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.