You or your client found the perfect property; but then you find out that you have to make a bid on the client's behalf, instead of simply presenting a contract to the listing agent. Don't despair! BidSelect® is one of the sites you might run into, and navigating the site is really not difficult. To make it easier, here are instructions COMPLETE with illustrations. NOTE that the listing agent cannot input the offer for you in most instances, so you will have to register and place the bid for your client, unless you intend to refer the client.
Instructions for using BidSelect®
Type into your browser (or click on the link): www.bidselect.com
If you have not previously registered, click the Register Now button (circled in red below). If you have registered already, click the Search Properties button (circled in blue below). The buttons do not actually have colored circles on the webpage--the circles are included on this illustration to help you find them.
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Skip this step if you have already registered and go on to the next. During registration, you must specify the account type you are creating. To bid for a client, you should select the following option: Selling Agent -FREE. Complete the registration steps then see below.
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Once you are on the Search screen, it is usually best to simply search all listings by state and city or county (rather than address or zip code-just to avoid typos on your side or on the webpage). Type in the needed information and then click the Search button at the bottom of the page.
On the next screen, you will select the property for which you are placing a bid. When you locate the property, scroll down to the bottom of its description and click the SUBMIT OFFER button.
Note: If the property is already under contract, the status will say UNDER CONTRACT and there will not be a SUBMIT OFFER button.
You will then be prompted to log into your Buyer Center account (see illustration below):
Follow the onscreen instructions to place your bid. You will have to know your client's full name, full address, email address (if available) and social security number (for some vendors), as well as the normal info about their offer to complete the process. You will not be turning in a state contract form at this point, but you should go ahead and fill out the standard state contract and have your client sign it, as well as give you a check for the earnest money. NOTE: As part of filling out the bid, you may have to state your commission amount (which has the effect of lowering your client's net bid).
Usually the day after your bid goes in, you will receive an email confirmation.
WHEN THE BIDDING PERIOD HAS ENDED:
You will receive an email that tells you the status of your client's offer. Below are the various status headings and a description of what they mean:
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Offer Incomplete - Status of an offer that was initiated and saved using the Save and Close feature and has not yet been submitted. From user's Buyer Center account under My Current Offers, click on the Submit Offer or Submit Intent link to pull up and submit the offer. (For offers submitted during the Lottery Round, the status is, "Intent Incomplete".) |
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Offer Submitted- Status of an offer that has been successfully submitted in BidSelect®, but has not yet been reviewed by the Asset Manager. (For offers submitted during the Lottery Round, the status is, "Intent Submitted".) |
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Offer Reviewed - Status of an offer that was reviewed by the Asset Manager, however it was not acknowledged as the accepted offer. (For offers submitted during the Lottery Round, the status is, "Intent Reviewed".) |
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Offer Acknowledged - Status of an offer that was reviewed and acknowledged as the accepted offer by the Asset Manager. (For offers submitted during the Lottery Round, the status is, "Intent Acknowledged". An acknowledged intent means the offer was selected as the lottery winner.) |
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Offer Not Considered - Status of an offer that will not be reviewed by the Asset Manager either because the property was held off the market, or because another offer for that property was acknowledged as the accepted offer before this offer could be reviewed. |
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Offer Marked for Negotiation - Temporary status of an offer that the Asset Manager has marked to be countered; however the terms of the counter offer are not yet finalized. |
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Offer Countered by Seller - Status of an offer that the Asset Manager has countered. Offers in this status are awaiting online response from the Agent. |
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Offer Countered by Buyer - Status of an offer where the Agent has countered the Asset Manager's counter offer. Offers in this status are awaiting online response from the Asset Manager. |
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Best and Final Requested - Status of an offer that the Asset Manager has requested a best and final offer. Offers in this status are awaiting online response from the Agent. |
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Best and Final Submitted - Status of an offer that has been submitted as a response to a request for Best and Final. Offers in this status are awaiting review by the Asset Manager. |
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Rejected by Buyer - Status of an offer where the Asset Manager's counter offer was rejected by the Agent. |
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Rejected by Seller - Status of an offer where the Agent's counter offer or best and final offer was rejected by the Asset Manager. |
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Offer Expired - Status of an offer that was countered or a best and final offer was requested by the Asset Manager, and an online response was not submitted by the Agent prior to the deadline. |
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Offer Cancelled- Status of an offer that was cancelled by the user through their My Buyer Center account or cancelled by an Asset Manager. (For offers submitted during the Lottery Round, the status is, "Intent Cancelled".) |
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Incomplete Offer Expired - Status of an offer that was initiated and saved using Save and Close functionality and not submitted. It can no longer be submitted as the auction period has ended. (For offers submitted during the Lottery Round, the status is, "Incomplete Intent Expired".) |
(I sure hope all of these illustrations appear in the proper places when I actually post. If not, I'll try to make the appropriate corrections!)
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