New York Foreclosure auctions have a
10% Winning Bid Deposit requirement due at the time of
being declared the winning bidder on any property. The 10% deposit
is determined by the winning bid amount. The buyer is required to
pay the deposit immediately upon winning. The remaining funds are
due in a specified number of days, set by the Referee of the sale.
While New York auction rules state the remaining balance is due
in 30 days, this can vary. Ensure you check with the Referee to
meet any required deadlines.
Just as you would pay the Winning Bid Deposit at an in-person
auction, we now make it possible for you to submit your Winning
Bid Deposit remotely. With Remote Bid you can now fund the
10% Winning Bid Deposit online.
In New York, in-person Foreclosure auctions are managed by a
RefereeA Referee is the Foreclosure Sales Agent,
typically an
attorney who ultimately conducts the foreclosure sale., and checks must be made payable
to each individual Referee.
Since there may be multiple Referees involved, this may require
multiple checks, each made out to a different Referee.
With Remote Bid, fund your winning bid deposit in advance. When
you win, Auction.com automatically wires your deposit to the
appropriate Referee, simplifying the payment process.
Before bidding, determine your highest bid and fund 10% of that
amount into your Remote Bid account. You’ll need 10% of your
highest bid for each property you win.
Bid from anywhere with Remote Bid. Place your highest bid before
the auction and increase it if needed in real time.
If you win the auction, your Remote Bid account will
automatically be debited 10% of the winning bid amount.
The remaining balance will be settled within the timeframe
specified by the Referee for that sale. Keep an eye on your
email for next steps. This timeline is typically
30 days but may vary depending on the property.
To get approved for Remote Bidding, start by completing your bidder profile in the Auction.com app. You’ll need to sign the necessary agreements using DocuSign, which confirms you accept the terms and conditions, including how you’ll fund your account. We recommend starting this process at least 2 days before the auction to ensure everything is in place on time. Once approved, you can find wire information and return of funds information by going to the "More" tab and selecting "Wallet" at https://www.auction.com/dashboard/wallet/. Yes! You can place a Remote Bid using either the Auction.com app on your mobile device or from a desktop or laptop computer. Once you’re approved and have funded your account, you will see the option to use your Remote Bid access when you visit eligible property details pages. All bids and activity are subject to our Participation Terms. Before you place a bid, you must complete a Purchase Profile in the Auction.com app. This profile includes important details, such as how do you want the deed to be listed, which will be reflected on your Certificate of Sale if you win. You can create or update your Purchase Profile by visiting your Dashboard. Ensure this is done before bidding to avoid any delays or issues. Before bidding, determine your highest bid and fund 10% of that amount into your Remote Bid account. You’ll need 10% of your highest bid for each property you win. To add funds, you’ll need to wire the money to your escrow account as detailed in the Bidder Escrow Agreement. Be sure to include your Bidder ID in the notes section of your wire transfer, as this is necessary for the proper allocation of your funds. Make sure your funds arrive by 2 p.m. (EST) the day before the auction. You will receive an email confirmation with the subject line "ALERT: Remote Bid Funds Updated" when your funds have been updated for both incoming and outgoing wires. You can also check your available funds in the Auction.com app by going to the “More” tab and selecting "Wallet”. This works the same way for both Android and iPhone users. Manage your funds easily at https://www.auction.com/dashboard/wallet/. Once your Purchase Profile is set up, and your funds are posted and confirmed, you can start placing Remote Bids. Remember, once you place a bid, it cannot be withdrawn, so only bid what you’re willing to pay. Yes, you can increase your bid during the auction. However, we suggest placing your highest bid in advance to ensure it’s received. All bids are final once placed. If Remote Bidding isn’t an option, you can still attend the auction in person to place your bid. Just be sure to follow the same auction rules and terms. If you don’t win the auction, you can request a refund of your funds through the Auction.com app or by visiting auction.com/fundwithdrawal. Your money will be returned within 2 business days, as long as you have satisfied our Participation Terms and all your account details match. You will also receive an email confirmation when your funds are being returned with the subject line "ALERT: Remote Bid Funds Updated". You can track the status of your returned funds by checking the "Wallet" section under the "More" tab in the app or by visiting auction.com/dashboard/wallet. If you don’t win the auction, you can request a refund of your funds through the Auction.com app or by visiting auction.com/fundwithdrawal. Your money will be returned within 2 business days, as long as you have satisfied our Participation Terms and all your account details match. You will also receive an email confirmation when your funds are being returned with the subject line "ALERT: Remote Bid Funds Updated". You can track the status of your returned funds by checking the "Wallet" section under the "More" tab in the app or by visiting auction.com/dashboard/wallet. WHAT’S A WINNING BID DEPOSIT?
fund your winning bid deposit with remote bid
It’s a great fit for New York auctions!
the remote bid advantage in New York
DID YOU KNOW?
REMOTE BID MAKES IT EASY
HOW IT WORKS
Upcoming New York Opportunities
Frequently Asked Questions
Questions about remote bid?
DEPOSIT 10% OF YOUR PLANNED HIGHEST BID
BID FROM ANYWHERE ON ONE OR MORE PROPERTIES
AUTOMATIC WIRE OF DEPOSIT FUNDS IF YOU WIN
FOLLOW CLOSING INSTRUCTIONS-REMAINING FUNDS DUE LATER
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