THE Bid Deposit Process:
LEt’s get back to successful bidding
HOW IT WORKS
Auction.com is committed to providing the most trusted and transparent online real estate marketplace. The Bid Deposit program provides our customers who have failed to perform an opportunity to continue participating in online auctions*. We look forward to helping you return to successful bidding!
Sign Bid Deposit Agreement
Deposit via Auction.com Payment Portal
(refer to email received for amount)
Account Unlocked
Able to Bid on Auction.com
Win a Property
Successfully Close on the Property
Deposit Automatically Returned
FREQUENTLY ASKED QUESTIONS
Q: Why am I required to place a Bid Deposit before bidding on a property?
A: A Bid Deposit is required because you were the winning bidder on a property but failed to comply with your obligations as the winning bidder under the Participation Terms at multiple auctions within a 12-month period. This is to ensure that properties for sale in the Auction.com marketplace are won by bidders willing and able to satisfy their obligations as the winning bidder.
Q: How quickly can I bid after executing the Bid Deposit Agreement and depositing my funds?
A: Your account will be active approximately three business days after executing the Bid Deposit Agreement and depositing your funds. Please account for this timeline if you are depositing funds to bid on a specific property that is in an upcoming auction.
Q: How long does my account remain active after depositing funds?
A: Your account will remain active indefinitely while your funds are deposited, or until you request to have your funds returned or fail to perform as the winning bidder on a property while in the Bid Deposit program.
Q: Can I use a credit card to make my Bid Deposit?
A: No. Funds must be deposited through the Auction.com Bid Deposit Payment Portal.
Q: Am I able to participate in Foreclosure auctions?
A: Yes. Foreclosure sales are excluded from the Bid Deposit program.
Q: When will my deposit be returned?
A: Your Bid Deposit will be returned within five business days after you successfully closed on a property you registered on, bid, and won after executing the Bid Deposit Agreement, and deposited your funds.
Q: Can I request my deposit funds to be returned if I no longer wish to bid at this time?
A: Yes. We will start to return your deposit at any time if requested. If you request your deposit prior to closing successfully, your account will be suspended from participating in future auctions until a new deposit is made and a new Bid Deposit Agreement is executed. Requested deposit funds are returned within five business days.
Q: How long do I have to execute the Bid Deposit Agreement and submit my deposit?
A: There is no time limit for executing the Bid Deposit Agreement and depositing your funds. However, your Auction.com account will remain suspended from participating in future auctions until you have completed the process.
Q: Can I have my attorney review the agreement before executing it?
A: Yes. We encourage you to thoroughly review the Bid Deposit Agreement and seek professional advice as needed. However, please note that no changes will be accepted to the Bid Deposit Agreement.
Q: What happens if I fail to perform as the winning bidder while in the Bid Deposit program?
A: If you fail to perform as the winning bidder on a property while in the Bid Deposit program, your deposit will be retained by Auction.com and you will need to sign a new Bid Deposit Agreement and make an additional deposit in order to participate in future auctions. More information will be sent to you by email.
Q: Can my Bid Deposit be used toward my earnest money deposit?
A: No. Bid Deposit funds cannot be used for any transactional costs.
*Foreclosure sales are excluded from the Bid Deposit program.