Seller Policies
 


To maintain the integrity of the Bid4Assets Web site, all sellers, current and new, MUST read and follow the Seller Policies and Guidelines carefully. Failure to adhere to these guidelines will result in disciplinary action that may include cancellation of auctions, penalty fees and suspension of your Bid4Assets account.


Seller Policy Topics:


Becoming a B4A Seller
 

Sign up: Sign up entitles you to buy, sell, view due diligence for certain auctions and to sign up to receive FREE auction alerts. It also gives you access to your My Account page, where you can track auctions and access other personalized features. Registering on Bid4Assets is free, easy and only takes a couple of minutes. Only one account per household is allowed. Click here to sign up now


ID Verification: All sellers on Bid4Assets are authorized through an Identity Verification. The process is free, quick and secure, and does not have an effect on your consumer file or credit score. First time sellers complete ID Verification at the beginning of the List an Auction process. After you complete the process, your seller ID will display the ID Verification Logo shown above. For further information review our ID Verify FAQs.

Getting Started
 

Proof of Ownership: Proof of Ownership is required for the first three auction listings. Once submitted, the auctions are placed on hold and reviewed by a B4A representative. The auctions are released once Bid4Assets receives the Proof of Ownership. At the discretion of Bid4Assets, Proof of Ownership can be requested at any time. Acceptable forms of Proof of Ownership include:

  • Personal Property: Receipt, invoice, packing slip, title or a notarized document detailing the item and stating you have full rights to sell it

  • Real Estate: Seller must present a copy of a recorded deed or a notarized sales contract, signed by the buyer and the seller.

Compliance with all applicable laws (Terms of Service)


Exclusivity: Unless otherwise agreed to by Bid4Assets in writing, seller agrees that Bid4Assets will be the sole venue for each listed asset for the term of the listing online or otherwise. Seller may not duplicate any listed asset on any other online site or through any offline sales method. If a Buyer makes an offer outside of the Bid4Assets venue, it is the seller’s obligation to have that Bidder sign up and have that bid submitted on the Bid4Assets site for the asset in question. Once an asset is listed on the site, if a seller sells the asset outside the Bid4Assets venue, then Bid4Assets shall be entitled to receive the full success that it would have received if the asset were sold on the site.

Auction Listing Description
 
  • Auction Title

    • HTML tags are prohibited in the auction title
    • Title should not have more than 25 capital letters
    • No Web sites or contact information are allowed

  • Auction Description

    • ALL CAPS is not allowed in your auction description. The majority of your auction description should be in Sentence Case
    • Font size cannot be greater than +2
    • Images inserted into the auction description must not be larger than 320 Pixels (W) x 240 Pixels (H)
    • The following HTML tags are prohibited in the auction description: <STYLE>, <BODY>, <BASE>, <FORM>, <HEAD>, <HTML>, <INPUT>, <LINK>, <META>, <TEXTAREA>, <TITLE>, <SCRIPT>, or <OBJECT>
    • HTML Tables cannot be more than 650 pixels wide
    • All links within the description must open a separate browser window (government sites excluded)

Accurate Description of Listing: Seller must accurately describe the asset for auction in the asset description section and will be held liable for any misstatements or omissions of important information. Failure to accurately describe an asset may be considered fraudulent and may subject a seller to civil and/or criminal liability, as well as being in violation of Bid4Assets Terms of Service.


Proper Categorization of Listing: All auctions must be listed in the most relevant category and subcategories available. Intentionally mis-categorizing auctions is prohibited and may result in penalties. If you need assistance in determining the most appropriate category, please contact Support Services.


Category Specific Listing Policies:


Category Required Recommended
Real Estate - Agricultural, Commercial, Land, Residential APN (Parcel #) or address must appear in auction.

Any liens or back taxes must be disclosed.
Legal description, acreage, comparable property analysis, zoning/development criterion, annual taxes/dues, utilities available, improvements, appraised value, and telephone number for county, etc.
Real Estate – Bid & Assume; Disclosure of the full balance, interest rate, and either the monthly payments or total payment period (in months). Adherence to Bid & Assume Terms of Service  
Real Estate – Timeshares   Unit #, fixed/floating week and maintenance fees.
Personal Property – Cars/Vehicles, Jewelry   Make, model, serial number, specifications, year/age/hours used, maintenance, size, cut, color, clarity, etc.
Personal Property – Jewelry, Coin and Art Adherence to Return and Refund Policy and Appraisal, Grading and Certification Policy  
Financial Instruments   Position of note, performance, origination amount and date, payments, balance of note, amortization schedule, name of Web site or domain name for sale, etc.

