RealtyBid Reviews

RealtyBid.com is an online platform where you can buy and sell homes through auctions. It primarily lists distressed properties, such as foreclosed and bank-owned homes.

The site may be a good option if you’re:

• An experienced investor looking for a deal
• In financial difficulty and need to sell fast

However, like many auction sites, RealtyBid has significant risks for buyers. Properties are often bought as is and don’t always include an inspection contingency. On top of that, some properties could come with unpaid taxes and liens, which could leave you having to pay more for your purchase than you anticipated.

There are also downsides for sellers. Most buyers are looking for a bargain, so you'll likely sell for much less than market value.

If selling quickly is important, consider exploring other options, such as cash home buyers. These companies make all-cash offers, often within 48 hours. And they may offer more than you’d get through a RealtyBid online auction.

Comparing multiple cash offers is often the best way to sell fast at a fair price. This process is easy with a service like Clever Offers, which sources offers from trusted cash buyers in your area. Simply fill out a short form with details about your home, review offers without obligation, and sell in as little as 7 days — with no added fees or commissions.

RealtyBid summary

Who it's best for | RealtyBid reviews | Pros and cons | Best alternatives | How it works | Bottom line

Who RealtyBid works best for

RealtyBid is mostly only a viable option for home sellers who need to sell quickly, often because they’re in financial distress and facing foreclosure. The site primarily appeals to real estate investors looking for properties selling below market value that they can renovate and resell.

If you’re a buyer, RealtyBid.com may provide some valuable investment opportunities. Its listings often include valuable AI-generated property and market insights that help lower the risks of bidding on distressed properties. But don’t rely too heavily on these AI reports. It's best to have a lot of investing experience before bidding on properties on RealtyBid.

Who RealtyBid doesn't work best for

RealtyBid is likely not a good choice for most home sellers. Its listings are typically foreclosed properties or homes with owners facing financial difficulties and needing to sell fast. If you want to sell for a good price, RealtyBid is probably not for you.

Instead, consider using a low-commission realtor to help sell your home on the open market. They can assist you in getting a fair price and save you money on realtor fees. Plus, many low-commission realtors can suggest strategies for selling on a tight timeline.

Want to compare your options before making a decision? The best way to maximize speed and profit potential is to compare cash offers through Clever Offers. This platform connects you directly with a network of vetted real estate investors ready to make competitive offers on your property. By comparing these offers against the open market potential, Clever Offers ensures you have all the information needed to make the most informed and profitable decision for your home sale. Get started today and take control of your home sale.

RealtyBid reviews

There are almost no RealtyBid reviews online, making it difficult to determine how well it performs with customers. It has only a handful of reviews on Google, most of which are negative. However, since most of these reviews are at least five years old, they may no longer reflect RealtyBid’s current level of customer service.

Positive RealtyBid reviews

There are no recent positive reviews of RealtyBid online. The only positive review we found was this short one from 2019.

Wendy U. ⭐⭐⭐⭐⭐ "Great customer service..." Source: Google

Complaints against RealtyBid

The only recent online review of RealtyBid is from a realtor in Minnesota. She complains that her client’s home was listed on RealtyBid’s website without her or her client’s permission and that the minimum price displayed by RealtyBid was incorrect.

Ivadel N. ⭐ "I am a real estate agent in Minnesota. My listing is on this website. This is a SCAM. My clients and myself never hired this company to list their house. The bank didn't hire them to sell the house either. You cannot have two brokerages list the house without a Non-exclusive Agreement with all our signatures on it which I know this brokerage doesn't have. This is illegal, fraud, and misrepresentation of this property and transaction. I have submitted screenshots and alarming information on this broker Troy Molde to the Minnesota Attorney General's Office. They can expect communications from the State of Minnesota asking for proof to have this (clearly) fake listing. The bank's minimum is not $191k or anywhere near that, if it was I would have it sold within an hour of listing it. Run from this company!!!!!" Source: Google

While this realtor’s complaint is serious, it’s difficult to determine whether this is the result of a widespread issue at RealtyBid, a mistake, or simply a misunderstanding. No other recent reviews mention allegedly illegal listings.

RealtyBid pros and cons

RealtyBid, like other real estate auction websites, can help you sell your home quickly. You'll need to find a realtor and work with them to list your home on the site. And you’ll almost certainly have to settle for a lower price than you’d get on the open market.

For buyers, RealtyBid provides an easy way to bid on properties, including through online and live auctions. With a deposit of just $250, it has a low bar of entry for investors. Plus, many listings include AI-generated insights about the home, including its past estimated value relative to the market, estimated renovation costs, and a list of comps (i.e., similar recent sales nearby).

The biggest downside of using RealtyBid is that you’ll need to do extra due diligence. Properties may have liens against them, and if you successfully purchase a property, those liens will become your responsibility.

Another risk with properties on RealtyBid is that while some accept financing, many won’t. You’ll usually need cash in hand to cover the purchase price. Watch out for foreclosed homes that have second mortgages. If you purchase a property with a first and second mortgage, you could have to cover a much larger bill than you anticipated.

