How to Purchase Your Home at Yellbid Home Auctions

Before The Auction

Pre-Register. Visit our website at www.yellbid.com, to register for the auction. Click on the Register button. Registration is FREE and will give you open access to real discounted property.

Review all of the homes being auctioned to find those you are interested in bidding on. All of the homes are listed in the Yellbid Home Auctions brochure. Additional information for each home may also be found on our website at www.yellbid.com and may include additional pictures, appraisals, disclosures, HOA documents and maps.

Read the terms and conditions of the auction carefully, especially with regard to bidder eligibility, financing, bid deposits, closing deadlines, purchase and sale agreement provisions, and contract termination policies. The Terms & Conditions are on our website at www.yellbid.com. If you have any questions, please contact Yellbid at 866.652.3244.

Pick Your Favorite Homes. Decide which homes you would like to bid on. Conduct detailed research on those homes. Review all of the information about those homes posted on our web site at www.yellbid.com and visit the home during Open House.

Go To Open Houses. Visit all of the homes you would like to bid on. Thoroughly inspect the homes. Remember that auction sales are "as is, where is," which means what you see is what you get. Be an informed bidder. There will be several open houses hosted for every one of our homes (except those that are currently occupied). Open House schedules are listed on our website at www.yellbid.com

Attend Yellbid's "How To Buy A Home At Auction" Seminars. These free conference call seminars will provide valuable information on auctions and how they work. You will have opportunity to have your questions answered by the experts. Yellbid believes educated buyers are successful buyers.

Pre-qualify for Financing. There is no cost or obligation to pre-qualify. Pre-qualification may help you know how much you can afford to bid. Yellbid Home Auctions has made arrangements with a with many different lenders to provide special auction financing. They offer many competitive financing options to help complete your sale. Additional information can be found on our web site at www.Yellbid.com. optionally, you may use your own broker or lender, but please see the Terms and Conditions and bring the appropriate documentation to the auction to complete the sale.

Gather Your Paperwork. To enter the online auction, you must send your $5,000 earnest money deposit to the third party escrow company. To quickly complete financing, you should contact our preferred lender immediately. They will advise you of necessary documentation for financing.

Pre-qualify for Financing (optional) First come first served, note, if financing you must be pre-approved prior to bidding.

Bid. When one of your desired homes is being auctioned, just log-in and place the minimum bid, the auction will last for 15-30 days.  Bidding continues until the auction time expires and declares "SOLD!"

Win. If your bid is the high bid, you will be asked to sign the Winning Bid Confirmation and asked to contact customer service to complete all documentation and financing to complete the sale will be done at this time.  You will be required to close Escrow in 21 days at which time you will receive the keys to your new home.

Examples of Winning Bid Confirmation 
       
  -  Winning Bid Amount: $200,000 

  -  Add 1% Buyer's Premium: +$2,000 

  - Total Purchase Price: $202,000 

  - 5% Down Payment Required* :  $10,500

  - Send Money to third party Escrow Company:   -$5,000

  - Deposit  Required 50% of down payment:   $5,500**

*5% Down Payment represents the minimum down payment required. Actual down payment required may be significantly higher or lower, based on borrower qualifications and lender requirements.

**Closing costs are not included