Do you want to start bidding on a house? Then brokers are required to use an online bidding system since Jan. 1, 2023.
The idea is that this will curb unfair practices in the housing market. Realtors are required to provide a bid log to anyone who has bid on a property. If they don’t, you can take disciplinary action against the broker for this.
We think it’s important to show you what that online bidding looks like both on the front end and the back end. But we also want to show you what’s not right now and what to watch out for. A little spoiler alert: not every online bidding system is really fair and good yet.
We’ve captured it all for you succinctly in the approximately 7-minute video below.
Good luck with your bid!