Finally, you might not be able to inspect the property in person before you purchase it. While RealtyBid’s AI-generated insights provide some estimates of the property’s condition, these aren’t guaranteed. Plus, many of the homes don’t come with inspection contingencies. So if the property requires much more work than you expected, you’ll simply have to absorb the added cost.

Cash buying alternatives to RealtyBid

Clever Offers gets you in touch with multiple vetted investors in your area. Because these are cash buyers, they can help you close on your sale quickly. You’ll be able to choose between multiple offers, which improves your chances of selling for a fair price.

We Buy Ugly Houses and MarketPro Homebuyers are decent options if you’re selling a distressed property. While you’ll be able to close on your sale quickly, you should expect to receive lower offers than you would by selling on the open market. MarketPro Homebuyers is only available on the East Coast, while We Buy Ugly Houses has franchises nationwide.

Opendoor is an iBuyer that purchases properties quickly and for cash. However, your home will generally need to be in good condition, you may have to cover repair costs, and you’ll have to pay a service fee of 5%, which is comparable to the total real estate agent commission that traditional realtors charge.

RealtyBid: How it works

Selling with RealtyBid

You’ll need an actively licensed real estate agent to list your property on RealtyBid. Your realtor will complete the following steps to list your property for auction.

1. Set auction details, including duration, auction start date, and whether the seller will accept financed offers or just cash offers.
2. Upload property information, including address, occupancy status, features, and a property description.
3. Indicate the reserve price and fees for the auction.
4. Include contingencies, if any, such as for inspections, financing, and closing.
5. Add photos and relevant documents.
6. During the auction period, the property will receive bids from potential buyers. The highest bidder wins so long as the reserve price is met.
7. If the reserve price is not met during the auction, your agent can negotiate with buyers on your behalf and still receive bids for up to seven days. According to RealtyBid, many homes are sold during this post-auction period.
8. If you accept an offer or a bid reaches the reserve price, your agent will negotiate a contract with the buyer.

RealtyBid is free for sellers to use, and all costs are covered by the buyer, including an internet transaction fee of 1% (or $500 if the purchase price is less than $50,000). However, you’re still responsible for any agent commissions as well as potential closing costs included in your purchase agreement.

Buying with RealtyBid

Registering to bid on RealtyBid is free and anyone can sign up. However, to make an actual bid you first need to submit a $250 deposit via a credit card. After that, the bidding process works as follows:

1. Search for properties on RealtyBid. Each listing will be displayed as one of the following:
   • Live Foreclosure
   • County Online Foreclosure
   • Online - REO (Real Estate Owned)
   • Online Auctions - CWCOT (Claims Without Conveyance of Title)
2. You can make a bid on a property by clicking the “Bid Now” button. While the reserve price is usually confidential, the listing will say whether or not that price has already been met by another bidder.
3. If your offer is the highest and meets the reserve price, you’ll receive an email confirming whether or not the seller has accepted your offer and instructions for the closing process. Usually, the highest offer that meets the reserve price is accepted, but sellers aren’t obligated to accept any bid, even if it exceeds the reserve price.
4. If the reserve price is not met, the seller can choose to keep the property on the site for post-bidding. During this period, you can still submit bids and negotiate directly with the seller.
5. If your offer is accepted, you’ll proceed to closing. You’ll be responsible for paying the bid price and closing costs. Except for CWCOT auctions, there is also an internet transaction fee and a buyer’s premium (both of which will be indicated in the listing). For some properties, especially CWCOT auctions, you could also be responsible for outstanding taxes or liens.

It’s important to do your due diligence when bidding for properties on RealtyBid and to understand the different auction types. REO auctions, for example, are typically foreclosed properties being sold by banks and usually have a clear title. CWCOT auctions come with extra risks, including potential liens and unpaid taxes, which could become your responsibility after purchase.

Also, some properties on RealtyBid are owner- or tenant-occupied, which may make it difficult or impossible to view the property in person. While disclosure documents are included in the listing, many properties don’t have inspection contingencies, so you’ll be buying as is.

RealtyBid reviews: The bottom line

RealtyBid is an option for home sellers who need to sell fast. For buyers, there are plenty of properties at low prices, although you’ll need to watch out for potential issues, such as liens and a lack of inspection contingencies.

If you need a quick cash sale, working with a real estate agent to list on RealtyBid can help you sell quickly. However, don’t expect to get as much as you would on the open market. Most buyers on RealtyBid are investors looking for a deal, and they’re unlikely to pay market rates.

Before choosing to sell on RealtyBid or any other platform, make sure you explore all of your options. Even if you’re looking for fast cash offers, there are other ways to find buyers. You could potentially get an even better offer and still close on a tight timeline by shopping around.

Clever Offers can help you compare offers from several cash buyers before deciding which offer works best for you. See how much cash buyers would pay for your home today!

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