Bidding Instructions

BIDDING INFO

Listed properties are sold AS IS unless specified otherwise in the terms/contingencies on the property details page. The Winning Bid must be equal to or greater than the Reserve Price. The Reserve Price is not published to the public but is the minimum price acceptable to the seller of the property. Bids can NOT be won without agent representation. If the User does not have agent representation, please contact Realty Wholesalers, Inc. at realtywholesalers@gmail.com or if you prefer you can call Ben Stern at (561) 998-7855.

LISTING TYPES

There are two types of online bidding formats on RWBids.com - Time Limit Bidding and No Time Limit Bidding.

• Time Limit Bidding is an online bidding process that ends at a specified time and date. In this format, the highest bidder at the specified time and date is the conditional winner.
• No Time Limit Bidding is a process that does not end on a specific time and date.

Under Time Limit Bidding the property will only be sold to the buyer if the Seller agrees to an "acceptable" Best Offer. Best Offer is decided by the seller, at its sole discretion, based on factors like offer amount, seller contributions and other factors.

OFFER BIDDING INSTRUCTIONS

Please use this guide as your initial resource for information concerning the purchase process. In the event this guide does not provide all of the information you need, please contact Realty Wholesalers, Inc. at realtywholesalers@gmail.com or if you prefer you can call Ben Stern at (561) 998-7855.

Step 1: SEARCH YOUR HOME / CHECK PROPERTY STATUS

Use the "Available Properties" link on the RWBids.com Home Page and find the home you are interested in submitting an offer or search for the property by using the Property ID found on the MLS in the Broker Remarks. The property detail page will display the highest current net offer on the property in the Bid History. Please use this information to gauge the potential success of your intended offer. No back up offers will be accepted.

Step 2: REGISTER OR LOG IN

It will be necessary for the Buyer or the Buyer's Agent to register on RWBids.com. The registering party will be asked to provide a personalized username and password. Keep a copy of this information for your records. The username and password will be required to access the site to monitor offer status and submit counter offers as necessary. A confirmation email will be sent to the email address provided during the registration. The confirmation email will contain a website link. Click the link to complete the registration process.

Step 3: SUBMIT BID

Bids made must consider any Seller's contribution the Buyer needs. For example, if the Buyer needs the Seller to contribute 3% of the purchase price towards the Buyers closing costs, then the contribution must be deducted from the Offer amount and submit the resulting amount as the Buyer's bid or NET BID.

EX: Offer Amount $100,000
Seller's Contribution
Towards Buyer's CC (3%) $ 3,000
NET BID $ 97,000

Type in the NET BID amount. Neither commas nor decimals are required. Bid offers are to be submitted in increments of $500.00. Your NET BID must be at least $500.00 more than the current high bid. If a property auction has a definitive time limit it will be clearly denoted on the website. By clicking the "Submit Bid" button, you agree to deliver a Contract, signed by the Buyer, offering your bid amount and an escrow letter for the deposit amount within 2 business days of Seller's acceptance.

Step 4: UPLOAD PRE-APPROVAL LETTER OR PROOF OF FUNDS

Scan and upload the Buyer's pre-approval letter from Lender if the Buyer intends to apply for financing to purchase the home. Make sure the Mortgage Broker/Loan Officer's contact info is included. If the Buyer is paying cash, upload a Proof of Funds to close. This is usually a current bank statement. Bids will not be accepted without uploading one or the other.

Step 5: SUBMIT YOUR BID OFFER ONLINE

Do not email or fax offers. The seller will only accept offers submitted electronically through the RWBids.com website. The Buyer or the Buyer's Agent should input the general terms of the offer. All offers are presented directly to the Seller's for review.

Step 6: WINNING BIDDER MUST SUBMIT OFFER DOCUMENTATION

CONGRATULATIONS! You are the highest bidder and/or the Seller has accepted your offer, so now what do you do? It's time to submit your offer in writing. All documentation is required to be submitted by a licensed real estate agent within 2 business days. If you do not have a real estate agent, please contact Ben Stern at (561) 998-7855. The Seller's Contract is attached to the MLS listing and must be used to submit an offer.

Documents to be Uploaded:

1. Lender's Pre-Approval Letter with contact info if financed; or Proof of Funds if paying with cash.
2. Seller's Contract signed by Buyer.
3. Copy of Escrow Check payable to agent or attorney's trust account.
4. FHA/VA addendum (if applicable).
5. Lead Based Paint Disclosure (if applicable).
6. HOA addendum (if applicable). Seller does not provide HOA documents.

Your contract will be signed by the Seller ONLY if the following conditions have been met:

• The bid price must meet the reserve set by the Seller. Most of the time the Seller will accept the highest bid, however, the Seller will decide which offer has the best terms and choose that offer to proceed to closing.
• The Seller must approve your mortgage lender. If financing is being sought, the lender must be a portfolio lender. (Portfolio lender: A company that originates the mortgage loans and holds them in their portfolio instead of selling them off on the secondary market). The lender's appraisal management company must be local (located in the property's tri-county area).
• If the lender does not meet the above requirements we can recommend a portfolio lender who can offer the following:
  • Streamlined process.
  • FHA and conventional loans closed within 10 business days.
  • Very competitive rates (usually lower).

Winning Bids are "subject to confirmation", which means that the sale is subject to the seller's approval and acceptance of your bid. Once the seller has received the signed purchase documentation found in the contract tab of the web site, the seller will make the determination whether to accept your high bid or not. Offer acceptance requires all documentation be submitted to RWBids.com in accordance with the terms detailed in the online offer. The Seller's Contract cannot be changed for any reason. The Buyer's Agent will arrange for the earnest money deposit to be held by their real estate brokerage, Title Company or attorney. Please note RWBids.com DOES NOT hold earnest money deposits at any time. Buyer's Agent will receive the fully executed documents along with the title company contact information and confirmation via email within 72 business hours after submission.

Step 7: INSPECT THE HOME

Properties are sold "as is" without repair or warranty. The Seller's Contract grants the Buyer a three (3) day due diligence period to inspect the home. The Buyer has a unilateral right to terminate the Agreement at any time during this period without risking losing their earnest money.

Step 8: CLOSING

This transaction shall be closed and the closing documents delivered on the date according to all provisions as per the Contract.

Other Important Items:

• This is not a short sale.
• Seller and Listing Agent have no knowledge of the history of the property—no disclosures related to the property's condition will be supplied.
• Seller discloses its principal is a licensed real estate broker.
• Buyer/Buyer's Agent to verify HOA fees and dues (if applicable), community rules & restrictions.
• No changes can be made to seller's Contract.

Earnest Money Deposit:

• Earnest Money Deposit must be the greater of 2.5% of Purchase Price or $5,000 for a Financed purchase OR 10% of the Purchase Price for Cash purchase.