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Home Buyer Training Video (home tellos)

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At you can find, bid or place an offer, win and close on a property -- entirely online. Our innovative real estate marketplace offers deep-discount REO (Real Estate Owned) and foreclosed properties. Search our inventory and find your next home or investment property today.

Bid Information Center: Online Bidding and Listing Types Explained

Online Bidding is Easy As 1,2,3

Step #1–Find Your Next Home
• Search the web site for home listings.
• Use the web site tools and available research to refine your property selection.
• Attend any scheduled open houses and perform home inspections as necessary.
• Contact listing agents with any property-related questions.

Step #2–Register to Bid
• In order to bid on any property, you must be registered online.
• Click the “register” button to register to bid.
• Some properties require more information than others depending on the Sellers’ criteria.
• Register early! Some seller’s may require pre-qualification as part of registration. While most sellers do not currently have these requirements, it’s best to plan ahead in the event they require pre-qualification in the future.
• Although you can register and place a bid without an agent, we recommend that you have agent representation.

Step #3–Bid Online
• Find the property for which you want to place a bid and select “place bid.”
• Follow the bidding process steps.
• For Time Limit bids, you must outbid the current highest bid only bids above the reserve price are eligible to win.
• For No Time Limit bids, bidders can offer contingencies with the bid.
• For all bidding, you will receive notifications via email to confirm your bid along with any other activity related to your bid such as outbids, time remaining and winning bids.
• Monitor your bids by using the MyBidder application on the web site.

What is Time Limit Bidding?

Time Limit Bidding is an online bidding process that ends at a specified time and date. In this format, the highest bidder at the specified time and date is the conditional winner. For Time Limit Bidding, you can either place a bid usingOwn It Now option or become the highest bidder at the end of the time limit period by outbidding the prevailing highest bid. In a Time Limit Bidding format, the property is soldAS ISunless specified otherwise in the terms/contingencies on the property details page.

Time Limit Bidding is NEW and very EASY to use! However, there are some MAJOR differences with Time Limit Bidding than what you may be used to such as the following:

To win a Time Limit Bid, the Winning Bid must be equal to or greater than the Reserve Price. Unlike a typical listing price, a Reserve Price is not publicly published, but is the minimum price acceptable to the seller. Once a bid goes above the Reserve Price during the Time Limit Bidding period, the property page will indicate “Reserve Met= Yes.” Until then, you will see “Reserve Met= No.”

With all Time Limit Bids, there are the following fees:

a) Web Technology Fee. The Web Technology Fee is charged to all buyers who purchase a property through the GoHomingTM technology platform. The Web Technology Fee is paid to GoHoming by the buyer. This fee covers the cost of providing the GoHoming technology platform and related services and is included as part of the purchase price.

b) Buyer's Premium. The Buyer's Premium is charged to buyers who purchase a property through the GoHoming technology platform via a "Time Limit Sale" (these are the sales that have a count-down clock). The Buyer's Premium is a separate charge from the Web Technology Fee. The amount of the Buyer's Premium is shown on the "Property Details" page. The amount is based on the value of the property, and ranges from $625 to 5% of the amount of the property's value. This fee is included as part of the purchase price, and covers the cost of marketing the property and facilitating the sale.

Like the traditional NO TIME LIMIT BIDDING, we recommend that buyers have agent representation.

No Time Limit Bidding is a process that does not end on a specific time and date. Under Time Limit Bidding the property will only be sold to the buyer if the Seller agrees to an “acceptable” offer.

How to Bid?
You can place a bid by registering or its affiliated websites. You can register as a Buyer or a Buyer Agent. There are two types of online bidding formats - Time Limit Bidding and No Time Limit Bidding.

If you are not the highest bidder on the property, you will see the status of your bid as Outbid in the Bid Manager section. Outbid or bid rejection happens when the then highest bid is rejected because a new better bid has been made.

Note: Best offer is decided by the seller, at its sole discretion, based on factors like offer amount, seller contributions (Property Tax, Attorney Fees, Repairs, Home Warranty, Incentives etc) and other factors.

How do I register?
On or its Affiliated web sites, click on the "Register" button at the top right-hand corner, and enter the Mandatory Fields marked in red. Accept the Terms and Conditions of or its affiliated web sites to complete the registration.

Once registered, you can:

  • Place bids
  • Watch Properties
  • Save Searches
  • Receive Property Updates

However, you must provide additional details (such as Buyer agent information) requested by the seller in order to place a bid.

