Bidding
 


Who can bid?

Users who have signed up and those capable of forming legally binding relations under applicable law can place a bid. Click here to sign up or refer to the Terms of Service for more information on who can bid.



How do I bid?

Before placing your first bid, thoroughly review the auction description and any additional details included in the listing. Remember, it is incumbent upon the bidder to verify all information provided and conduct additional research before placing a bid.

Click here for a more comprehensive, step-by-step How to Bid guide.



What is an Auto Bid?

Auto Bid is the maximum bid you’re willing to bid on the auction. Bid4Assets will automatically increase your bid to maintain your high bid position or to meet the reserve price.

Please note: If two bidders place auto bids for identical amounts on the same auction, and this amount is the high bid when the auction closes, the first auto bid that was placed will be the winning bid.

Examples of Auto Bid:

  1. If the auction has a minimum bid of $200 and you enter your maximum bid amount of $400, your bid will automatically be placed at $200. Your bid will automatically increase as other bidders participate, up to your $400 maximum bid amount.

  2. If the auction has a Reserve Price of $20,000 (this amount is hidden from bidders) and you enter an Auto Bid amount of $18,000, your bid will automatically be placed at $18,000. The Reserve Price has not been met so there will be no winning bidder unless additional bids are placed.

  3. If the auction has a Reserve Price of $20,000 (this amount is hidden from bidders) and you enter an Auto Bid maximum of $21,000, your bid will automatically be placed at the Reserve Price of $20,000. If another bidder jumps in, your bid will automatically increase until you meet your $21,000 maximum bid.


What is BuyNow?

A BuyNow auction means you can bid on the item one of two ways:



  1. If you are willing to offer the BuyNow price before the first bid comes in, you win the item immediately and the auction ends.


  2. If you place a bid first instead of offering the BuyNow price, the BuyNow option disappears. Then the auction proceeds as a regular online auction.


BuyNow auctions are identified with the following icon: . You MUST click on the BuyNow icon to choose this option.



What is a Reserve?

A reserve price is the minimum dollar amount a seller is willing to accept for an item. This amount is not disclosed, but bidders are notified (“reserve met” message appears on the auction listing) once the reserve price has been met.



Why isn’t the reserve price disclosed?

The seller has set the hidden reserve price to protect his or her financial interests. It is the price at which the seller is obligated to sell.



What is a Bid Increment?

A bid increment is the minimum amount you can bid above the current bid price. A bidder can place a bid amount that is equal to or greater than the bid increment, just not less than the bid increment.



Can I place a bid for less than the Minimum Bid amount?

No. The Minimum Bid is set by the seller and is the floor at which bidding begins.



Can I remove or cancel a bid?

Bidders are urged to use the utmost care in placing a bid. A bid amount cannot be removed or cancelled from an auction once it is placed. A bid is a binding contract between buyer and seller; an irrevocable offer to purchase an item from the seller at the stated bid price. Buyers are required to conduct any research or due diligence of an asset prior to placing a bid.


Can I change my bid?

It depends on how you placed your bid.



Can I increase my bid if I am the high bidder?

Yes. If you are the current high bidder, you can increase your bid amount. Enter your bid in the “Place Your Bid” box to submit a higher bid amount. If you have a maximum Auto Bid amount that you would like to increase, type the new bid amount in the yellow bid box and click on the "Bid on this Item" button.



What happens if I am the winning bidder and I back out of the purchase?

All bidders should be aware that they have entered into a legally binding agreement if they place a winning bid on an auction on Bid4Assets or Bid4Homes. Please see our Terms of Service, section 3.3 (b.) “offer and acceptance – binding contract between buyer and seller.” Every bidder must agree to the Terms of Service before bidding.



We take bidder performance very seriously and expect every winning bidder to complete their transaction. We vigorously enforce any violation of policy.



A “non-performing” winning bidder will be subject to the following penalties:

What is a deposit

Most government auctions conducted by Bid4Assets require interested bidders to submit a deposit — specified by the seller — prior to placing a bid on an auction. Following the auction, the Seller will receive the deposit from the winning bidder as a purchase deposit payment for the asset. If a winning bidder, for whatever reason, does not perform on the auction their deposit is forfeited and their Bid4Assets account is suspended. For more details and instructions on how to place deposit, click here.

Note: Bid4Assets is currently Beta testing offering deposit services to private sellers. The service is not yet available site-wide.



What is an Overtime period/What is Overtime Bidding?

Similar to when an auctioneer continues to take bids until the last bidder bids; B4A’s Overtime Bidding keeps an auction open for bidding until there are no further bids for 5 consecutive minutes. Overtime bidding occurs automatically when a bid is placed within the last few minutes of an auction. The auction will remain open until an entire overtime increment (5 minutes) has passed without any bidding. The overtime increment is indicated on the auction listing page.



What is a Buyer’s Premium?

Buyer’s Premium is an optional fee that sellers can add to the winning bid amount of an auction to cover costs associated with their auction. The fee cannot exceed 10% of the winning bid amount and is included in the total purchase price paid by the buyer to the seller. The buyer’s premium percentage is indicated on the auction listing and displayed during the bid process. The seller is responsible for collecting the Buyer's Premium from the Buyer.



What is a Bid and Assume Real Estate auction?
A Bid and Assume auction is an owner-financed real estate auction. In a Bid and Assume auction, potential buyers are bidding for the down payment only and the winning bidder will assume the balance amount as stated within the auction. Buyers are required to carefully review the seller's terms listed in an auction — prior to placing a bid — as there may be additional collection/processing fees, closing costs, a Buyer’s Premium or other fees. Click here to read our FAQs on Bid and Assume auctions.



What does the icon located in the Seller Information box indicate?

All sellers on Bid4Assets are authorized through an ID Verify process provided by Verid Identity Verification and include the icon on their auction listing page. Seller ID Verify significantly decreases Internet fraud and our buyers are assured they are doing business with sellers who are who they say they are.