Real Estate Auction Frequently Asked Questions | Foreclosure Auction FAQ

COMMON QUESTIONS ABOUT RealtyNoteBid.com

What is RealtyNoteBid.com?

RealtyNoteBid.com, the Pre-foreclosure Exchange, is an on-line auction platform where Investors can acquire at a discount secured, non-performing real estate Notes. This Internet auction site provides a convenient platform for Investors to purchase real estate Notes online.

Should I wait until the last five minutes of an auction to place my bid?

Due to traffic congestion at the end of an auction, we do not recommend waiting until the last few minutes of the auction to place your bid. The site is designed to handle a tremendous volume of traffic, but there is no guarantee that your bid will make it through to the site. Bids have been received late at times due to the speed of some bidder computer equipment and/or the connection speed of the Internet service provider (ISP). RealtyNoteBid.com shall not bear responsibility for bids that do not make it through to the site. We recommend placing bids early and make use of the BidAssist™ feature if you are willing to pay more for a Note than the current bid amount. Please read about BidAssist™ within Helpful Site Features under the "Learn" pull-down section at the top of the website.

Where do these Notes come from?

The Notes on this site are offered by corporations, financial institutions, institutional investors, private investors, government agencies, and other motivated Sellers.

Will I be responsible for back taxes and/or liens owed by the Sellers?

Any back property taxes or title issues will be shown on either the Seller’s title policy and/or the Trustee Sale Guaranty which, if available, will be posted on the website. If a Buyer purchases a Note and is the successful bidder at the foreclosure sale, any back taxes and any junior monetary title issues will be cleared by the Trustee prior to the recordation of the Trustee Deed.

How do I bid on a Note on this site?

You will need to register via the Bidder Registration page on this site, and then place bids from a Note's Bid Page, or from your My Notes page. For more information about bidding, click the Helpful Site Features link within the "Learn" category on the top menu.

Is there a minimum price that must be achieved by the Sellers?

Yes, in most cases there is a discounted minimum reserve price that must be met on each Note. Each Note's Bid Page should indicate whether the reserve price has been met.

Will I have an opportunity to view the Note after a bid and change my offer?

You can place multiple bids on each Note; however, all bids are final and binding (see Bidder Terms). It is recommended that you view each Note prior to placing a bid. Note's are available for viewing on the website unless disclosed otherwise.

IS THERE A BUYER FEE (AS IS COMMON WITH MOST AUCTIONS TODAY)?

Yes, there is an Internet Transaction Fee, similar to a traditional auction company's Buyer's Premium fee that is added to each Note sold. This fee, which is specified on each Note's Bid Page, is paid by the Buyer through escrow to RealtyNoteBid.com at closing.

DO I HAVE TO PAY A FEE TO REGISTER TO BID?

No, there are no fees required to bid. Each Note does require a specific bid deposit once you are declared the winning bidder. The bid deposit will be applied and credited to the down payment, which is also Note specific; however, in most cases, the minimum acceptable deposit for each Note is five percent (5%) of the total contract price or $2,500, whichever is greater, unless otherwise disclosed. During the registration process, you will be required to input a credit card number. This is to allow our Sellers to know you are a real person and of legal age to bid. Your card will never be charged unless you are a winning bidder and fail to complete the Sales Contract and return it in a timely fashion. In this case, depending on the circumstances, your credit card may be charged a $2,500 liquidated damages fee. You may also elect to utilize your credit card to purchase any of the Note-related products offered on the site from time to time.

Will I know when the Note has met its reserve price?

Yes, the bidding system will allow you to know when the reserve price has been met through an indicator on that Note's Bid Page. The indicator does not display the reserve price amount, just whether or not it has been met at the current bid price offered.

WILL I BE PAID A REFERRAL FEE IF I REFER A SUCCESSFUL BIDDER?

Yes, in most cases. A referral fee is paid to those Agent’s who refer a successful bidder (as defined with the Note). If a Note is sold through the website and the winning bidder lists you as the Referring Real Estate Agent when he/she registers to bid and on his/her Note Purchase Agreement Questionnaire, you will be eligible for the referral fee offered and advertised.

Are there any safeguards in place to prevent "Sniping"?

Sniping occurs when a bidder waits until the last minute of an auction to place a bid to prevent other bidder's adequate time to respond and bid again. The only safeguard built into the RealtyNoteBid.com bidding system to help prevent sniping is the BidAssist™ feature. The BidAssist™ feature is more fully described on the Helpful Site Features page.

What do I need on my computer to make this site work?

To fully enjoy all of the features of our site, please make sure your system meets the following requirements:

Internet Explorer 6.0 or higher (click here to download)
OR Firefox 1.5 or higher (click here to download)
Macromedia Flash Player 8 or higher (click here to download)
JavaScript enabled (click here for details)
Adobe Reader (click here to download)
Using a MAC? Try the Camino Browser (click here to download)

How can I make sure my Spam Filters don't block important RealtyNoteBid.com emails?

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