Who can sell items on Bid4Assets?
The Bid4Assets seller community includes a mix of Federal, State, and Local government agencies; and private sellers.
All sellers must be signed up on Bid4Assets and must go through ID Verification. Sellers selling as an individual may go through the verification process online. Sellers signing up as a corporate entity or organization must submit the Corporate ID Verification forms offline. See the section “Identity verification” for more details.
What kind of items can I sell?
Bid4Assets is the online auction marketplace for high value assets. We recommend sellers list items with a value of $300 or more and familiarize themselves with our site categories to help determine what they should sell on our site.
How do I list an asset for auction?
Sellers list their auctions using Bid4Assets’ EZ Lister tool. The EZ Lister listing tool, a very convenient, single page listing form, includes an HTML editor, a one-click photo upload tool and the ability to insert information from previous auctions. Click here for more information on EZ Lister.
How long does it take to list an asset?
The auction listing process takes between 5 and 20 minutes (based on the number of photos and additional information you include) using our EZ Lister listing tool.
Can I save my auction listing and finish it later?
If you started an auction using EZ Lister, but did not complete it, you can resume creation of the auction by clicking on the “Resume a Listing in Process” link in EZ Lister. This will only work if you are resuming the auction on the same computer that you previously started it on.
How do I include due diligence with my auction listing?
There are a few options for including photos and scanned documents with your auction listing. We strongly recommend that you upload a picture (jpeg or gif format only) of your asset as a main image if you have one available. Pictures help promote your auction and make it more appealing to buyers. If you do not have a picture of the specific asset, you can upload your company logo or a relevant stock photo (just specify when you use photos that do not depict your actual asset). This main image will be resized automatically and will appear at the top of your auction. It will also appear as a thumbnail next to your title for people who search for or browse auctions on the site.
EZ Lister allows you to upload up to five additional pictures or files (appraisals, plat maps, etc.) to your auction, which will appear under the “Additional Details” tab. To add a picture, simply click on the green plus sign. Give the picture a relevant title, which should inform your buyers as to what they are going to be looking at. Then click the “Browse” button and attach your picture. To remove a picture, click on the “Delete” button.
Adding pictures to your asset description is a free and easy way to increase the marketability of your auction. EZ Lister enables you to add a main picture to your asset page and extra images and files to the “Additional Details” tab, which is explained in greater detail below.
If you would like to have images coded directly into your asset description, they must first be hosted (or stored) somewhere else on the Internet. Ask your Internet service provider if they offer any free web space. If not, there are many picture hosting Web sites that offer limited free storage, such as:
Once your pictures are online and you have the URLs for them, click on the “HTML” tab and copy and paste the picture code (see below) into your asset description. Simply replace the text in blue with the URL of your picture. If you'd like to center the picture, or align it to the left or right, click back to the “Normal” tab. You can now click on the picture and click on the icon for align left, center, or align right.
<img src = "YOUR PICTURE’S URL HERE">
Are there special requirements for selling jewelry?
Yes. Bid4assets maintains special policies regarding jewelry appraisals, grading cards and certificates of authenticity. We also have a special jewelry return policy. Both the Appraisal, Grading and Certification Policy and the Return and Refund Policy are automatically posted on all jewelry assets listed on the site.
|Real Estate - Agricultural, Commercial, Land, Residential||APN (Parcel #) or address must appear in auction.|
Any liens or back taxes must be disclosed.
|Legal description, acreage, comparable property analysis, zoning/development criterion, annual taxes/dues, utilities available, improvements, appraised value, and telephone number for county, etc.|
|Real Estate – Timeshares||Unit #, fixed/floating week and maintenance fees.|
|Real Estate – Bid & Assume;||Disclosure of the full balance, interest rate, and either the monthly payments or total payment period (in months). Adherence to Bid & Assume Terms of Service|
|Personal Property – Cars/Vehicles, Jewelry||Make, model, serial number, specifications, year/age/hours used, maintenance, size, cut, color, clarity, etc.|
|Jewelry, Coin and Art||Adherence to Return and Refund Policy and Appraisal, Grading and Certification Policy|
|Financial Instruments||Position of note, performance, origination amount and date, payments, balance of note, amortization schedule, name of Web site or domain name for sale, etc.|
How do you qualify potential bidders?
Bid4Assets pre-qualifies buyers through a credit card verification process. This added security step significantly reduces non-performing buyers and Internet fraud on our site. The process is easy, quick and secure.
How long does a typical auction last?
It's up to the seller. A typical auction lasts between 3 and 7 days, with an optional Preview period. The maximum time an auction can appear on the site is 18 days. Note: During the Preview Period bidders can view the auction listing and the due diligence included in the “additional information” tab, but they are unable to place bids.
What is a buyer's premium?
A Buyer’s Premium is an optional fee that sellers can add to the winning bid amount of an auction to cover costs associated with their auction. The fee cannot exceed the completion fee that a seller is paying Bid4Assets. The Buyer’s Premium is included in the total purchase price paid by the buyer to the seller. The buyer’s premium percentage is indicated on the auction listing and displayed during the bid process. The seller is responsible for collecting the Buyer's Premium from the Buyer.
Can I add fees other than a Buyer’s Premium to my auction?
Sellers may add reasonable fees to their auction to be reimbursed for services they provide, such as shipping and handling or deed transfer fees. All fees that a buyer is expected to pay in addition to the Minimum Bid and the Buyer’s Premium must be clearly stated in the auction.
Bid4Assets prohibits Sellers from including excessive fees on their auctions. This includes, but is not limited to, Closing Costs, Deed Transfer and Recording Fees, Documentation Fees, Seller Fees, and Shipping and Handling. Bid4Assets may, at any time, request that a Seller provide documentation to justify that the additional fees listed on an auction reimburse the seller for actual expenses and are not being used to inflate the final transaction amount. Please note that deed preparation and transfer fees on a quitclaim deed may not exceed $500. Closing costs (excluding title insurance) on a simple deed transfer for a land property sale under $50,000 may not exceed $500, unless proof is provided that the costs are greater.
If additional fees are determined by Bid4Assets to be excessive, Bid4Assets will charge the Seller 10% of all fees listed in the auction. Repeated offenses of a Seller listing auctions with excessive fees may result in the Seller’s suspension from the Site.
Will my asset be listed automatically?
In our ongoing commitment to offer a secure environment for our customers, Bid4Assets requires all new sellers to provide proof of ownership for their first three auctions prior to posting them on the site.