If you register as aBuyer or Buyer’s Agent, you can enter the website by clicking on "Bidders" tab at the top right or its Affiliated web sites.

If you register as aSeller, Asset Manager or Listing Agent, you can enter the web site by clicking on the "Seller" tab at the top or its Affiliated web sites.

How to Register as a Buyer?

  • Enter the or its Affiliated web sites on the address bar.
  • Click on "Register" on the top right of the screen
  • Fill in the data in the boxes shown. You can have a screen name or alias. This is the name through which you will be known in the system to others, and the system will use this name to address you.
  • In the "City" and "State" fields, fill in the city and state in which you are looking for a property
  • Click on "Register".

You will then receive an email with a link from the site you registered on. Click on the link in the email. This completes your site registration. However, to bid on properties, you need to provide more information. The process is detailed below.

  • (Bidder registration) Again, navigate or its affiliated websites. Click on "Bidders".
  • Enter your registered Email Address and password. Click Login
  • You will be taken to the Account Manager page. Click on the "Click Here" link on the bottom of the page. This step is required to register
  • You will be presented with a page that requests your personal information. Please fill in all the details and click "Continue"
  • If you have a real estate agent, please indicate so and fill in his or her details. Once you are done, click "Continue". Note: You will be able to finish the registration and bid without details of an agent.
  • Click on "Continue" in the last screen.
  • You are now presented with your entire account information. If you want to make any changes, please make them and click "Save Changes", otherwise just click "Save Changes".

What is the difference between Flat Bid, Auto Bid and Buy it Now Bid?
AFlat Bid is a one-time bid. You bid the amount that you are willing to pay for the property. The bid amount should be greater than the current highest bid plus the bid increment.

You place anAuto Bid if you want the system to bid on your behalf. You use this feature typically when you are willing to pay more than the bid that you are currently placing in case you are outbid by another user. You can define the maximum amount of money the system will bid on the property on your behalf. If you are outbid the system automatically increases your bid for a value that is equal to the sum of the then current highest bid and the minimum bid increment provided the new value is within your defined maximum bid value.

Since withAuto Bid the system does the bidding on your behalf, you need not go through the hassle of checking your account to see if you were outbid.

You place aBuy Now bid if you do not want to wait until the end of the bidding time to know whether you have won the property. If you place aBuy Now bid, you become the winner and the bidding ends immediately.

What happens when I win?
When you win in Time Limit Bidding, an email notification is sent to you with the following instructions:

  • Where to make the Earnest Money Deposit
  • Where to send the signed contract.
  • When you win in No Time Limit Bidding, you will receive instructions from the seller within 24 hours.

How do I login as a Buyer?
After you complete your registration or its Affiliated web sites, you can login by clicking on the "Bidders" tab by entering your registered Email Address and password. Click Login.

How do I know if I am outbid?
Following are the ways to know if you are outbid or its Affiliated web sites:

  • You will receive an email notification/alert that you have been outbid.
  • You can login as a Buyer and watch the Bid Manager screen on "Bidders" to know the bid status.
  • When you place a bid in the Time Limit Bidding format, you can view the bid to see if you have been outbid, and an email notification is also sent to you.
  • In a No Time Limit Bidding format, your offer will be rejected if another offer is accepted unless you chose to have your offer held as a backup.

What happens if I don't have an Agent?
For bothTime Limit and No Time Limit Biddingwe strongly recommend that you have agent representation to guide you through the process.

REMEMBER :: Copy the property address to your clip-board and return here to find the nearest professional home-rehab specialist.

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How to Buy a HUD Home

FHA offers 1-to-4 unit residential properties HUD acquires as a result of a foreclosure action on an FHA-insured mortgage. FHA becomes the property owner and offers homes for sale at consumer-friendly prices to recover the loss on the foreclosure claim.

Any real estate broker registered with FHA may submit an offer and contract to purchase on your behalf. FHA pays the real estate broker's commission using proceeds from the property sale. Find An Agent

FHA's homes are offered for sale at fair market value, based on a recent appraisal. Generally, FHA sells homes in what is known as an "Offer Period," during which a potential buyer's offer must be made. At the end of the Offer Period, all offers are opened and the bid providing the highest acceptable net return to FHA may then be accepted. Following the initial "Offer Period" homes remaining unsold are offered on an "extended" basis which means offers may be submitted any business day. If a bid on one of these homes is acceptable, the broker will usually be notified within 48 hours of FHA's acceptance of the offer.

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