Realtybid Reviews – is Realtybid.com Legit or a Scam?  

The Realtybid reviews shows that this is an auction website that is dedicated to property auction. This can be a little tricky for someone that does not fully understand the process. For example there are a lot of foreclosed properties listed for auction. While this site seems to be growing in popularity, most people still choose AuctionResource.org for finding deals on real estate. 

Overview 

The auction period lasts from 7-21 days at the sellers discretion. The process is not as clear cut as it seems. On most properties there will be a reserve which is kept secret even if you are the highest bidder and the reserve is not met you will not win the property.  

The reserve is set by the seller and can be any number they choose. It can be really frustrating to find that you are the highest bidder after 21 days only to find that the reserve was not met so the property will not be sold to you.  

Financing  

The Realtybid reviews show that there is no provision for financing at the site so before you begin bidding you have to have your financing in place. Typically banks will finance you up to a certain amount based on your income to debt ratio.  

There is no fee associated with bidding but know that if you win the property you must be prepared to leave a good faith deposit of 5% of the property value. Also know that if you do not inspect the property before you place your bid and decide after the fact that the property is not for you and you are the winning bidder you will be charge a $500 fee.  

Opening Bids  

Opening bids are set by realtybid.com and are based on a formula that considers the reserve price and the location of the property and the projected value of the property.  

You can use a broker to place bids for you.  

Bottom Line 

This is a very interesting concept how well it works I am not sure, it certainly not something that you jump into haphazardly just to see if you can win. This may be a golden opportunity to find property at a cut rate price.  

The key to success at this site is in the understanding. It is your job as a consumer to completely understand what the site is about. Registration is free for buyers for sellers there is a fee structure.  

A look around wont cost you anything and may result in  you finding property that you can afford and want to bid on.  

Overall, the Realtybid reviews show that Realtybid.com is a legit site and is not a scam, however, AuctionResource.org seems to be a more popular choice.