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Buying

Welcome to Zetabid! If you’re looking to realize the dream of home ownership or just looking to make a smart investment, Zetabid auctions are a convenient solution for bidding and purchasing bank-owned and builder-owned properties. Here’s what you need to know about getting a great home with ZetaBid.

Before the auction:

Find Homes you like:

Prepare for the auction:

Bidding on homes:

First Time Homebuyer?

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Research Financing Options

• Since knowing how much home you can afford will be a pivotal factor in how much you can bid on a property, it is highly recommended that you get pre-qualified or pre-approval for a loan.
  
  
  • Contact Zetabid to pre-qualify for a loan with the auction lender. Our lenders are leading companies that you know and recognize with competitive mortgage rates. 1-888-4-ZETABID (888-493-8224)
  • You are welcome to use the lender of your choice, but there are no financing contingencies if you decide to go with your own lender. Please obtain a pre-approval, not a pre-qualification, and bring it with you on auction day.
  • You can also purchase the home in cash. If you chose to do an all-cash purchase, you must provide proof of funds in a recent back or asset statement showing the funds available in the account in which you will be using to finance the purchase. No cash or credit cards will be accepted on auction day.

All high bids are subject to:

• A reserve price set by the property seller, and
• Seller’s final acceptance and approval of any high bid, and execution of a mutually acceptable written purchase contract by Seller and the high bidder.
• The high bid is not a final sale (or a binding contract) of the property but only an OFFER by the bidder to purchase the property from the property seller. NO property sales are final at auction until there is a mutually acceptable written purchase contract between the property seller and the high bidder.

All sales at the auction are “as-is and where-is”:

• Homes are sold “as-is” with no opportunities for further inspection.
• The purchase contract provides for no contingencies.
• You can review all available documents on the individual property detail screen; copies may also be available for review at each open house.

Register

When you are ready to begin bidding, the next step is to register for the auction you plan to attend. You may register in advance of the auction date. Registration is free, and there is no obligation to buy or bid. Click here to register.

• Separate registration is required for each individual auction event.
• You must agree to our auction terms and conditions and property disclosures for each property you plan to bid on.
• If you are interested in bidding via the online auction, be sure to select the online option while registering.
• If you are using a real estate agent to assist you at the auction, you must indicate the agent and brokerage company on your registration form or they will not be compensated, no exceptions.

Review Documents

If you plan on bidding on a property at a Zetabid auction, you will be required to confirm your acceptance of the Auction Terms and Conditions. This document can be found on the property details page of every home. We recommend that you read the Auction Terms and Conditions thoroughly before coming to the auction. If you are the highest bidder on a home, you will also be required to sign the Purchase Contract during closing procedures. The form of the Purchase Contract is also on the property details page. You should read the contract carefully before you come to the auction. Additionally, there may be property disclosure documents on the property details page that you should also read before the auction.

Bidding

All properties have a silent reserve price which means the seller has set an unpublished minimum selling price. However, the seller has the right to accept or reject all bids at the seller's sole discretion. The starting bid is not the reserve price.

In Person, at the Auction

Once you are registered, on auction day simply show up at the event during the registration hours provided and check-in at the registration table. The order that the homes will be auctioned in is published on the Zetabid website the Tuesday before the event. However, sellers have the right to remove properties from the auction at any time In order to bid, you will be requested to show:

• o A cashier's check in the amount of $5,000, made payable to yourself (we will not collect it at the time you check in)
• A blank personal check
• A valid photo I.D.
• A copy of your loan pre-approval

When you have confirmed in writing that you have read, understand and agree with the Terms & Conditions of the auction, we will present you with your numbered bidder’s card that you will use while bidding in the auction.

A 5% buyer's premium will be added to any final High Bid to determine the total purchase price. A minimum buyer's premium of $2,500 will be added to properties with a final High Bid of less than $50,000. For example, if you are the high bid at $300,000, your actual purchase price will be $315,000 ($300,000 bid plus $15,000 buyer's premium). Please take into account this buyer's premium as you decide how much to bid on a home at auction. The buyer's premium is not a real estate commission; it is the fee that Zetabid charges bidders for bringing the property to auction, and is separate from any commissions paid to real estate brokers by the seller.

