Settlement
 

How does settlement work?

Both the seller and winning bidder are responsible for contacting each other within two business days of the close of the auction to begin the settlement process Both parties will receive an e-mail (and a message in their My Account page Message Center) from Bid4Assets after the close of the auction with the auction details and contact information for the other party. Final payment is due within five calendar days to the seller, unless otherwise stated.


By making the winning bid, the buyer has entered into an enforceable contract with the seller. If the winning bidder does not complete the transaction, the seller will report the bidder as a non-performing bidder (NPB) to Bid4Assets which automatically suspends the buyer’s account. In addition, the buyer will forfit their deposit on auctions requiring a deposit, for non-deposit auctions the buyer will be charged a fee of $500 for real estate auctions or $100 for all other auction categories. Click here for more information on “Non-performance fees”. The buyer and seller are expected to conduct the deal in accordance with the terms of the asset listing and the Bid4Assets Terms of Service.


Can Bid4Assets act as settlement agent for a transaction?

No. Bid4Assets does not offer settlement services.


How do I receive a refund?

If a seller provides refunds/returns on auctions, they will list a refund/return policy and guidelines in their auction listing. If you wish to request a refund, you will need to contact the seller directly within ten calendar days from the receipt of the item. For Jewelry, Coin and Art auctions, Bid4Assets requires all sellers to provide a return and refund policy that meets Bid4Assets minimum standards. The Bid4Assets policy states that a 100% return/refund policy is required for any auction that includes an appraisal, certification, and stated and/or estimated retail value.


Please refer to the Terms of Service for details.