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Bid This Property: The Ultimate Guide for Buyers, Sellers, and Agents to Transparent Real Estate Transactions

by Janet Janowiak // 

January 23, 2025

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A Guide to Bidding on Bid This Property

Bid This Property is shaking up the traditional real estate world by introducing a more transparent and efficient approach to buying and selling homes. Its online real estate auction platform allows for visible bidding, eliminating the guesswork and promoting fair buyer competition.

Starting bids low and letting the market dictate the value challenges conventional pricing strategies often seen in real estate. The platform’s quick auction process also provides sellers with timely market data, enabling faster decision-making.

This innovative model appeals to buyers and sellers looking for a more streamlined and transparent transaction experience, setting it apart from traditional methods.

Are you thinking about buying a home through Bid This Property? You may have a few questions: How does it all work? Will others see your bid? What do you need to get started?

Don’t worry; we’ve got you covered. We’ll walk you through everything you need to know, from how the platform operates to all the benefits and options it offers buyers, sellers, and real estate agents. Get ready to see why Bid This Property is changing the game in real estate!

detailed close up for a transparent online real estate auction platform

For Buyers & Agents

Will others see my bid? (Transparency in Bidding: A Unique Advantage)

Yes, others will see your bid. Bid This Property is designed to offer full transparency to all buyers. You’ll always know what others are bidding, empowering you to make informed and competitive decisions. Transparency eliminates guesswork, so you can confidently strategize and ensure you don’t miss out on a fantastic deal.

Is Bidding Difficult?

Not at all! The process is straightforward:
1. Register: Sign up for an account on the platform.
2. Provide Documentation: Submit your preapproval letter and/or proof of funds.
3. Get Approved: Once approved, you’re ready to bid.
If you’d prefer, your real estate agent can bid on your behalf. Whether you bid directly or through an agent, Bid Your Property designed the platform for user-friendliness.

Will Bid This Property Eliminate the Need for an Agent?

No. Bid This Property highly recommends that buyers work with licensed agents. The platform is all about full representation. While you can represent yourself, having an experienced agent by your side ensures you’re fully informed and supported throughout the process. Remember that winning bidders must submit a standard real estate contract with all the standard terms, such as the inspection period, escrow deposit information, and closing date.

Why Is the Starting Bid Price So Low?

All auctions on Bid This Property start low because the platform allows buyers to determine the market value. Instead of beginning with a high price and relying on price reductions, the process starts low. It lets the market naturally dictate the value of the property.

Why Use Bid This Property Instead of Selling Traditionally?

Unlike traditional methods, where properties may sit on the market for months, auctions through Bid This Property are efficient and transparent. Within eight days, the market dictates the price, providing sellers with precise data to decide whether to accept, counter, or reject offers.

Why Transparency Matters

Transparency fosters honesty and trust among buyers, agents, and sellers. Everyone knows where the bidding stands, which ensures fair play and eliminates ambiguity.

Can Agents Bid for Their Clients?

Yes! Agents can bid on behalf of their clients or allow clients to bid for themselves. The platform also serves as a valuable tool for educating buyers about market values in specific neighborhoods.

What is the 3% for?

The seller agrees to release a 3% buyer’s premium at the close of escrow (COE) to the listing broker (e.g., Keller Williams Realty). This premium is divided as follows:
2.5% can be used for buyer costs, including the buyer’s agent representation fee.
0.5% is a third-party service fee payable to Bid This Property.

What Happens If the Property Doesn’t Sell?

If the property doesn’t sell through Bid This Property, you have options:
1. Switch to a traditional sale.
2. Review your marketing strategy and re-list the property through the auction platform.

What If My Buyer Has the Highest Bid?

Having the highest bid doesn’t automatically guarantee winning the house. Once the auction ends, the top two bidders are asked to write offers, after which the seller evaluates the best terms and price.

Reserve Prices and Buy It Now Options

We recommend not having a reserve price, as it defeats the purpose of starting bids low and letting the market set the value.

Standard Contracts and Bidding Rules

Contracts: All transactions use standard real estate purchase agreements and forms.
Getting Outbid: If another buyer outbids you, you’ll receive a notification and can submit a higher bid.
Watching Without Bidding: If you register but decide not to bid, you can observe the auction and see where the bids land.

Can I Snipe a Bid Like on eBay?

No, the platform prevents last-minute bid sniping. Suppose a buyer places a bid within the final five minutes of an auction. In that case, the bidding window automatically extends, ensuring all participants have a fair chance to place their bids.

Sellers Ask Us

Do I Have to Accept the Highest Bid and Sell My House?

No, you’re not obligated to accept the highest bid. You can counteroffer, reject, or accept the bid as you see fit—there’s no risk.

Do I Need to Have an Agent, or Can I Represent Myself?

Selling a home can be challenging. While you can represent yourself, having an experienced real estate agent makes navigating the process much easier. Their expertise helps you maximize your sale and finalize the transaction smoothly.

Will My Home Sell? Is It Guaranteed?

The platform guarantees you’ll receive multiple bids, but the decision to sell is entirely yours. Whether you accept what buyers deem a fair price is up to you.

How Do I Save on Compensation?

The total compensation between the listing side and buyer concessions is 6%, but sellers only pay half. Typically, the buyer pays a 3% buyer’s premium while you cover the remaining 3%.

Here’s how it breaks down:
2.5% goes toward buyer concessions, including buyer’s agent compensation.
0.5% is paid as a service fee to Bid This Property.

This structure ensures your home gets maximum exposure while attracting buyers with incentives.

How Many Open Houses Do I Need?

We recommend hosting two or three open houses to maximize exposure and generate interest.

What’s the Difference Between Bid This Property and Foreclosure Auctions?

Bid This Property isn’t limited to distressed sales. It’s about creating a bidding frenzy and maximizing your home’s exposure. Many high-value items—like estates, cars, and art—are sold through auctions, and this method works just as effectively for real estate.

Why Sell My Home With Bid This Property Instead of a Traditional Listing?

Selling through Bid This Property is fast, efficient, and hassle-free. Our revolutionary marketing strategy delivers:
• Maximum exposure.
• Multiple offers.
• A clear market value within eight days or less.

Do We Set a Reserve Price?

While you can set a reserve price, we don’t recommend it. Starting low encourages competition and drives prices up organically. You always retain the right to accept, reject, or counter any offer.

Having Trouble Understanding the Process?

If you’re unsure about anything, refer to the supporting documents on the platform. Still have questions? Contact the listing agent for guidance.

Final Thoughts

Whether buying or selling, Bid This Property offers a transparent, efficient, and innovative approach to real estate. Buyers enjoy competitive bidding with full visibility, while sellers benefit from fast sales, maximum exposure, and a clear market value. Start your journey with Bid This Property today and experience the future of real estate!


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