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BidDepositTM Services for Government Sellers
Bid4Assets offers Government Sellers the option of requiring bidders to make a BidDeposit prior to placing a bid on an action. Once a BidDeposit is made for an auction, the bidder is designated as an Authorized Bidder for that auction. Following the auction, the Seller will receive the deposit from the winning bidder as a purchase deposit payment for the asset. If the winning bidder fails to settle, the seller is entitled to the amount of the required deposit. BidDeposits will be returned to all other bidders. To make a deposit, or learn more about BidDeposit procedures, click here.
Auto Bid - Auto bid serves as a proxy bid. It is the maximum
amount you are willing to bid for an asset. Your bid will increase
incrementally as needed up to your maximum bid, which is held
confidentially in the system. This will happen only as others
bid against you.
- In an auction with the BuyNow option, you can bid on the item one of two ways.
- If you are willing to offer the BuyNow price before the first bid comes in, you win the item immediately and the auction ends.
- If you place a bid first instead of offering the BuyNow price, the BuyNow option disappears. Then the auction proceeds as a regular online auction.
Track all of your activity in one
place. Monitor assets that you have bid on. Create a list of auctions
to watch. Update your profile. Access Power Bidding. All in My
Credit Card Authorization
When a bidder wins an auction, they have entered into a legally binding agreement. In some instances, winning bidders do not complete the sale in compliance with the auction’s terms and/or Bid4Assets’ Terms of Service. This is called “non-performing” and we take this very seriously.
To minimize non-performance, when you make a bid on any auction not requiring a deposit, Bid4Assets requires that a bidder provide a valid credit card prior to placing a bid. Bid4Assets will confirm that the card is valid but will not charge your card or place a "hold" on funds. The process is free, quick and secure and, if successful, your bid is placed immediately.
“Non-performing bidders” will be charged $250 for a real estate auction and $100 for all other auction categories. Your card will only be charged if you are the winning bidder and do not complete the transaction. If an auction requires a deposit, you will NOT need to provide the credit card information.
Bid4Assets’ site is encrypted to protect your personal information.
For answers to the most common questions
about bidding on Bid4Assets, click here.
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- Auction Completion Fees - Typically, buyers
do not pay Auction Completion Fees. However, buyers may be required to
pay a buyer's premium. In these cases, the buyer's premium is
stated on the asset listing page, in general it ranges from 5
to 10% of the final sales price.