Onsite Assistance

Our auctioneer has assistants working in the aisles to help you confirm bids and to communicate with the auctioneer on your behalf. The assistants are available to answer your questions about the auction and the bidding process.

If you are the high bidder you will be ushered to the closing area to execute the required purchase contract, sign over your cashier's check and write a personal check for the balance of the required Earnest Money Deposit, which is 5% of the total purchase price. The Earnest Money Deposit is the amount of money that the high bidder must deposit with the escrow/closing agent on auction day. This is not the down payment but it may be applied toward the down payment.

Online Bidding

For those who cannot attend the auction in person (although we strongly encourage you to attend if possible), we offer a webcast using your computer and telephone to place bids with a live audio feed to the event.

To bid via a live webcast, you need to:

• Download a webcast software to your computer that allows you to see the properties that come up for bid
• Dial into a teleconference number to place bids using your telephone keypad
• We recommend that you register as an online bidder at least 24 hours prior to the event.

If you are going to be participating in the auction via our international webcast, be sure to select the "Online via a live webcast" option when you register for the auction on Zetabid.com.

Once registered, you will be sent an e-mail that will contain a link to download auction specific software, a link to launch the webcast on auction day, and a teleconference number to dial into during the auction. The software should be downloaded at least one to two hours prior to the auction, and allows you to view the properties on your computer as they come up for bid. The order that the homes will be auctioned in is published on the Zetabid website several days before the event. However, sellers have the right to remove properties from the auction at any time.

On auction day, you launch the webcast using the link that was sent to you in the email, dial into the teleconference number, and place bids using your telephone keypad. For example, pressing *1 indicates that your hand is up and you are bidding. Pressing the # key indicates that you are lowering your hand and no longer bidding. No cellphones or speaker phones please. When you place a bid on the webcast a $2,500 authorization will be taken on your credit card. It will not actually be charged unless you fail to return executed contracts within the required timeframe. If you experience any technical difficulties please contact the Webcast Support at 1-888-865-7469.

Click HERE to see full webcast instructions & FAQs

Absentee Bids by Proxy Offer

If you cannot attend the auction in person or participate via the live webcast, Proxy Offers are accepted on auction properties at any time. A Proxy Offer is an offer made in writing on the standard real estate contract, submitted to the listing agent prior to auction day. All Proxy Offers are held until auction day and compete with bids received on-site and online on the day of the auction. To submit a Proxy Offer prior to the auction please print out the Purchase Contract found on the property details page and use this as a guide when completing your offer. The amount of your Proxy Offer will be deemed to include the 5% buyer's premium; the actual bid entered on behalf of a Proxy Bidder on the day of the auction will equal the total amount of the Proxy Offer less the portion of the Proxy Offer constituting the 5% buyer's premium. A minimum buyer's premium of $2,500 will be added to all properties less than $50,000. All offers must reflect no contingencies of any kind. All sales are “as is” without warranties or contingencies. All Proxy Offers must include a copy of a loan pre-approval letter or proof of funds (if all cash) and a check in the amount of the Earnest Money Deposit. Proxy Offers are submitted to the listing agent by sending an e-mail to auctionoffers@zetabid.com or by sending a fax to 310-376-4206. If a Proxy Offer is the high bid on auction day, you will be notified by the listing agent within 72 hours.

Pre-Auction Offers

Each home on the Zetabid website features an “Offer Now” link on the property details page. This feature allows you to make a bid on a property up to 8 days prior to the auction event. Simply complete the easy, 1 page bid form online, press “submit”, and your bid will be sent to the property's listing agent. If the seller is interested in your offer, the listing agent will contact you and request that you complete, execute and submit a copy of the purchase agreement, together with a copy of your loan pre-approval letter or a pre-qualification commitment from the auction lender and a check in the amount of the earnest money deposit. Once a contract is signed by both you and the seller, the property will be removed from the auction.

What to expect at the auction?

Generally, we are able to auction between 20 and 25 properties per hour, so the event will move at a rapid, yet manageable pace. The length of each auction depends on how many properties are in the auction on auction day.

