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Step 1: Register
Click here to get started. Once you are registered on BigBidder.com®,
you can log on to the website to view detailed Note information, receive auction updates, and place bids.
Step 2: Understand the Auction Process
BigBidder.com features an open and transparent online auction platform (click here for a
detailed FAQ). There are also general Terms and Conditions that spell out BigBidder.com's auction guidelines; these
can be found under the Documents tab of each auction's webpage.
BigBidder.com strikes a balance between a commitment to transparency and a respect for the privacy of buyers,
sellers, borrowers and property occupants. As such, buyers must submit a fully refundable bid deposit to First
Republic Escrow Corporation in order to view such sensitive information as the property address or the loan documentation.
The minimum deposit is $1,000 (one thousand dollars), and can be submitted via wire transfer or personal, company or
cashier's check. There is also a one-time-only $50 service fee to cover the cost of opening an Auction Deposit Escrow.
Your deposit will be held in a trust account by Republic Escrow Corporation, which is licensed by the California
Department of Corporations and bonded by the Hartford Insurance Company. Once your funds are received, you will be able
to place bids up to 100 times the amount of your deposit.
Click here
to obtain a deposit form.
The California Department of Corporations maintains a website where interested parties may check the status of
all escrow companies under its jurisdiction. You may access this website by clicking on the following link:
http://www.corp.ca.gov/FSD/licensees/default.asp?flag=1&id=9631665.
In the alternative, you may call the Department's Consumer Services Office at 866-275-2677.
Step 3: Find the Loan that Fits Your Investment Goals
BigBidder.com features a number of tools to help you find the right Note that fits your individual investment
objectives. For starters, you can use the interactive map on our homepage to quickly find Notes in a particular
state or county. You can also do a more advanced search using a wide range of criteria, such as lien position and
property type. You can even save your search and have us notify you when we post new Notes that meet your specific criteria.
Step 4: Conduct Your Due Diligence
It is wise to conduct due diligence before making a bid. At BigBidder.com, we provide you with the documents you
need to fully understand each particular Note. In addition, you can learn more about the value of the property underlying
each Note by purchasing additional information. Here are some of the important documents to review when conducting due
diligence:
- Loan Documents — All available documentation is posted and available for download on each
Note's individual page.
- Purchase and Sale Agreement — This is the sales contract between the seller and the buyer.
It spells out what the seller is offering in terms of protective representations and warranties.
- Property Valuation — It's important to understand the value of the property that serves
as the underlying collateral of each Note. You can obtain free value estimates from companies like Zillow.com, purchase
an Automated Valuation Model (AVM) from IntelliReal, or buy a Broker Price Opinion (BPO) from BrokerPriceOpinion.com,
all without leaving the website.
- Lien Search — You can purchase a Lien Search from LSI to determine exactly which and how
many liens are on the property.
Step 5: Place Your Bid
After you have reviewed the auction process, found the right Note and conducted your due diligence, it's time to place
your bid. Bids are reflected as percentages of the total loan amount. BigBidder.com's online auction platform
allows you to place your bid and monitor the auction in real-time.
Setting a Maximum Auto Bid
Our maximum auto-bid feature will place bids for you in the lowest
acceptable increments while you're away from your computer. You can rest assured that we'll keep you updated via e-mail
as the auction progresses.
Last Call ®
Last Call® is a patent-pending feature that automatically extends the bid
deadline for one (1) hour at the end of the auction and continues until no new bid is received, preventing someone from
outbidding you by the minimum increment at the last moment.
Step 6: Proceed to Closing
If you are the highest bidder, you'll immediately receive an e-mail confirming your winning bid amount. You'll also be
contacted by one of BigBidder.com's Closing Coordinators, who will facilitate the closing process.
Once you've been declared the buyer, you'll have two (2) business days to execute the Purchase and Sale Agreement and
return it along with the remainder of the Purchase Deposit (funds to be sent by wire transfer only) to Republic Escrow
Corporation.
Failure to submit the necessary funds may result in forfeiture of some or all of your deposit.
If you have any questions, feel free to contact us directly at 1-800-494-7600.
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