WHAT BID??? I just want to turn in a contract to the listing agent!

By
Real Estate Broker/Owner with Riverbend Realty, Cape Girardeau, MO

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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RegistrationSkip 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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Search for property

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Property list

 

 

 

 

 

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: 

Offer Statuses

 

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".)

 

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".)

 

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".)

 

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.)

 

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.

 

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.

 

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.

 

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.

 

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.

 

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.

 

Rejected by Buyer - Status of an offer where the Asset Manager's counter offer was rejected by the Agent.

 

Rejected by Seller - Status of an offer where the Agent's counter offer or best and final offer was rejected by the Asset Manager.

 

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.

 

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".)

 

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!) 

Posted by

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If you are looking for a foreclosure in Cape Girardeau, Perry, N. Scott, or Bollinger counties, I am the region's most experienced REO agent. As the area's ONLY Fannie Mae direct listing agent, I list more foreclosure properties than any other agent in this MLS. I am among the few local agents approved to both list and sell HUD properties. Give me a call if you are looking for help with the purchase of a foreclosure property.

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http://www.homepath.com/  for Fannie Mae properties

http://www.homesteps.com/  for Freddie Mac properties

http://www.hudhomestore.com/ for HUD properties (foreclosures that were FHA financed)

____________________________________________________________________________________________

If you want up-to-the-minute real estate information, the only way to get it is to have an agent set you up on auto-notify with immediate delivery. Your listing information will come directly from MLS only when it comes from an MLS member. You willl not have to wait for the information to roll to those other websites, and you will not have to check multiple sources. It's free, so why not give me a chance to help you in your search?


NO OTHER SOURCE is as complete or as fast as your local REALTOR®’s source. This is not just an advertisement for REALTORS®--it is information about how the system really works.

Click to email Liz   Call on Liz Lockhart for A Higher Degree of Excellence

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Rainmaker
441,654
Chandler Real Estate Liz Harris, MBA
#ChandlerRealEstateAgent
Liz Harris Realty

Is this being used on REO properties?  If so, what banks?  I haven't come across this yet and I just want to be prepared.

January 24, 2011 11:13 PM
Rainmaker
256,836
Liz Lockhart
GRI, Cape Girardeau Real Estate
Riverbend Realty, Cape Girardeau, MO

Yes, Liz. You will find this mostly on REO properties. Very often, the properties that end up on BidSelect® are the "aged" properties. Fannie Mae, for instance, will send properties either to an auction site or to a bid site (such as BidSelect®) when they have been on market too long. There are other bid sites, as well as the auction sites, that are involved with "aged" properties, as well.

The thing to remember about aged properties is that they can be the best deals on the market. Check the site and your city to see if any local properties are there. Not all of the properties on these sites will be listed with a local agent, so it's a good idea for agents to check them from time to time. You might find a really great deal for a client.

January 24, 2011 11:31 PM
Ambassador
501,144
Pat Haddad
Carmel IN Real Estate Expert
Keller Williams Indianapolis Metro NE

Great tutorial Liz.  Wish I had read this before going on my first time---but once you do it, it is really not too bad.  You have also given some great insight in the comments!!

January 25, 2011 12:34 AM
Rainmaker
256,836
Liz Lockhart
GRI, Cape Girardeau Real Estate
Riverbend Realty, Cape Girardeau, MO

Thanks, Pat! I actually post this info (in document form) to the associated docs section of each of my listings that are on BidSelect®. That way, when I get the inevitable phone call asking for help, I can refer the agent to my instructions.

January 25, 2011 12:54 AM
Rainmaker
470,176
Teral McDowell
I am a Texas Realtor selling homes on land I love.
Keller Williams Central

This is one of those blogs I would have to bookmark for future reference as there is so much good information.

January 25, 2011 01:03 AM
Rainmaker
256,836
Liz Lockhart
GRI, Cape Girardeau Real Estate
Riverbend Realty, Cape Girardeau, MO

Teral~ Thanks. BidSelect® is intimidating the first time you use it, but it is not really difficult.

January 25, 2011 09:30 AM
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Rainmaker
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Liz Lockhart

GRI, Cape Girardeau Real Estate
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