I noticed that there were a few blogs about BID SELECT, but not very many. I want to share with you my experience.
After looking at a listing with an investor, I called the LA for more info. She informed me that my offer will have to be placed on BIDSELECT.COM. We have done this and looks like we may get the home. Here are a few things to be aware of:
1.The registration process can take a minute. Agents have to register on-line and it requires many bits of information. I had to track down my real estate license to find the "expiration date". Not something I keep up with daily. You can pre-register if you think that you may have a client that wants to make a quick offer.
2. The offer goes to a third party company for review. Mine came back that we had been "ACKNOWLEDGED" which I found to be a good thing. Then we printed out 20 plus pages of addenda and had to overnight it to Dallas along with certified funds.
3. The contract is intimidating. The addendum required is long and 100% one-sided. It can potentially scare off clients because it does not apparently let the buyer out of the deal very easily. Similar to other REO contracts these days.
4. Lastly, be sure to compare the price of the property in MLS with the BIDSELECT price. We found that the agent had not updated a recent price REDUCTION, and only uncovered this on the website.
If you have any other feedback or observations, please share them...
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