What do I receive when I register on ClosingBid?

• Listing on the ClosingBid site

• Unlimited use of ClosingBid’s sealed bid auction platform

• A specialized social media marketing campaign in support of your property

• Gold Package Only: Registration of your property for six months on the Multiple Listing Service in your area*

* Not available in certain states. Consult ClosingBid’s Terms of Use for details.

What is included in my MLS listing (Gold Package)?

• 6 Month MLS Listing

• 6 Month listing on other sites including Realtor.com, MSN.com, and The Living Network

• Up to 6 listed photos of your property

• Submission into the IDX Program (internet data exchange)

How do ClosingBid’s auctions work?

Our auctions are straightforward:

• If you are a property seller, you register on our site and select the minimum bid that any bidder will be required to meet or exceed in order to acquire the property being bid upon.

• You decide how long the auction will last (up to five days).

• Invite those specific bidders whom you have personally vetted.

• Receive bids from newly interested bidders who view the property for the first time on ClosingBid.

• Instruct (if you choose) removal of specified bidders during the auction.

• Specify a deadline for the signing of the contract of sale (post-auction).

Who may initiate an auction on ClosingBid?

The listing broker (or agent) on the property, or an authorized property owner.

What is a sealed auction?

ClosingBid’s auctions are sealed in that no bidder is made aware of what other bidders have bid for the property. Nor are bidders informed of the number of other bidders on the property. The bidder decides how much they value the property, and you decide whether to accept the bid.

Do I need to upload any documents during registration?

As a Seller, you are encouraged to upload the contract of sale on the property during registration.

Is the contract of sale considered signed by both parties at the conclusion of the auction?

No.  Prior to auction commencement, the Seller specifies the deadline after auction close for both parties to sign the contract of sale. 

How long does an auction last?

You may set up an auction period of up to five days. After the auction commences, you can extend this time period at your discretion.

How many sealed bid auctions may I initiate on my property?

As many as you like for the duration of the period that you list on the site.

What information do I receive at auction close?

As a seller or listing agent, you are told: the amount of each bid meeting or exceeding the reserve price, along with those bidders’ identities, along with cash versus finance bid terms, and any contingencies specified by each bidder.

What information do I receive while the auction is underway?

While the auction is underway, you are updated if at least one bidder submits a bid meeting or exceeding your specified reserve price.  It is only at auction close that you receive full information concerning the identity of the bidder(s), the amount of their bid(s), along with cash versus finance bid terms, and any contingencies specified by each bidder.

What are my options at auction close?

At auction close, you have the opportunity to choose from among those bids you received that meet or exceed your reserve price.  You have twenty-four hours to choose whether to proceed with one of the offers and receive a partial down payment * from your selected winning bidder.  Alternatively you may decline to proceed further with any and all offers received. If no bidder has met your minimum reserve price, no action is required.

* See Pricing.

Can I add more bidders after I commence an auction?

Yes. You may return, log in, and add or remove bidders at any time before auction close.

Is there a limit on the number of bidders I can invite to bid on the property?

No.

Can I change the minimum bid price once a five-day bidding period has commenced?

No. However, you may change the minimum bid price after the expiration of the five day period. Five days is the default time period; you may set the period for fewer days, or extend the period once an auction has commenced.

Can I invite either a buyer or, if the buyer has one, the buyer’s agent?

Yes.

As a bidder, can I change my bid after initially submitting it?

Yes. You may change your bid any time before auction close.

As a bidder, what information am I required to provide with my bid? 

Your offer price, along with cash versus finance bid terms, and any bid contingencies you wish to specify.