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 ninety minutes 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.
Seller – Frequently Asked Questions
As someone who is considering using plumBid to sell my house, how does the plumBid process benefit me?
plumBid is a completely transparent online platform that helps you sell your home within an accelerated and defined time period. Simply put, plumBid better negotiates terms that match your needs and garners the best possible sales price – often considerably better than through traditional methods.
How does someone register to sell their home with plumBid?
Registering is easy. It starts by giving plumBid a little information. Once you have registered, a plumBid representative will contact you to explain to you the next steps.
Once I have registered, what are the steps so I can prepare for a plumBid?
plumBid is here to help you coordinate everything. Here are the 5 steps that will get you and your property ready for a plumBid.
- Review and acknowledge the plumBid Seller’s Contract
- Prepare the house for photography
- Complete the property disclosure documentation
- The house will need to be available for scheduled brokers caravan and open houses.
- Set the plumBid incentives: unpublished reserve price, your optimal size of desired down payment, preference regarding length of escrow and inspection contingencies.
Do the prospective buyers bid on the house sight unseen?
No. Your agent will host standard open houses that will give prospective buyers an opportunity to view your home and ask your agent questions about the property. We also invite local agents to come see your property as we would in a traditional sale, via a real estate broker’s caravan.
Will plumBid inform all the bidders of my incentive preferences?
No. How you have prioritized the four key factors is unpublished. Bidders are not made aware of your prioritization of the “four key factors’ until the bidding begins. When Bidders login during the specified plumBid time, they can adjust the levers to see how matching your terms can incentivize their offer — including down payment, length of escrow and inspection contingencies.
Can you explain to me the difference between the “starting” price and the unpublished “reserve” price?
We will work with you and your agent to select both the starting price and reserve price. The “starting” price will be establish to garner as much attention from qualified buyers as possible. The “reserve” price is the minimum price at which the property will sell. It is unpublished and always kept strictly confidential from the public.
As with a more traditional “listing” price, the “reserve” price is based on an understanding of the area, other comparable home sales, competitive pricing and your expectations.
What if the reserve price is not met in the 90 minute plumBid?
If the reserve price is not met, the plumBid will be converted to a “modified plumBid,” which is similar to a traditional sale.
Can any of the participating bidders, who did not win the plumBid, ask to be in a "Back Up" position?
Yes. At the end of the plumBid we invite all the bidders who have not prevailed to place a back-up offer at the same amount as the winning price.
Once there is a plumBid winner, what happens next?
Your Agent contacts the winning Bidder’s Agent and coordinates the signing of the purchase documents which will open escrow. Because so much of the Buyer’s due diligence is done in advance, the escrow process is more streamlined than a traditional escrow.
Is the fee structure different from a traditional escrow?
No. As the seller, you will be responsible for paying the commission to Deasy Penner & Partners which will be split with the buyer’s brokerage firm.