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BidLion will charge the listing agent, a $49.95 Listing Fee when they publish a seller's listing. This fee covers the cost of the listing advertisement and the use of our offer platform.
Buyers and sellers pay nothing for the use of our service unless the seller instructs the listing agent to attach a Buyer's Premium to their listing. In such cases, the $49.95 Listing Fee is waived and the seller assumes responsibility to pay a Premium Service Fee of ½% of the purchase price ($699 minimum) to BidLion upon successful settlement. The attached Buyer's Premium will then be automatically included in the purchase price of all buyer offers, which translates to an extra, financeable cost for the buyer.
(Note: A Buyer's Premium will almost never be used for traditional listings and is more commonly used for bank owned properties.)
If the seller elects to attach a Buyer's Premium to their listing, the listing agent will download and complete the Premium Service Fee Addendum and obtain the signatures of both the buyer and seller for inclusion into the ratified contract. The fee will then be included as an expense on the seller's side of the HUD-1 Settlement Statement to be paid by the settlement agent only upon successful settlement of the real-estate transaction.
The Premium Service Fee Addendum form can always be found on the Docs page of our website.
It's a 100% satisfaction guarantee.
If a listing agent is dissatisfied with how a particular property benefited from our service, they may request a full refund. Likewise, if a seller using our premium service is dissatisfied for any reason, our service is free.
This feature gives the seller the opportunity to tweak the terms of the standard local contract that is the basis of a buyer's offer. By creating this addendum, the seller is outlining changes they seek to the standard local contract and will expect this signed addendum to accompany the winning buyer's formal offer should the buyer agree to the terms outlined within.
If the seller is not requiring acceptance of the terms, buyers may reject the terms outlined in the Seller Addendum and still place their bid, but they should do so knowing that a competing party with a similar offer, which agrees to the seller's terms, may be chosen instead of them to make a formal offer and purchase the property.
Agents should note that while BidLion does provide a general, default template option that allows the listing agent to create a Seller Addendum with ease, the terms within the Seller Addendum are always customized to fit the property and address the seller's wishes. Thus, the terms outlined within the Seller Addendum are, in fact, the seller's terms and should not be thought of as terms that BidLion is advocating in any way.
When creating a Seller Addendum, all agents are advised to make a conscientious effort to outline terms that do not conflict with their local real-estate laws and are fair to both parties of the real-estate transaction.
Low appraisals are becoming more common and can destroy a real estate deal unless the parties involved can mutually agree on a solution.
In the event the seller has chosen not to establish the value of their property in advance by receiving a FREE appraisal from BidLion upon listing, there may be a possibility that this scenario could occur.
For such cases, BidLion has created the Appraisal Addendum feature, which allows the buyer to express their capability and/or willingness to work through this problem with the seller should it occur after contract ratification. This eliminates surprise, gives both parties clarity on what will happen should the situation arise, provides the buyer with yet another tool to separate themself from the competition, and provides the seller with yet another tool to evaluate that competition.
(NOTE: The Appraisal Addendum is not required and is irrelevant to the buyer who is incapable or unwilling to pay more than the appraised value. Accordingly, such a Buyer is denoted on the table in the "Appraisal Addendum" column with "0%".)
Licensed agents and brokers are the only users on BidLion who are permitted to create listings. If you are either and are already registered, it is very simple:
Upon login, you with be redirected to your account profile page. Under the "Listings" tab you will see the "+ Create New Listing" link that you can click to get started. Directions and explanations are included in the process so it's pretty easy.
You can withdraw your offers on a property from that property's listing page. The "Withdraw Last" and "Withdraw All" links are provided on the offer table in the area just below the "List Price" display.
If these links are not present, it's because you're either not signed in or not an agent or broker.
While we do allow buyers whose agents have verified their relationship and financial qualifications to share the bidding responsibilty with their agent, we do not allow buyers to withdraw their own offers. We do this to prevent prospective buyers from placing and then quickly withdrawing bids in an attempt to manipulate other users. And since agents are bound by the ethical rules of realty boards and their clients are not, we've decided that we would require buyers to ask their agents to withdraw their interest in a property to prevent abuse.