Does the buyer pay a Fee?

Internet Transaction Fee -  will be disclosed on each individual property.

Why was I outbid immediately?

You placed your bid and then immediately had been outbid. This is because another bidder has adjusted their maximum bid amount which bids for them while they are away or at their computer.  Either way they have put in their maximum bid amount and BrayBid.com will automatically place their bids for them up until the point their maximum bid amount has been reached.  The maximum bid is the highest price you are willing to pay for this property.  You will not necessarily pay the amount of your maximum bid for the property.  Braybid will increase your bid on your behalf using only as much of your bid as necessary to maintain your high bid position. Your maximum bid is kept confidential.

Why not to wait until the last few minutes of the auction to bid.

Some people will want to wait till the end of the auction to bid.  We do not recommend this, for this reason.  This site is designed to endure the heavy traffic of bidders. However, we cannot control the bidder’s internet speed, the bidder’s computer equipment, etc.  The best way to ensure that your bids will be placed promptly, without any problems is to adjust your maximum bid.  This will assure all of your bids will be placed for you up to the amount you desire to pay for the property.  This feature makes it a lot easier for you at the end of an auction.  As well as being assured your bid is in.  The maximum bid is the highest price you are willing to pay for this property.  You will not necessarily pay the amount of your maximum bid for the property. Braybid will increase your bid on your behalf using only as much of your bid as necessary to maintain your high bid position.  Your maximum bid is kept confidential.

Is the Buyer responsibility for liens and/or back taxes owed by the seller?

No, it is the responsibility of the seller to resolve any of these issues before closing; unless otherwise stated in the disclosures/conditions of the property.  If the seller does not resolve these issues, the buyers deposit will be refunded in full. 

How will I know if I’ve been outbid?

An e-mail notification will be sent to you promptly to let you know you’ve been outbid.   At this point, you may go back to the property page and place another bid.  You may also adjust your maximum bid amount.  The maximum bid is the highest price you are willing to pay for this property.  You will not necessarily pay the amount of your maximum bid for the property.  Braybid will increase your bid on your behalf using only as much of your bid as necessary to maintain your high bid position.  Your maximum bid is kept confidential. You will also be able to see if someone outbids you by watching the property on-line.

Will the screen automatically be updated when I place my bid?

No, you must always use the refresh button on the current bid page, to see the current bid information.

EXAMPLE: If you place a bid, and go to the current property page, your bid may not show up until you refresh your page, which will bring up the most current information.

What is the refresh button, and why should I use it?

This feature is very useful in helping you to always see the most recent bid, without it you may not be seeing the most current information.

Also, at the end of an auction, when you have placed your bid to ensure yourself to be the highest bidder, you must refresh your page.  At times, bidder’s will have thought they had won the auction because it was showing them to be the highest bidder; when in fact they had not refreshed their page and did not win the auction.

What is a post auction period?

If an auction has ended and the reserve price was not met, the bidders will still be able to submit offers during the post auction period.  At any time during the post-auction the seller may accept any bid and the auction would be over.  Post-auctions period will be indicated on the property page.

EXAMPLE: If the highest bid at the end of the auction was $100,000.00 and the reserve was not met you may then make an offer of any amount, but it must be increased to at least the specified bid increment ($1,000.00) on the property page which in this case it must be at least $101,000.00 or more. 

Will I be able to view the property?

Yes, you may view the property at the Open House.  The Open House is normally held the day before the auction begins.  Check on the individual property page for Open House dates and times.  You may also schedule an appointment with the appropriate listing agent to view the property.

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Terms and Information for Agents
Buyer’s Agent

Agents may register to represent buyer if that particular property shows broker participation on the property description page.

Buyer’s agents will be paid 3% commission of the contract price if their client is the winning bidder and the property closes.

Seller’s Agent

• Seller’s agent may register and represent sellers. 
• Seller’s agent shall be responsible for release of listings from MLS systems (If applicable).
• Seller’s agent will be paid a 3% commission on the contract sales price if their client’s property closes.
• Seller’s agent is expected to attend Open House for their client’s property.
• Seller’s agent is expected to attend closing.
• Seller’s agent and Agent’s Broker are required to sign “Participating Broker Agreement”.

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When You Win An Auction
What happens when you win an auction?

You will be notified via e-mail immediately following the close of the auction to inform you that, you were the winning bidder.   If the reserve was not met, you will be notified as well letting you know you were the highest bidder and then you may make a post auction offer.

Costs Associated

• Winning Bid Price
• Internet Transaction Fee (this will be disclosed on each invividual property) Will be disclosed under disclosures/condtions. 
• Closing Costs

You will then receive an e-mail with a Questionnaire attached, requiring pertinent information so we are able to send you your sales & purchase contract via e-mail.  This Questionnaire will need to be emailed or faxed back to BRAYBid.com at the fax number specified in your e-mail, this is  time sensitive Information.

After receipt of your Questionnaire, we will then send your Sales & Purchase contract along with a Fed-Ex shipping label via e-mail.  This needs to be printed, completed and signed in all indicated areas.  This is time sensitive information. You will have 2 days after the receipt of this contract to return to us along with as follows:

• Sales & Purchase Contract
• A copy of your Driver’s License
• Minimum $500.00 Deposit.  Will vary depending on each particular property.  Will Disclose under Disclosures/Conditions on each individual property.

All of these items need to be promptly sent via Fed Ex within 2 days of receipt of the Purchase and Sales contract.

After prompt receipt of contact, deposit and a copy of your driver’s license.  We will then send an email confirming that we have received these items. 

We will then get the original Sales & Purchase contract signed by the seller.

A copy of the signed contract of both parties will then be sent to the closing agent as well as being sent to the buyer, listing agent and buyer’s agent (if needed).

The local closing agent will then schedule closing.

• Sales are scheduled to be closed within 30 to 45 days of the contract date NO contingencies.
• All bidders are responsible for their own financial arrangements.
• The balance of the purchase price will be due on the date of closing.

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