Selection of Settlement Option: Sellers must select one or more of the settlement options available during the listing process.


Refund or Return Policy: Private Jewelry, Coin and Art sellers are required to specify a return and refund policy in the auction listing. This is a return and refund policy of the seller, not Bid4Assets. Other sellers are not required to specify a refund return and refund policy.


Linking to Web sites or Other Sources is prohibited: No auction listing shall establish a link to any Web site or other source, or include any advertisement or statement relating to any business, individual, organization, concept or entity. If prohibited links are found after the auction is live, Bid4Assets has the right to cancel the auction without refunding the listing fee. Linking to or promoting any of the following is prohibited:

  • Offline deals
  • Other Web site offers or items not listed on Bid4Assets
  • Any giveaways, raffles and prizes
  • Any private Web page with site navigation enabled
  • Any promotion of emails alerts for items not listed on Bid4Assets
  • No reference to other competitors' auctions
  • No derogatory comments/information about competitors

Copyright infringement is prohibited: Sellers must refrain from infringement on any material posted on the Bid4Assets, Inc. Web site, including information posted by other members that is copyrighted, patented, trademarked or similarly protected under proprietary rights or rights of privacy. We do not allow copying of text or pictures. All descriptions must be original, including pictures.


Changing Auction Description: Sellers can change their auction description prior to the acceptance of the first bid; however, the change date will be noted in the auction description.

  • Material change to auction description: If a seller makes a material change to the auction description after bidding begins, the seller will incur a change fee. All Bidders who have placed a bid will be notified by email of the change and will have three (3) business days (or another period provided in a notice to such Bidders) to amend or retract their bid, after which time all bids will remain irrevocable.
Prohibited Items
 

Prohibited items include:

  • Firearms, tobacco, pornographic materials
  • Non-licensed copyright materials, including, but not limited to designer replicas and unauthorized copies
  • Mining Rights Claim Land Sales, Undivided Interest Land Sales
  • Any other type of item we find inappropriate, including, but not limited to all items or assets prohibited by law

Shill Bidding: The usage of multiple alternate accounts (duplicates belonging to the seller or individuals known to or employed by the seller) to increase bids on the seller’s item with no intent to win, but to inflate the current bid is prohibited.

Fees
 

Sign Up and ID Verification are free.


Basic Listing Package - $10.


Click here for information on a la carte services.


Bid4Assets’ Auction Completion Fee is based on the auction’s final sale price/winning bid. If no bids are received or the reserve price is not met, no Auction Completion Fee is charged. Bid4Assets’ minimum completion fee on real estate is $500. The minimum completion fee on real estate listed in a $1 No Reserve auction is $100. The minimum completion fee on real estate listed in the “Bid and Assume” subcategory is 10% with a $500 minimum. All other successful auction listings have a $100 minimum Auction Completion Fee.

Invoicing
 

Bid4Assets’ standard method of invoicing and collecting fees is through direct charges to the Seller’s credit card. Currently Visa, MasterCard, American Express, JCB, Discover, and Diners Club cards are accepted.


Seller Charges

The Seller’s credit card is automatically charged the following:

  • “Listing Fee” plus any “Premium Services” selected when the Seller lists their auction. (Note: if premium services are added after the auction is listed, the charge to the credit card is made separately)
  • Seller Auction Completion Fee once an auction ends and the item is sold

Changing/Updating a Credit Card

Sellers can add a credit card in the listing process or can log in to "my account" and click on click on "Update Credit Card" to add/remove cards.

Seller Refunds/Credits

Bid4Assets will credit the Auction Completion Fee of an auction only after the seller reports the “Incomplete Transaction” in the Credit Request Center found in the My B4A section of the site.

  • An “Incomplete Transaction” refers to Non-Performing Bidders (NPB’s) or when a buyer returns the item according to the B4A Return and Refund Policy.
  • A seller must wait at least 48 hours and no more than 30 days after the auction closes to report an “Incomplete Transaction.”
  • Bid4Assets issues a credit to the Seller’s credit card for the Auction Completion Fee only; credits are not issued for Listing Fees or Premium Services.
Declined/Failed Credit Card Charges
 

Declined credit card charges cost significant time to manually process fees for both the Seller and Bid4Assets, and may impact Bid4Assets’ credit card processor rating. The action taken by Bid4Assets will depend on the timing of the rejection.

