Once you are approved to bid and bidding opens to the public, you can place bids on one or multiple assets up to your approved bid limit. Please note that your bid limit applies at the sales event level – if you are bidding on multiple assets and happen to win a sale, your bid limit will be decreased by the high bid on that property.
To place a bid during a sale, simply click the Place Bid button. You will be prompted to confirm your bid amount. Note: as with your registration, placing a bid confirms again that you have agreed to abide by the Terms and Conditions of the sale.
The default bid amount is the next minimum bid increment. Users are allowed to bid above the minimum bid increment by typing in a specific bid amount, clicking Place Bid, and confirming the bid.
A countdown is included on each asset webpage. This countdown indicates when the sale will end. Note that if a bid is placed by any bidder with under 2:00 minutes left in a sale, the countdown automatically resets the sale end time to 3:00 minutes. This cycle will continue until bidding activity ceases.
A sale can result in an asset either expiring, being sold, or being sold subject to seller approval. High bidders will be contacted by RealINSIGHT Marketplace with further instructions should the asset be sold or sold subject to seller approval.
A 5% Platform Fee is due to the auctioneer on all assets sold on the platform unless an alternative Platform Fee is specifically posted on the asset webpage. Such Platform Fee is in addition to the purchase price and due at closing, along with the amount of the purchase price for the asset (as provided in the Purchase Agreement). This fee is not negotiable.
If you have any questions or need assistance on the bidding process, please Contact Us.Updated: March 7, 2017
The registration process is a three-step process that involves submitting contact information, selecting the assets you intend to bid on, and submitting financial information. The information you submit requires verification, thus registration should be completed at the earliest possible time, preferably before the bidding window opens.
Bidder information is populated with information submitted at user registration. This section requires key contact information in order to complete registration.
RealINSIGHT Marketplace allows users to register for one or multiple assets in a sales event. Selecting multiple assets is as simple as checking a box.
Bidders are required to establish a bid limit for a sales event. RealINSIGHT Marketplace will verify and approve, modify, or decline a bid limit based on the proof of funds submitted. In general, only liquid funds readily available to the bidder will be counted towards the requested bid limit. If multiple individuals or entities will be collaborating to bid on an asset, select the “Are other funds to be considered” dropdown and elaborate on such agreement.
Note: With your request to register to bid and submittal of eligible proof of funds, you are agreeing to the Sale Terms and Conditions.
After registering to bid, you will receive an email confirmation outlining your approved bid limit. If for any reason you would like to increase your bid limit, you may submit additional proof of funds in your Personal Profile under Bidding Registration
If you have any questions or need assistance on the registration process, please Contact Us.Updated: March 7, 2017
Real estate brokers are permitted to register and use RealINSIGHT Marketplace (“RIM”) provided that such real estate brokers shall be fully subject to and bound by these Terms. Proxy bidding is strictly prohibited on RIM.
A Cooperating Broker Fee is based on the purchase price as specified in the Purchase and Sale Agreement and is only payable upon completion of a sale.
QUALIFYING for a cooperating Broker fee, in certain sale events, may require Seller review and approval. Cooperating brokers seeking a cooperating broker fee are required to confirm in writing with the Seller's Broker as to whether this requirement is applicable to them and the asset they are seeking a fee on.
Certain Sale Events on RIM may offer a commission for cooperating brokers, so long as (i) the cooperating broker has registered on RIM as a broker, (ii) the cooperating broker is identified by the Bidder with whom it is associated and (iii) the Bidder represented by such cooperating broker actually purchases the Property, if Owner accepts the Bid from such Bidder. A cooperating broker may only be entitled to a commission if such broker meets the following conditions: (i) the broker agrees to these Terms and all other terms and conditions posted on the applicable Property Webpage(s); (ii) the broker is not a family member or an affiliate of the Bidder such broker represents; (iii) the broker is properly licensed in the state(s) in which the applicable Property or Properties is located; (iv) the broker identifies the Bidder such broker is representing prior to the end of the Sale Event (the timing of which shall be determined in CW REDS’s sole and absolute discretion); (v) the broker is identified by the Bidder at the time that such Bidder registers on RIM and (VI) closing occurs, including proceeds paid to seller and title passing. Should any of the conditions not be satisfied for any reason, cooperating broker shall not be entitled to any commission in connection with the transaction and hereby waives same against the Seller, Sellers’ Broker, RealINSIGHT Marketplace, RealINSIGHT and CWFS-REDS, and their affiliates, officers, members, employees, owners, and shareholders in connection therewith.
Each Bidder/Buyer agrees to indemnify, defend and hold each of the Indemnitees, free and harmless from any claims of any broker(s), representative(s), employee(s), agent(s) or other intermediary(ies) claiming to have represented Owner, Buyer and/or Bidder, respectively, or otherwise to be entitled to compensation, including a cooperating broker fee, directly or indirectly arising out of or relating to the Purchase Agreement or the sale of the Property. This indemnity shall survive both the closing and any termination of the applicable Purchase Agreement.
NOTICE: THESE TERMS MAY BE FURTHER SUBJECT TO STATE SPECIFIC REQUIREMENTS. THE AMOUNT OR RATE OF REAL ESTATE BROKER COMPENSATION MAY NOT BE FIXED BY LAW. IT MAY BE SET BY EACH BROKER INDIVIDUALLY AND MAY BE NEGOTIABLE BETWEEN YOU AND THE BROKER. THE AGREEMENT IS SUBJECT TO GENERAL STATUTES PROHIBITING DISCRIMINATION IN COMMERCIAL AND RESIDENTIAL REAL ESTATE TRANSACTIONS.Updated: October 29, 2019
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