FAQs
Q: How does the process work for private placement offers?
A: The usual sequence is as follows:
- Buyer gets signed up and verified (POF and Confidentiality Agreement)..
- Buyer get tape for review to make offer..
- Buyer makes offer on tape..
- If seller accepts offer, then buyer executes contract and puts funds into escrow to fulfill its obligations and closes the deal.
Q: How does the bidding process work for online auctions?
A: The usual sequence is as follows:
- Seller’s and Buyer’s both get signed up and verified.
- Seller’s input auctions.
- Buyers bid on open auctions before they close.
- The highest bidder wins at close of auction.
- Winning bidder executes contract and places 10% plus our service fee into escrow.
- Winning bidder does their due diligence.
- Winning bidder finalizes contract and fulfills its obligations.
Q: How does the signup process work?
A: The usual sequence is as follows:
- You must determine if you’re a seller or a buyer.
- Appropriately sign up as either a seller or a buyer.
- Verify your email address.
- We will contact you about your situation
- If you’re approved, we will then activate your account so you can post auctions or bids.
Q: How do you sign up as a seller to post REO auctions for bidding?
A: Read the Seller information page and use the sign-up form on the page.
Q: How do you sign up as a buyer to bid on REO auctions?
A: Read the Buyers information page and use the sign-up form on the page.
Q: Is my name or contact information shown to other members on the site?
A: No, this is strictly anonymous auction bidding.
Q: Does PurchaseBulkREO.com charge a sales commission?
A: No, we do not charge a commission. A transaction fee will be added to the buyer’s winning bid for providing a platform to engage in an online auction facility. We do not advise on sales, due diligence, or the escrow process. We only provide a virtual office environment for sellers and buyers to transact their business in a professional online manner. Hence, we only charge a transaction service fee.
Q: How does your “Popcorn Bidding” work?
A: If a new bid is entered within the final 10 minutes of the original closing time, the auction will be extended by 10 minutes. Then if a another bid is placed before the extended 10 minutes elapses, the auction will be extended again for another 10 minutes and so on…. Example: An auction is scheduled to close at 9:00 PM EST and a bidder enters a bid at 8:58 PM EST. The auction will be automatically extended by 10 minutes. The auction will now have a close time of 9:10 PM EST. Another member then places a bid at 9:03 PM EST. The auction will now have a close time of 9:20 PM EST. The listing will continue to be extended until there are no new bids placed within the final 10 minutes of the auction.