  • If a Seller’s credit card is declined during the Listing process, the Seller is not able to complete his/her listing until a valid credit card is provided.
  • If a Seller’s credit card is declined when attempting to charge the Auction Completion Fee:
    • The Seller’s account is automatically placed on hold.
    • A declined credit card notification message is sent to the Seller’s email and to his/her My Messages section of your My Account page.
    • The auction is NOT interrupted. However, the seller must provide a valid credit card number within two (2) business days of the auction close or B4A Accounting will take further action to collect the fees due.

When a Seller’s account is placed on hold, he/she must contact the Bid4Assets Accounting Department at [email protected] to either manually charge the credit card OR provide a different, valid credit card number. Note: Only a B4A Accounting representative is authorized to take credit card information; Support Services will refer all credit card inquiries to Accounting.


Repeat Declined Credit Card Charges

  • If a Seller’s credit card(s) is declined more than three (3) times, a $5 handling fee will be charged for each declined credit card transaction thereafter.
  • If declined credit card charges continue, B4A Accounting will take further action including placing the Seller’s account on hold; pulling all the seller’s listings from the site; and/or permanently suspending his/her account.

Considerations to Reduce/Eliminate Incidental Failed/Declined Credit Card Charges

Bid4Assets charges a Seller’s credit card for EACH auction listing, premium service and Auction Completion Fee. Repeated charges often raise an alarm with card-issuing banks.

  • Contact your bank to inform them of the type, frequency, and source (Bid4Assets) of repeat charges to expect.
  • Consider increasing your credit limit depending upon the volume and price-point of your items.
B4A Online Billing
 

For certain qualified Sellers, Bid4Assets offers Web-based Online Billing to provide detailed invoicing and payment information. The Seller accumulates fees and his/her credit card is charged once weekly.

A Seller must meet the following criteria to qualify for Online Billing:

  1. Demonstrate that they have, or will maintain, sufficient auction volume to generate a minimum of $5,000 in monthly fee revenue, or regularly post assets selling for more than $25,000
  2. Successfully complete a credit application process
  3. Have a designated B4A Account Manager
  4. Demonstrate that their credit card limit will accept the weekly charge to be initiated through the Online Billing program
  5. Maintain a clear payment history with Bid4Assets

For more information, including a copy of the credit application, contact Support Services at [email protected].

Settlement
 

The seller and the buyer are jointly and equally responsible for completing the sale. After the online bidding is complete and the seller learns who the winning bidder is, the seller must take all necessary actions to complete the sale.


Bid4Assets retains the rights to terminate a seller's rights to use the site in the event the seller fails to perform his/her obligations to settle on a completed auction. Similarly, the Buyer is responsible for taking all necessary actions to complete the sale. Bid4Assets retains the rights to terminate a Buyer’s rights to use the site in the event the Buyer fails to perform his/her obligations to settle on a completed auction.

Incomplete Transactions
 

A Non-Performing Bidder (NPB) is a winning bidder who defaults on their payment. A seller must wait at least 48 hours after the auction closes to report an NPB. A seller must report an NPB within 30 days of the auction close date. If a seller does not file an NPB claim within the 30-day timeframe, Bid4Assets will NOT issue a Auction Completion Fee credit. (Refer to the Non-Performing Bidder Procedures in your My Account page– Credit Request Center.

Refunds:

  • If the auctioned item was misrepresented or damaged, the seller must take appropriate action to resolve the issue with the buyer.
  • Jewelry auctions: Private sellers are required to specify a return and refund policy in their auction listing. For a buyer to take advantage of a seller’s refund policy, he/she must:
    • Pay within the timeframe specified by the seller in the auction listing
    • Notify the seller of their intent to return the item within 3 business days of receiving the item
    • Return the item to the seller within 5 business days from receiving the item.

To complete the return/refund, the seller must send the buyer a refund within 10 business days of receiving the returned item. Please refer to the Terms of Service for more information on these requirements.

Thank you for reviewing Bid4Assets’ Seller Policies. Please be familiar with the policies above and our Terms of Service before listing auctions. Failure to adhere to the Seller Policies will result in disciplinary action that may include cancellation of auctions, penalty fees and suspension of your account from Bid4Assets.

If you have any questions, please contact Support Services at [email protected].