How REBID works for Sellers
Choosing the right real estate agent and the best method of sale are the key decisions when selling a property – your agent is the professional who knows your area and your market, so is therefore in the best position to recommend the best method of sale.
REBid is an online sales platform designed for use by real estate agents – if REBid is the recommended method of sale for your property, here’s how it works:
Registration
- REBid creates an online database of every potential buyer for your property
- Every registered buyer is then kept informed as the sale progresses, and has an equal opportunity to make an offer
Establish Qualified Buyers
- Your sale conditions (deposit, settlement date and any other relevant conditions) will be uploaded into REBid by your agent, so that the buyers are fully informed
- Buyers can submit their own conditions (for example, subject to finance) but it’s your decision to accept those conditions, or not
- Buyers will then be qualified according to not only price, but also whether their conditions are acceptable to you as the seller
- At this stage buyers have only been asked for indicative prices in order to identify the price range that they are prepared to pay
- The agent may rank these indicative prices to let the buyers know where they stand (although they can’t see the actual amounts)
- To keep you informed, REBid will generate a summary of all offers, which your agent will present to you for review
Best Offers
- Only qualified buyers are invited to submit best offers online
- If the agent has ranked the indicative prices, it may encourage some of the buyers to increase their offers
- Best offers are binding on the buyer, subject to your acceptance
Invite Seller to View
- REBid will generate a summary of all offers, which your agent will present to you for review
- You have the right to accept any offer at any time during the sale
Decide to Sell or REBid
- If you decide to accept one of the best offers, the agent can then proceed to final contract to complete the sale
- Or, the agent might recommend a REBid competitive sale process
- Best offers are then ranked online, so the buyers can see where they stand (although, again, they can’t see the other amounts)
- They can then increase their offers, if they are keen to secure the property – and the ranking process continues until the final best offer is received
- The transparency of the REBid process gives all buyers a fair and equal opportunity to purchase the property – and potentially gives you, the seller, the best sale outcome
- Once you have accepted an offer, the final contract can be executed – this can be done online, or face to face, at the agent’s discretion (and may vary in different states)
