Southampton Real Estate Owned Property Listings, Southampton REO in NY

Online Bidding

What is Time Limit Bidding?
Time Limit - an online bidding process that ends at a specified time and date. In this format, the highest bidder at the specified time and date is the conditional winner. For Time Limit Bidding,you can either place a bid using the Buy Now option or become the highest bidder at the end of the time limit period by outbidding the prevailing highest bid. In a Time Limit Bidding format,the property is soldAS IS unless specified otherwise in the terms/contingencies on the property details page.

Time Limit Bidding is NEW and very EASY to use.However, there are some MAJOR differences with Time Limit Bidding than what you may be used to such as the following:

In order to WIN a Time Limit Bid, theWinning Bid must be equal to or greater than the Reserve Price. Unlike a typical listing price, a Reserve Price is not published to the public but is the minimum price acceptable to the seller of the property. Once a bid goes above the Reserve Price during the Time Limit Bidding period,the property page will indicate Reserve Met= Yes. Until then, Reserve Met= No.
With all Time Limit Bids, there is a Web Technology Fee. ThisWeb Technology Fee is paid at CLOSING BY THE BUYER. The Web Technology Fee is in addition to the bid placed on the home. For example, if the winning bid was $100,000 and the web Technology fee was 2% then the BUYER would pay an additional 2% at close to GoHoming or its affiliated web sites as a cost of conducting the Time Limit Bidding. The Web Technology Fee is agreed upon by GoHoming and the Seller and can range from 0% to 5%.
Like the traditional NO TIME LIMIT BIDDING,all Time Limit Bids can NOT be won without agent representation.If a buyer wins a bid without agent representation,they may be forced to retract their winning bid and be subject to a penalty (see Terms and Conditions.)

What is No Time Limit Bidding?
No Time Limit - an online bidding process that does not end on a specific time and date. Under No Time Limit Bidding the property will only be sold to the buyer if the Seller agrees to an acceptable offer.

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