plumBid Seller Advantages
plumBid accelerates sales and maximizes returns.
plumBid is a turnkey system that helps you market and sell your home within an accelerated and defined time period.
What’s familiar and what we’ve made better
plumBid takes the traditional way you work with a real estate brokerage and adds the advantages you’d get if you were to sell via auction. It does this by establishing a universal marketing and online bidding option, both part of the plumBid Optimizer platform.
Preparing a property for plumBid
The process starts with a third-party, independent inspection by a licensed property inspector, as well as an appraisal completed by plumBid’s preferred lender. All disclosures, photographs, and property information are posted online for buyers to review before they’ve registered.
While buyers may, of course, use their own lender, plumBid may require additional pre-qualification information to determine their maximum bidding power. In addition, registration is required before the plumBid process begins.
In the days leading up to the launch of the plumBid, your listing agent will provide the marketing program for your property ‐ including a targeted campaign that uses online, email, and print advertising to generate awareness and excitement, while reaching the audience that’s right for your property.
plumBid: step by step
All interested and potential buyers register prior to the plumBid and then follow these simple steps:
- The Seller determines the importance of four criteria:
- Sales price
- Amount of cash down
- Length of escrow period
- Acknowledgment of the third-party inspection reports ‐ OR ‐ the desire to conduct additional inspections and due diligence
- Once the seller has made these choices, plumBid layers in current market data and assigns a dollar value to each variable. Then, these assigned values determine the parameters the plumBid Optimizer sets for each property.
- To ensure maximum initial buyer interest, plumBid determines the “Starting plumBid Price.”
Once the plumBid starts on the agreed-upon date, the plumBid accepts offers for three hours from all registered bidders. When the auction ends, the prospective buyer who has submitted the highest effective price will secure the property. If an offer is placed within the last five minutes of the plumBid, the clock will extend by five more minutes.
Once time has run out and a winner is determined, all other registered bidders are invited to submit a back-up offer that is the same amount as the winning price. The first alternate bidder to submit the “back-up offer price” will be placed in position to secure the property should the initial buyer be unable to perform.
Both buyer and seller need to meet all terms and conditions. The listing agent will coordinate the opening of escrow and will shepherd the necessary documentation to complete the transaction.