Real Estate Policy-- Updated 6/1/18
Affiliates can post Real Estate Auctions on K-BID.com. K-BID serves as the venue only for real estate auctions. K-BID has no further involvement in the transaction.
- The affiliate has complete responsibility for knowing and ensuring compliance with all Local/State and Federal laws relating to the sale of the property. Real estate sales is a highly regulated industry; unless the affiliate is a licensed real estate broker, K-BID strongly recommends the affiliate seek the counsel of a licensed real estate professional prior to finalizing any agreements with the property owner.
- The affiliate must include a disclaimer in all contracts and agreements with third parties, i.e., the buyer, the seller, the broker, the closing agent, etc., stating that K-BID is not a party to the transaction and has no involvement in the auction beyond being the venue used to present it to the public.
- Real Estate can be posted for a maximum of 4 weeks.
- K-Bid charges a $250 Non-Refundable Posting Fee for each property posted on the website. This posting fee must be paid prior to the auction being posted. As of June 1, 2018, K-BID will be collecting 2% buyer's premium for real estate auctions. If the property sells, the posting fee will be deducted from the BP K-BID collects.
The process for getting real estate auctions posted is:
1.) Get your auction all set to go in DRAFT status.
- Please make sure that your lot description and auction terms state that the BP Cap of $1000.00 DOES NOT apply to REAL ESTATE AUCTIONS.
2.) Email email@example.com with the Auction ID, BP %, and bid increments that you want on that auction, starting at $100,000.00 and above.
- K-BID will adjust the auction type to make sure the BP amount being charged is correct.
3.) K-BID will invoice for the $250.00 posting fee and once it is paid, will publish your auction.
If you have any questions regarding this policy, please contact firstname.lastname@example.org.