*****IMPORTANT INFORMATION*****
In order to place an online bid on any property being sold on this website, you must provide either Proof of Funds if paying in cash OR a Pre-approval Letter With DU Findings from a mortgage lender prior to getting access to the bid submission portal.
You can get your loan approval started by clicking here.
By creating your account, you agree to accept AND understand the Terms and Conditions of the online bid process and the {your site domain} bidding platform.
Again, you must provide either Proof of Funds if paying in cash OR a Pre-approval Letter With DU Findings from a mortgage lender prior to getting access to the bid area. Registration and documents must be received NO LATER than 12:00 pm the day the bid period ends.
If you are not registered and/or you have not provided suitable documentation by NOON on the day the bid submission process expires, you will NOT be allowed to submit bids on a property!
We also STRONGLY encourage you or your agent to login to your account prior to the end of the bidding time. It is IMPORTANT to understand the steps and functionality needed to place your bid. Technical or agent support will not be available after 12:00 pm on the final day of the online bidding process.
CLICK HERE to easily register for access to the ONLINE BIDS platform.
Working with a licensed Texas Real Estate Agent is required. After our listing agent confirms with the seller that the terms and price of your bid are acceptable, a signed Texas Residential Purchase Contract must be prepared by a Texas licensed agent and must be submitted within 24 hours after the winning bid has been accepted by the seller. With the purchase contract, the earnest money shall be deposited with an escrow agent.
A Texas licensed Real Estate Agent must prepare those documents and initiate the process.
If you have an agent, the registration page will provide you with the option of entering your agent’s contact information. Once their information is entered, one of our agents will contact them and review the bidding procedures. Or, you will have the option to have one of our agents contact you and help answer any questions.
Our agents are experts in this process and can guide you through the entire bidding process from beginning to end and answer all of your questions. They can also explain the financial benefits of working with us.
What is the “Agent Compensation” – Using the www.TerryHendricksDFW.com option, real estate commission is paid in the form of an “Agent Compensation fee”. Agent Compensation can range from 0% to 12% of the “Final/Winning Bid Price (not the Final Sales Price).
The final sales price is calculated in the following manner:
Final/Winning Bid + Agent Compensation = Final Sales Price.
Realtor Fees are paid from the Agent Compensation NOT the final sales price. Please read the full Terms and Conditions of our site here: www.TerryHendricksDFW.com
Each property listed on our website will bid different terms, conditions, and agent compensation, so be sure to research the property and all of the details on the property page.
The property will be available for viewing only on the day(s) of the open house (unless agreed otherwise)
Buyers must be approved to submit bids manually by the seller’s agent once the buyer’s Loan Approval or Proof of Funds has been received.
Sellers reserve the right to accept, negotiate or reject the highest bid or any other bids.
An online bid is a binding agreement and a seller can legally pursue a non-performing buyer.
Be sure to contact us if you have questions about the bids process.
Terms You Should Know:
Bid Auto Extend – Our system Prevents Last Second Bids by Automatically Extending the Bid Time.
If a buyer places an bid within 2 minutes of the end of the bid deadline, the system will automatically extend the bid time by 5 minutes to allow other buyers the opportunity to respond.
Attention Highest Bidder! – Being the highest bid on the site property page does NOT necessarily mean your bid is the final declared winning bid or that your bid is accepted. There are many factors that go into a seller accepting an online bid such as type of mortgage financing, down payment, amount of earnest money, closing date, home sale and other contingencies etc.
The listing agent will call all agents representing buyers who have placed competitively priced bids on a particular property on our platform to learn all the details of their bids. Only after the seller and seller’s agent discuss the terms of all the competitive bids submitted on the site will they determine who the “Final Declared Winning Bid” will be from all competitive registered buyers involved in the online sales event.
Once we have discussed the terms of your bid and the seller accepts your bid, your agent MUST submit a signed purchase agreement to the seller within the time specified in “sale terms and conditions”
IMPORTANT: THE SELLER RESERVES THE RIGHT TO ACCEPT, REJECT ANY OR ALL BIDS
By agreeing to these Terms and Conditions you agree and understand any bids you submit will be available and visible to the public in real-time on the property page of our web site.
The Seller has required the listing agents to have all bids submitted online. We have been instructed NOT to review or present bids that were not submitted through the online process.
If you are submitting bids from a different time zone than the property, you MUST change the clock on your computer to ensure your bids are submitted in a timely manner.