I am looking into online real estate auctions especially for foreclosure properties and am seeing the name Realty Bid.  Could you tell me more about Realty Bid for online real estate auctions?

Realty Bid has helped sell thousands of foreclosure properties and real estate properties from real estate firms, banks, corporation, and other financial institutions since its inception.  Realty Bid maintains a database and buyer base of over 2.5 million people so it attracts some of the best foreclosure properties and REO bank owned sales in the business.  Realty Bid is a leader in the online marketplace for promoting online real estate auctions and connecting foreclosure property owners and buyers in that marketplace.

RealtyBid was founded in 2001 and since then has sold over $500 million worth of real estate properties through its online auction and bidding platform.  RealtyBid is constantly adding and updating its technologies for better connecting of buyers and sellers of foreclsorue properties in giving them the tools to promote, sell, and find buyers within an accelerated timeframe.  Realty Bid is commited to constantly evolving and improving in order to meet the needs of their users in buying and selling foreclosure properties.

Realty Bid is an accredited business with the Better Business Bureau and a longstanding member of the National Auctioneers Association.

What types of sellers list properties with Realty Bid?

With RealtyBid, you get listings of foreclosure properties and REO properties from financial institutions, agents, and banks who are highly motivated to sell their real estate.  All the foreclosure properties listed in Realty Bid have also gone through and concluded their foreclosure processs so all these properties are free of any liens or back taxes and come with an insurable title.

What types of properties can a person find with Realty Bid?

With Realty Bid, you will find all kinds of residential properties, commercial properties, and pieces of land.  Property types on RealtyBid include single family homes, condominiums, apartment buildings, multi-unit homes, and other types of properties suitable for first time home purchase, rental property purchase, real estate investments, or vacation home purchases for great deals.

What should I do before placing a bid on a Realty Bid Auction for foreclosure properties?

Gather information on each property on Realty Bid that you are interested in.  Arrange times to visit the open house and check out the condition of the property as well as its neighborhood.  You may want to bring along a real estate broker or contractor to the RealtyBid property to properly assess its condition and value.  You need to inspect the properties prior to placing any bids since all bids and offers on Realty Bid is binding.

What should I do to prepare for a Realty Bid Auction once I have picked out some properties I want to bid on?

Once you are ready to place a bid on a RealtyBid foreclosure property, you will have to first register on the Realty Bid site.  The registration process as a Realty Bid potential bidder is free.  All bids that you place on RealtyBid will be binding so make sure you inspect and check out each foreclosure property and neighborhood ahead of time.  Should you win a Realty Bid foreclosure auction, you will be required to put down a 5% or $2000 deposit, whichever is greater.  Since each auction’s actual fees will vary greatly, you will also want to note the Realty Bid Internet Transaction Fee for each listing you want to bid on.

You might want to arrange for loans and get pre approval for financing before bidding on a property so that the purchasing and title transfer process can go smoothly.  Also, be aware that you may not want to wait until the last minutes of a Realty Bid auction’s end in order to bid in order to avoid unforeseen internet outages or delays and miss placing your bid and winning the foreclosure auction you wish to purchase.

I am worried that since these are foreclosure properties and REO properties listed on Realty Bid that the titles I receive from buying them might have liens or back taxes on them?

The sellers are able to provide an insurable title that will ensure that the title is free of liens or back taxes.

Can I list a property for sale on Realty Bid and why would I choose to do that?

Realty Bid gives you access to over 2.5 million users and buyers who might have interest in your property.  In the past few years alone, RealtyBid has facilitated over 10,000 different real estate transactions and auctions on their site.  To work with RealtyBid you will have to be a real estate agent, bank, or builder as a motivated seller. In order to list your property on Realty Bid, you will choose a minimum reserve price for your property which will have be to a discounted percentage of the listing market price.  The listing free with RealtyBid is $150.