The bid deposit hold is one of the steps we take to help ensure that the bidding pool is comprised of serious bidders.

The bid deposit is a hold placed on your credit and not a charge, unless you fail to fulfill certain obligations if you are chosen as the bidder to proceed with the transaction. If you are not the selected bidder, the hold will be removed within 4-7 business days after the auction cycle has ended. If you are the selected bidder, the bid deposit will be released once we receive your signed purchase and sale agreement (or PSA) and we receive confirmation from the third-party escrow agent that your earnest money deposit (or EMD) was received within the time frame set forth in the PSA. Please allow 4-7 business days for the hold to be removed after the PSA and EMD are received. If you are the selected bidder and you fail to deliver your signed PSA and earnest money deposit within the required time frame, the hold will be converted into a nonrefundable charge on your credit card in the amount of the bid deposit.

The bid deposit hold will remain in place for the duration of the auction cycle. Once the auction cycle ends, one bidder may be chosen by the seller as the "selected bidder" to proceed to contract. If you are the selected bidder, the bid deposit will be released once we receive your signed purchase and sale agreement (or PSA) and we receive confirmation from the third-party escrow agent that your earnest money deposit (or EMD) was received within the required time frame. Please allow 4-7 business days for the hold to be removed after the PSA and EMD are received. If you are not the selected bidder, the hold will be removed within 4-7 business days after the auction cycle has ended.

Yes, a bid deposit hold is required once for every applicable property in order to place a bid on that property.

No. Once the bid deposit hold is placed, the amount will be held through the end of the auction cycle, even if you do not place any bids on that property in the auction cycle. Please be sure that you want to place a bid on a property before you complete the bid deposit process.

If you are the selected bidder and you fail to deliver your earnest money deposit within the required time frame, the hold will be converted into a non-refundable charge on your credit card in the amount of the bid deposit.

The one-time non-refundable $1 charge is another mechanism used to verify your intent as a serious bidder with the intent to purchase the property if your bid is ultimately selected.

There are a couple of reasons why this might happen. 1) The length of the auction requires a reauthorization of the original bid deposit hold. This reauthorization might initially look like an additional hold. However, the reauthorization simply replaces the original bid deposit hold. 2) You have placed a backup bid or offer on a property after the auction ends. Placing a backup bid or offer will require a new bid deposit hold. When placing a backup bid or offer, the previous bid deposit hold is released and a new bid deposit hold is authorized. Please keep in mind that your bid deposit hold will remain in place until your backup up bid or offer expires or the Seller accepts your backup bid or offer. If your backup bid or offer is selected, the bid deposit will be released once we receive your signed purchase and sale agreement (or PSA) and we receive confirmation from the third-party escrow agent that your earnest money deposit (or EMD) was received within the required time frame. Please allow 4-7 business days for the hold to be removed after the PSA and EMD are received. However, if you are the selected bidder and you fail to deliver your signed PSA and earnest money deposit within the required time frame, the hold will be converted into a nonrefundable charge on your credit card in the amount of the bid deposit.