| 1. |
Q. |
Does UCbid™
require prospective buyers to place their bids through a broker
for properties they are interested in purchasing? |
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A. |
No, you
may personally place bids although prospective buyers may be represented
by a broker who can place bids on the prospective buyers behalf
if the prospective buyer does not have Internet access.
Further, a successful high bidder must meet with an assisting
broker within 24 hours of notification of acceptance of the bid
to complete the purchase documents. If you do not have
a broker and desire a broker's assistance, please email our User
Operations Group at ops@UCbid.com
or call (858)292-5304 and we will assist you in locating a broker.
Note: This does not apply to Government properties.
See Government Homes Terms and Conditions for details. |
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| 2. |
Q. |
What should
I do if I did not receive my Customer ID via email? |
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A. |
Please
check that you followed the procedures in How To Bid. If
you require additional assistance please call the UCbid™
User Operations Group at (858)292-5304. |
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| 3. |
Q. |
As a Prospective
Buyer, what do I need to place a bid on a particular property? |
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A. |
Complete
the Bidder Registration form on this website. Determine
how you will be purchasing the property or properties. If
purchasing for all cash, you need to present a letter from your
bank, savings and loan or financial institution certifying that
funds are available to you. This letter must be signed
by the financial institution manager and dated within 30 days
of the auction you are participating in. If you plan to
obtain financing, you need to have a lender pre-qualification
letter stating the loan amount you are pre-qualified for.
The pre-qualification letter must be signed by the financial institution
branch manager and dated within 30 days of the auction you are
participating in. |
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| 4. |
Q. |
Who do
I provide the loan pre-qualification letter to? |
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A. |
Each prospective
bidder must fax the letter to us at (858)495-0450. Upon
receipt of the letter we will provide you with a Customer ID number
and password which will permit you to place bids on the property
or properties of your choice. |
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| 5. |
Q. |
Can I
bid on more than one property? |
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A. |
Yes, although
you must still provide a letter of pre-qualification stating the
loan amount you are pre-qualified for on each property. If paying
cash, the letter needs to specify the amount of sufficient funds
that are available which the prospective buyer is willing to invest
for each property. |
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| 6. |
Q. |
Do I have
to stay in close contact with my computer during the auction to
place bids? |
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A. |
No,
UCbid™ includes an advanced feature known as AutoBid.
This feature is optional and allows you to place a blanket bid
on a property. This way you do not have to be present to
raise your bid to the next acceptable bid level should someone
else outbid you. If someone outbids you, the AutoBid acts
as your agent and raises your bid to the next acceptable bid increment.
This will continue until your AutoBid limit is reached.
In the event of ties, the AutoBid will be designated as the high
bid. |
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| 7. |
Q. |
After
I have set AutoBid, how will I be notified? |
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A. |
You will
be notified via e-mail if you have been outbid. We recommend
that you stay online with your computer or stay in close
contact with your broker during the final hour before Bidding
Ends to advance your bid if necessary. |
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| 8. |
Q. |
What bidding
increments are permitted when placing a bid? |
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A. |
Only $1,000
or $1,000 multiples may be used to advance a bid ie: $1,000, $3,000,
$10,000. These straight forward amounts are necessary to
keep the bid process simple, convenient and fast. |
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| 9. |
Q. |
What do
you mean by "Reserve Price"? |
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A. |
The seller
sets the least amount for which they will sell each property. This
is called the "Reserve Price" and in most cases it is
not available nor disclosed. The seller may accept or reject
bids that are below the "Reserve Price". |
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| 10.
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Q. |
How are
the Reserve Prices set? |
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A. |
The sellers
set the Reserve Price for each property. The UCbid™ system
will indicate when the value range of the Reserve Price has been
met and therefore you will know at this point you are buying as
you are bidding. The seller has the option of reducing the
Reserve Price during the bidding. Conversely, the seller
cannot increase the Reserve Price during the bidding.
Bidding Procedures: Bids will be accepted until the bids
are in the value range of the Sellers Reserve Price; at which
time, registered bidders who have placed bids on a particular
property will be notified via email of a Bidding Ending date and
time to facilitate the placement of increased bids.
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| 11. |
Q. |
How do
I obtain a copy of the Sales Contract for a specific property? |
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A. |
The Sales
Contract is available for review by clicking on "Sales Contract"
from the Property Information Page of each property. |
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| 12. |
Q. |
Is
there a benefit to registering with UCbid™
as a broker, seller or buyer? |
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A. |
Yes, you
will receive notices of exciting future UCbid™ auction events.
In addition for brokers; you will be placed on our list of registered
brokers which will be provided to buyers and sellers seeking a broker. |
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| 13. |
Q. |
What other
types of properties does UCbid™ auction? |
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A. |
UCbid™
auctions all types of residential, vacant land and commercial/investment
real estate both domestically and in foreign countries. Additionally,
performing and non-performing loan portfolios are auctioned. |
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| 14. |
Q. |
As a listing
broker/agent or a seller, can I list a property for auction with
UCbid™ |
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A. |
Yes, we
welcome the opportunity to work with you, please email sales@UCbid.com
with the particulars of the property and you will be contacted promptly. |
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| 15. |
Q. |
What does
the term "Opening Bid" mean? |
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A. |
The "Opening
Bid" listed on the Bid Detail Page of this web site, is an
amount established by the seller for each property. The
"Opening Bid" is a suggested price at which bidding
shall begin. Once bids have been placed on the property;
the "Opening Bid" shall reflect the current bid price.
The "Opening Bid" is not the price the seller has set
as their confidential Reserve Price. Although, once the
value range of the Sellers Reserve Price has been met, it will
be reflected on the Bid Detail page. |
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| 16. |
Q. |
If I have
additional questions/observations or need clarification, how do
I contact UCbid™ ? |
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A. |
Just email
our Customer Operations Group at ops@UCbid.com |
