This is the name through which you will be known in the system to others, and the system will use this name to address you.
- In the "City" and "State" fields, fill in the city and state in which you are looking for a property
- Click on "Register".
- You will then receive an email with a link from the site you registered on. Click on the link in the email. This completes your site registration. However, to bid on properties, you need to provide more information. The process is detailed below.
- (Bidder registration) Again, navigate toGoHoming.com or its affiliated websites. Click on "Bidders".
- Enter your registered Email Address and password. Click Login
- You will be taken to the Account Manager page. Click on the "Click Here" link on the bottom of the page. This step is required to register
- You will be presented with a page that requests your personal information. Please fill in all the details and click "Continue"
- If you have a real-estate agent, please indicate so and fill in his or her details. Once you are done, click "Continue".Note: You will be able to finish the registration and bid without details of an agent. However, if you do place a bid, you should provide your agent the offer details within 24 hours after you placed your bid. Otherwise your bid will stand cancelled.
- Financial registration is optional at this point in time, and you can choose to skip it by clicking on "I'll Fill later". However, if the seller of the property has indicated that financial or pre-qualification information is necessary, then you will need to fill it in. If you choose to fill in the information, please do so and click register.
- Click on "Continue" in the last screen.
- You are now presented with your entire account information. If you want to make any changes, please make them and click "Save Changes", otherwise just click "Save Changes".
- What is the difference between Flat Bid, Auto Bid and Buy it Now Bid?
AFlat Bid is a one-time bid. You bid the amount that you are willing to pay for the property. The bid amount should be greater than the current highest bid plus the bid increment.
You place anAuto Bid if you want the system to bid on your behalf. You use this feature typically when you are willing to pay more than the bid that you are currently placing in case you are outbid by another user. You can define the maximum amount of money the system will bid on the property on your behalf. If you are outbid the system automatically increases your bid for a value that is equal to the sum of the then current highest bid and the minimum bid increment provided the new value is within your defined maximum bid value.
Since withAuto Bid the system does the bidding on your behalf, you need not go through the hassle of checking your account to see if you were outbid.
You place aBuy Now bid if you do not want to wait until the end of the bidding time to know whether you have won the property. If you place aBuy Now bid, you become the winner and the bidding ends immediately. - What happens when I win?
When you win in Time Limit Bidding, an email notification is sent to you with the following instructions:- Where to make the Earnest Money Deposit
- Where to send the signed contract (and Addendum A)
- When you win in No Time Limit Bidding, you will receive instructions from the seller within 24 hours.
There will be a time limit to send the Earnest Money Deposit based on the seller requirements post-bidding, failing which the property can be re-listed. You could receive a penalty if there is no Agent or if you do not send the Earnest Money Deposit and Signed Contract for both Time Limit Bidding and No Time Limit Bidding. In a Time Limit Bidding format, there is also an Addendum B that discloses the web transaction fee associated with the property sale. - How do I login as a Buyer?
After you complete your registration onGoHoming.com or its Affiliated web sites, you can login by clicking on the "Bidders" tab by entering your registered Email Address and password. Click Login. - How do I know if I am outbid?
Following are the ways to know if you are outbid onGoHoming.com or its Affiliated web sites:- You will receive an email notification/alert that you have been outbid.
- You can login as a Buyer and watch the Bid Manager screen on "Bidders" to know the bid status.
- When you place a bid in the Time Limit Bidding format, you can view the bid to see if you have been outbid, and an email notification is also sent to you.
- In a No Time Limit Bidding format, your offer will be rejected if another offer is accepted.
- What happens if I don't have an Agent?
Time Limit Bidding: You cannot win a bid without an Agent. If you are the highest bidder at the end of the time limit period and you don’t have an agent for the bid, then you will be requested to update the agent details within 24 hours. If you fail to update the agent’s details, then it is up to the seller’s discretion to charge a penalty and/or cancel reject bid.
No Time Limit Bidding: The seller will contact you for the agent details to prepare the sale contract (Addendum A). If required, the seller can also provide you with an agent.
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