With plumBid, time is truly on your side.
plumBid is a turnkey system that reduces the time it takes for you to purchase a property. The time period you’re bidding is clearly defined, so the entire process is more efficient and cost-effective.
plumBid provides important information to you upfront: an independent, third-party property inspection, seller disclosures, and applicable purchase contracts. This information allows you, as the buyer, to become completely comfortable and familiar with the property ‐ before you place a bid.
We encourage you to use your own real estate broker/agent to represent you, if you wish. While you may, of course, use your own lender, plumBid may require additional pre-qualification information to determine your maximum bidding power. In addition, registration is required before the plumBid process begins.
Be in the know. And be anywhere.
Forget everything that comes to mind when you think of auctions. There’s no yelling, high-pressure auctioneers, or crowds. Bid online from the comfort of your own home or at your real estate agent’s office. Any registered bidder can start the bidding process. plumBid’s process simply accelerates the traditional sales cycle.
Utilizing the patent-pending plumBid Optimizer, buyers will be able to simultaneously adjust four offer variables prior to submitting their bid:
- Sales price
- Amount of cash down
- Length of escrow period
- Acknowledgement of the third-party inspection reports ‐ OR ‐ the desire to conduct additional inspections and due diligence
Once the process has begun, all registered bidders can submit an offer. At the end of the bidding period, the prospective buyer who has offered the highest effective price will secure the property. If an offer is placed within the last five minutes of submission time, the clock will extend by five more minutes.
As soon as time has expired and the winning bidder is identified, all other bidders are invited to submit a back-up offer at the winning price, on a first-come, first-considered basis. The first alternate bidder to successfully submit the “back-up offer price” will be placed in position to secure the property should the initial buyer be unable to perform. All buyers and sellers must meet plumBid terms of conditions.
plumBid: your real estate advantage.
Buyer – Frequently Asked Questions
How does someone register for a plumBid?
Registering is an easy 3-step process. It starts by giving plumBid a little information.
Once I have registered, what are the next steps to bidding on a plumBid property?
After plumBid receives your registration information, we will reach out to you. There are two additional steps to get you ready for the plumBid.
- All independent property inspections, seller disclosures, third party reports, applicable sample purchase contracts and terms are available upfront. We’ll need you to thoroughly review, approve, and acknowledge receipt.
- We’ll ask you to provide us with some financial details, to give you the maximum bidding capability.
In the unlikely event that you do not hear from us, please call us at: (626) 229-9700.
Can I do additional due diligence, prior to the plumBid?
Yes, we want you to feel comfortable and informed prior to bidding. Just let us know.
Who is responsible for paying for the upfront inspection reports?
plumBid pays for the initial due diligence, which includes property inspections. All reports can be found on the property page. Our goal is to help you get prepared for the plumBid. You are welcome to perform additional due diligence prior to the plumBid. Additional due diligence will be at your own expense.
What are the plumBid Incentives?
The plumBid Incentives help to determine the actual plumBid winner by allowing you to create a stronger offer based on the seller’s preferences:
- Overall Sales Price
- Amount of Cash Down
- Escrow Length
- Terms of Inspection Contingency – (Your acceptance/approval of the third party inspection reports, or your desire to conduct additional inspections and due diligence)
Am I responsible to pay the seller the cash equivalent to the plumBid Incentive?
No. The plumBid Incentives are simply there to create a stronger, more competitive offer. At the end of the plumBid the winner is responsible for the “You Pay” amount.
What is the plumBid Buyer’s Premium and should I be prepared to pay any other costs at closing?
The plumBid Buyer’s Premium is 1.95% of the final “You Pay” sales price. This is the only fee you pay to plumBid. Typical closing costs (escrow, title and loan fees) will also be paid for at close of escrow.
The listing and buyer’s agent commission fees are paid for by the seller.
Can you explain why plumBid has this Buyer’s Premium?
The 1.95% plumBid Buyer’s Premium covers the plumBid technology platform, pre-launch fees, and other costs, such as marketing and an Enhanced California Home Warranty Plan by Fidelity National for every buyer.
In other auction platforms a Buyer’s Premium is standard. But unlike other companies, that charge can run upwards of 5% to 10% of the sales price – sometimes even higher. plumBid has made every attempt to keep the Buyer’s Premium at a more manageable figure for everyone.
Is there a bidder increment that I should pay attention to?
Yes. The bidder’s minimum bid increments during the plumBid are as follows:
- Bidder’s increments must be at least 1% above the last placed bid in the 1st 30 minutes.
- Bidder’s increments must be at least .75% above the last placed bid in the 2nd 30 minutes.
- Bidder’s increments must be at least .5% above the last placed bid for the remainder of the plumBid.
Is there any advantage for me to wait till the last minute to place my bid?
No, because any bid placed in the last five minutes will automatically extend the plumBid clock by five (5:00) minutes. This allows for the bidding process to end naturally with no concerns of “sniping” from other bidders.
Can I bid from my mobile device?
Yes, plumBid supports all major smart devices: mobile phones, tablets, laptops and desktops. (Android, iOS, Windows)
Is it possible for my agent to place bids on my behalf?
Yes, you can have your agent or a representative place bids on your behalf, provided a written authorization is in place between you, your agent and agent’s broker. plumBid is not responsible for any arrangement made and can not place a bid on your behalf.
If I have any technical difficulties during the plumBid, what do I do?
Pleae reach out to us at (626) 229-9700. We are available throughout the plumBid process to troubleshoot technical difficulties.
How can you alleviate my fears about planted “fake” bidders to drive up the sale price?
Our belief is that the most successful real estate transaction achievable is one in which both seller and buyers have 100% satisfaction with the process from start to finish. Planting bidders to drive up the selling price goes against our company’s ethical pledge and duty to all participants in the plumBid process. That would be a breach that would risk undermining the plumBid mission and jeopardizing our reputation and business overall.
If it ends up that I am not the prevailing winner, can I be put in a “Back-Up” position?
Yes. At the end of the plumBid we would invite you to submit a back-up offer in the same amount as the winning price within 24-hours of the completion of the plumBid. Please contact us right away at (626) 229-9700 if you would like to submit a back-up offer.