In most government auctions, bidders are required to submit final payment directly to Bid4Assets. In private auctions, settlement is handled entirely between the buyer and seller. As a bidder, any questions you have regarding payment or the terms of the auction should first be directed at that auction’s seller, rather than Bid4Assets.
Shortly after an auction ends, the winning bidder will receive an email from Bid4Assets as well as an alert in their message center. This email will provide contact information for the seller including their name, email address and phone number. The winning bidder must use this information to contact the seller within 2 business days after the close of the auction to arrange settlement.
The winning bidder must contact the seller to arrange settlement within 2 business days after the close of the auction. By placing their bid, the buyer has entered into a binding and enforceable contract with the seller. Both buyer and seller are expected to conduct payment in accordance with the terms of the auction and Bid4Assets’ Terms of Service.
The winning bidder must contact the seller within 2 business days to confirm the sale and arrange settlement. If they do not, the seller has the option to report the buyer as a Non-Performing Bidder (NPB) and/or contact the second highest bidder via Bidder on Deck to offer them the item.
If, at any point during the settlement process, the winning bidder indicates to the seller they do not wish to follow-through with the transaction, the seller may report them as a Non-Performing Bidder. If that happens, the winning bidder’s account will be suspended for a minimum of 60 days and the credit card they have placed on file will be charged an NPB fee ($250 for real estate auctions and $100 for all other auction types).
If a seller reports a buyer for non-performance and does not wish to utilize Bidder on Deck to offer the item to the next highest bidder, they may request a refund for their Auction Completion Fee via the Credit Request Center on their Bid4Assets account.
If an auction receives bids but does not meet the reserve, sellers always have the option to utilize the Bid4Assets Bidder on Deck tool to contact the auction’s highest bidder. At that time, they may disclose the reserve to the high-bidder, or a winning bid amount they would be willing to accept. As a bidder, you are not obligated in any way to accept a Bidder on Deck offer. However, if you do, you will win the auction subject to all auction terms and Bid4Assets’ Terms of Service.
If an auction closes with no bids, that auction’s seller always has the option to re-list it. If you are interested in a closed auction but cannot find a re-list for it, contact [email protected]