Frequently Asked Questions
Q. What is a "Auction Fee"?
A. A "Auction Fee" is a slot that reserves a bidder the right to bid on a Specific Item. There are a specific amout of "Auction
Fees" allocated per Item. Only bidders paying an "Auction Fee" on a Specific Item can bid on that item.
Q. Is there any benefit to wanting to purchase an "Auction Fee".
A. No. Absolutely NONE. There is no strategy to waiting to buy an "Auction Fee". Use STRATEGY during the AUCTION. The
only thing that hesitating to purchase a "Auction Fee" does is to prolong the Auction.
The object is to get the "Auction Fees" 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?
A. Yes. Let's examine the Positive Features of using Bid2Own:
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 eliminates the excess of new homes and foreclosures currently on the 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
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 then goes to the
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, not until all Auction Fee positions are filled. Bidding does not begin until all Auction Fee positions, 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.
Q. What happens to the Insertion Fees?
A. When a Member places a ad to sell an item, the Member receives 1-5 FREE Auction Fees depending upon the amount of
the Insertion Fee. As an example: When a Seller places a listing, if the Insertion Fee is $200 the Seller would receive
2 FREE Auction Fees to be placed on any other items listed on Bid2Own.org. If the Insertion Fee was $500 then the
Seller would receive 5 FREE Auction Fees, etc.