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Frequently Asked Questions
Q. Is there any benefit to waiting to purchase an "Auction Fee?
A. No. Absolutely NONE. There is no strategy to waiting buy an
"Auction Fee". Use STRATEGY during the AUCTION. The only
thing that hesitating to purchase an "Auction Fee" does is to
prolong the Auction. The objest is to get the "Positions"filled
quickly, so the Auction can begin and you are on your way to
gaining wealth!
Q. Do Buyers and Sellers benefit from Buying and Selling on
Bid2Own.org?
A. Yes. Let's examine the Positive Features of using Bid2Own.org:
1. Sellers get their asking price, and they don't have to sell
at a discount.
2. Buyers get the items for pennies on the dollar.
3. Bid2Own.org eliminates the excessofnew homes and
foreclosures currently onthe market.
4. Real Estate Property Values increase as the existing
inventory decreases.
5. Real Estate Agents benefit from less inventory, and that
helps to reestablish traditional Real Estate Sales.
6. Provides banks with new highly secured loans, using
better business practices.
7. Gives the opportunity for Buyers to become new
Investors and Property Owners.
8. More Individuals can become Private Investors and
generate MORE Spendable Income.
9. Buyers DO NOT have to compete against thousands,
or millions, of other Buyers!
10. Both the Buyer and Seller are WINNERS!
Q. Who gets the Auction Fee Money?
A. The Seller of the specific “Item for Sale” gets the Auction Fees,
less a small upfront insertion fee. Additionally, upon the sale
of an item, a 1% sales fee is deducted from the total Auction
Fees collected by item for Advertising, Start-up cost, Hosting
Fees, and Overhead .
Q. Who gets the Auction Money?
A. The Auction Money is used to pay Bid2Own.org’s business
expenses, and the balance left over is given back to all the
holders of an Auction Fee, for that specific item, in the form of
a credit to be applied to their next purchase of an Auction Fee.
Q. Can I sell an item on Bid2Own.org?
A. Yes. “Login”, using your Username and Password. On the
right side of the page click on the “Sell an Item” button.
You will be sent to the “Add an Item to Sell” page. Just fill
in all the boxes and click "Insert Item”. The item then goes
to the ADMINISTRATOR. Your item information is reviewed
and adjusted, if necessary. Once this is completed, by the
ADMINISTRATOR, your item will be approved and made
active for sale. Your “Item for Sale” will also be displayed
on “My Page”.
Q. Can I purchase individual Auction Fees for many items?
A. Yes. For a quick reference, your “My Page” will keep track of
all your Auction Fee Purchases, by item, and all your items
for sale.
Q. Who gets to bid at Auction?
A. Only Auction Fee Holders for that specific item compete
against each other.
Q. Is the bidding done silently?
A. No.
Q. Can I place a bid anytime?
A. No. Bidding does not begin until all the specified number of
Auction Fees, for a specific Item, are filled. All Auctions, by
item, have a Bid start and stop date. Bidding last for 7 days
and all Auction Fee holders for that specific Item are notified
3 times, by e-mail, that the bidding has begun. You can place
your bid for as little as $1.00. All bidding is done via an on-line
Auction and each member can see the other members bidding
by clicking “Bid History”. When in the Bidding Mode, you can
bid a maximum bid price and the program will automatically
increase your bid over another members’ until the bidding
reaches your maximum bid.
Q. Can I purchase multiple Auction Fees for each item, and what
is the benefit?
A. Yes. By purchasing multiple Auction Fees, you reduce the
number of people competing for the specific item at Auction.
Q. Can I Cancel and Remove my Item?
A. Yes. The Seller can Cancel his/her item prior to all "Auction
Fees" being filled. However, the Seller cannot cancel their
item once all "Auction Fees" are filled, No Exceptions. After
all the "Auction Fees" are filled, the Seller must give all "Auction
Fee Holders" the first right of refusal to purchase the item, at
the Sellers established minimum bid. The "Auction Fees" are
non-refundable. No Exceptions.
The Seller must send Bid2Own.org written "Notice of Item
Cancellation" with a minimum bid (less than original Item Retail
Value). Bid2Own.org must approve said cancellation notice
when all requirements are met. The Seller must allow 25 days,
after Bid2Own.org approves said cancellation, for Bid2Own.org
to perform all item removal procedures. Bid2Own.org, by e-mail
address, will notify all "Auction Fee Holders" of the potential
cancellation. Within 4 days of Bid2Own.orgs' notification, the
"Auction Fee Holders" must apply their "Auction Fees" to
another item with the same "Auction Fee" value, and/or apply
their "Auction Fee" toward a bid-opportunity on the same item
during a special auction that now has a minimum starting bid.
The minimum bid must be less than the Original Item Retail
Value, as established by the Seller. The highest bidder above
the Sellers' minimum bid requirement, wins the item. Upon
receipt of bidding funds, Bid2Own.org will follow all procedures
discussed in the Purchase Section of the Terms and Conditions.
Bid2Own.org will cancel and remove the item from the website,
only after all "Auction Fee Holders" transfer their "Auction Fees"
to another item, and/or the "Auction Fee Holders" do not meet
the Sellers' minimum bid requirements.
Q. When a Home is won, does the transaction go through a
Licensed and Bonded Title Company?
A. Yes.
Q. Will I get Title Insurance with my Transaction?
A. Yes.
Q. If my state doesn't use Title Companies, can I use a Lawyer for
the Transaction?
A. Yes, absolutely.
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