Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Realty Bid - What Am I Missing?
Realty Bid - What Am I Missing?by Pam SimpsonThe Kudzu Vine
I've noticed over the last couple of months a significant number of bank foreclosure listings in my area being placed on Realty Bid.  Realty Bid is an on-line auction service.  Their banner says "Benefiting Buyers, Agents & Sellers Alike".  
Since I have represented a number of REO buyers, I decided to poke around a little on the site.  I saw that a few of the properties up for auction in my area had bids, but apparently there are 'reserve' prices which had not been met.  I also noticed items labeled 'Fees' that sparked my interest.  They say that they will pay a Buyer's Agent Fee of 2.5% or $1,000 (whichever is greater).  They also charge a Transaction Fee to the Buyer at closing.  The ones I looked at ranged from $2,000 to $5,000.  (WHAT???)  The required Earnest Money Deposit is about twice the amount my area is accustomed to seeing.
On the sidebar of the page, I noticed an area labeled "Info Center" containing a number of questions that a buyer might have.  I clicked on the one that said Terms for Bank Properties.  Being that I was a legal assistant in ... more

__________________________________________________
Are you on The Rain? Grow Your Network!