Because the auction moves quickly, it is a bidder's responsibility to know the auction bidding order, published the Tuesday prior to the auction event on the Zetabid web site. You should expect that other people may bid on the same property as you, so be an informed bidder and know how much you want to spend. You should also thoroughly review all property disclosure documents, the auction Terms & Conditions, and the Purchase Contract prior to auction day. If you are the high bidder on a property, you will be ushered to the closing area to sign the Purchase Contract and to discuss financing.

What to bring to the auction in order to purchase a property?

• A cashier’s check in the amount of $5,000, made payable to yourself
• A blank personal check
• A valid photo I.D (state/govt issued).
• A copy of your loan pre-approval
• Any co-buyer should be present with you WITH ID
• Any necessary corporate/partnership or trust documents
• No cash or credit cards are accepted on auction day.

Closing

If you are the high bidder you will be ushered to the closing area to execute the required purchase contract/joint escrow instructions, sign over your cashier's check and write a personal check for the balance of the required Earnest Money Deposit, which is 5% of the total purchase price. Time is of the essence in the closing area and all documents must be executed in a timely manner or the property will be placed back on the auction block with no further obligation to buyer. It is strongly recommended that you review the Purchase Contract and Terms & Conditions prior to the event. The high bidder's bid is an offer to purchase the property that is subject to acceptance by the seller; no offer will be deemed accepted until seller executes the purchase agreement at a mutually acceptable purchase price.

You will be required to pre-qualify for a loan with our onsite lender if the sale is not an all-cash sale. If you chose to do an all-cash purchase, you must provide proof of funds in a recent back or asset statement showing the funds available in the account in which you will be using to finance the purchase. No cash or credit cards will be accepted on auction day.

You are welcome to use the lender of your choice, but there are no financing contingencies if you decide to go with your own lender.

If you fail to qualify with our onsite lender, then your offer will be withdrawn and the property will be subject to immediate re-auction with no further obligation to you.

We strongly suggest you utilize the onsite lender because all contracts require a 30-day closing timeframe which many outside lenders cannot meet. If you fail to close on time you could be subject to liquidated damages resulting in a forfeiture of your deposit.

It is also suggested that you pre-qualify with an auction lender prior to the auction, allowing you to bid with confidence and streamline the closing process. If you use your own lender, please get a pre-approval letter (not a prequalification letter) to show at the closing area. To learn more about how to pre-qualify, call 1-888-4-ZETABID (888-493-8224).

When escrow closes, the seller will convey title to you by a recorded deed, and you will receive an owner's policy of title insurance from a national title company in the amount of the purchase price showing the property free of any financial liens other than future property taxes and assessments.

Online Closing

Online bidders submitting the highest bids will be transferred via telephone to our online closing coordinator to pre-qualify for a loan over the telephone and coordinate the overnight delivery of the purchase contracts. A $2,500 credit authorization will be placed on your credit card. You will have one business day to return the contracts and the Earnest Money Deposit or your credit card will be charged $2,500. The high bidder's bid is an offer to purchase the property that is subject to acceptance by the seller; no offer will be deemed accepted until seller executes the purchase agreement at a mutually acceptable purchase price.

You will be required to apply for a loan with our onsite lender on the telephone unless you are using a different lender, or the sale is an all-cash sale. If you chose to do an all-cash purchase, you must provide proof of funds in a recent bank or asset statement showing the funds available in the account in which you will be using to finance the purchase. No cash or credit cards will be accepted on auction day.

You are welcome to use the lender of your choice, but there are no financing contingencies if you decide to go with your own lender. If you fail to qualify with our onsite lender on the phone, your offer will be withdrawn and the property will be subject to immediate re-auction with no further obligation to you.

We strongly suggest you utilize the onsite lender because all contracts require a 30-day closing timeframe which many outside lenders cannot meet. If you fail to close on time you could be subject to liquidated damages resulting in a forfeiture of your deposit.

It is also suggested that you pre-qualify with an auction lender prior to the auction, allowing you to bid with confidence and streamline the closing process. If you use your own lender, please get a pre-approval letter (not a prequalification letter) from a direct lender to discuss with the online closing coordinator.

When escrow closes, the seller will convey title to you by a recorded deed, and you will receive an owner's policy of title insurance for the amount of the purchase price issued by a national title company in the amount of the purchase price showing the property to be free and clear of any financial liens other than future property taxes and assessments.