Frequently Asked Questions (FAQ) - Buying
Inquiries about Buying
Question: What is BidOnTheCity.com?
Answer: BidOnTheCity.com is the most advanced real estate listing and bidding platform to sell, buy and rent residential properties. BidOnTheCity.com currently lists properties located in Manhattan, Westchester and Hamptons. BidOnTheCity.com was called the "sophisticated technology" by New York Times and "Ebay for apartments" by CNBC. Learn More.
Question: How can I buy the property of my choice through BidOnTheCity.com?
Answer: Buying through BidOnTheCity.com is very simple. You can view each listed property's information, including property detailed reports, comparative sales and the contract of sale on www.BidOnTheCity.com. The price for each property is determined through the bidding process. You can bid online or in person at our Fifth Avenue Bidding Center. Learn More.
Question: Where do properties come from?
Answer: The properties on Bidonthecity.com are offered by motivated sellers, real estate agents, builders and developers.
Question: What kind of bidding events do you have "absolute" or "reserve"?
Answer: Unless the property's detail pages says otherwise, all of our properties have "reserve" prices. It means that if the final bid is equal or higher than the reserve price, then the sale takes place without seller's additional action. If the final bid does not reach the reserve price then the sale will be subject to seller's approval. If seller agrees to lower than the reserve price final bid within 24 hours, you must proceed with the purchase if you are the winning bidder.
Question: What is the starting bid?
Answer: All the bidding starts at $1 regardless of reserve price, it provides uniformity for all the listed properties.
Question: How do I know during the bidding that the reserve price has been met?
Answer: As soon as the bidding equals to or exceeds the reserve price, the property's bidding window will display the message "The Reserve Has Been Met."
Question: What is BidOnTheCity.com role in the buying and selling process?
Answer: BidOnTheCity.com acts as the listing and bidding platform for Manhattan and Westchester real estate. See Available Properties.
Question: Does BidOnTheCity.com offer any property outside of Manhattan?
Answer: Yes, in addition to Manhattan, BidOnTheCity.com is offering properties in Westchester and Hamptons making BidOnTheCity.com the only luxury real estate brand operating in these three premium markets - New York, Hamptons and Westchester. See Available Properties.
Question: Do I have to be a US citizen or resident to buy properties listed at BidOnTheCity.com?
Answer: No. New York City does not limit who can buy properties in the city.
Question: I won't be able to visit the property, how can I familiarize myself with the property?
Answer: BidOnTheCity.com has teamed up with leading data centers to provide the most comprehensive information about each property. See Available Properties.
Question: Does every buyer have access to the same information about each property?
Answer: Yes. The presentation for each property is uniformed to insure that you, as a buyer, receive the most detailed information.
Question: Can I see the listed properties in person?
Answer: Yes. Every property list has prescheduled open houses, so you can do an on-site inspection.
Question: Does BidOnTheCity.com act as the agent for Buyer?
Answer: No. While BidOnTheCity.com is a licensed real estate broker in New York and our bidding hosts are licensed New York City auctioneers, BidOnTheCity.com does not act as the agent for buyers or sellers. BidOnTheCity.com acts as the real estate listing platform and has no fiduciary relationship with any party involved.
Question: Do I have to pay any fees to BidOnTheCity.com if I am successful bidder?
Answer: Yes. BidOnTheCity.com currently charges a Buyer's premium in the amount of Three percent (3%) of the final bidding price. The Buyer's premium is added to the final price and is paid at the closing - the time when property ownership is transferred to the buyer.
Inquiries about Bidding
Question: How can I bid at BidOnTheCity.com?
Answer: BidOnTheCity.com is the most sophisticated bidding system that allows buyers to bid in person at our Fifth Avenue Bidding Center. See BidOnTheCity.com Bidding Center. Also, any buyer can bid live via the Internet while watching video and audio transmitted in real time worldwide. One of the major advances of BidOnTheCity.com is that there is no difference between bidding in person or via the Internet.
Question: Are there any special requirements for me to bid at BidOnTheCity.com?
Answer: Yes. You must register as a member and enroll for bidding. You must be 18 years or older and provide a valid credit card for your name and address verification. BidOnTheCity.com does not charge your card unless you are the winning bidder and you refuse to sign the contract of sale or provide the required down payment. See Bidding Rules.
Question: Is my personal information safe?
Answer: Yes. All personal information is strictly confidential and will not be disclosed to any third party without your consent. Your personal information is kept secure and in confidence.
Question: How long is the bidding event for each property?
Answer: Each bidding event includes only one property and lasts no more than 30 minutes. The bidding ends earlier if more than 2 minutes passes after the last bid is entered into the system. However, the bidding host can extend the bidding beyond the 2 minute idle time in her own and absolute discretion. See Bidding Rules.
Question: Where can I enroll for the bidding?
Answer: The enrollment can only be done online at www.BidOnTheCity.com. There is no phone or e-mail enrollment. First, you must register as a member, browse and select the property you'd like to bid on, then click the "Enroll to Bid" button on the property details page to start the enrollment process.
Question: Can I enroll for bidding at Bidonthecity Bidding Center?
Answer: Yes. You can use our computers to enroll for bidding on-site at the Bidonthecity Bidding Center located at 226 Fifth Avenue between 26 and 27 Street. See BidOnTheCity.com Bidding Center. On-site enrollment is limited. We strongly advise to enroll 24 hours in advance.
Question: Can I enroll for more than one bidding event?
Answer: Yes. You can enroll for up to 3 bidding events on any given date. You can only participate in the bidding event for which you enrolled.
Question: After I enrolled, how do I bid?
Answer: You would log on at www.BidOnTheCity.com with your screen name and password. Once you logged on, please mouse over the "Buying" link in the top right corner, then "Enrolled." The system would show you what bidding event(s) you have enrolled for and the start time for each event. Learn How to Bid.
Question: What kind of bidding do you have "absolute" or "reserve"?
Answer: All of our properties have "reserve" prices. It means that if the final bid is equal or higher than the reserve price, then the sale takes place without seller's additional action. If the final bid does not reach the reserve price then the sale will be subject to seller's approval. If seller agrees to lower than the reserve price final bid within 24 hours, you must proceed with the purchase if you are the winning bidder.
Question: How do I know during the bidding that the reserve price has been met?
Answer: As soon as the bidding equals to or exceeds the reserve price, the property's bidding window will display the message "The Reserve Has Been Met."
Question: Can I cancel my bid after I placed the bid?
Answer: No. By bidding you are representing you have read and agree to be bound by the Bidding Rules. If you do not agree with any of the Bidding Rules, DO NOT BID. See Bidding Rules.
Question: Can I have another person to bid on my behalf?
Answer: Yes. For security reasons, your legal representative and/or your agent are the only persons allowed to place bids on your behalf. If a representative is bidding on your behalf s/he must have an original Power of Attorney (POA) or Attorney in Fact in place at the time of the bidding.