bidEup.com is the first web based business of its kind, creating a legally binding virtual marketplace for the acquisition of luxury goods. bidEup.com is originally being developed to positively impact the real estate industry, by providing a virtual marketplace for real estate transactions. Premised on the principles of the Statute of Frauds, bidEup.com provides properties for sale via an auction platform and electronic sales, utilizing e-document technologies for the execution of contracts online.

bidEup.com provides significant value to customers both interested in buying and selling real estate.

The methodology that has given rise to bidEup.com was derived from the current and future demands of the real estate market. At the present time, there is a glut of inventory in the market, as the number of qualified buyers has decreased significantly due to the credit crunch caused by the increasing numbers of foreclosures and the current state of the economy. At the same time, homeowners who are feeling the pressure of increasing mortgage payments and energy costs need to sell their homes and pull whatever equity they might have and start over. However, selling a home is becoming more and more difficult. Time on market is increasing and with each passing day owners are losing money as fair market value slowly begins to decrease.

Therefore, the real estate market is in need of a new alternative to re-invigorate the real estate market and provide real estate professionals, property owners and buyers with a new and exciting capability. There is an increasing need to find a means for sellers to sell property quickly. Trends indicate that auctions are becoming a popular tool to move inventory with motivated sellers and buyers interested in attaining greater bargains. Although the typical connotation of auction is associated with foreclosures, other bank owned property and estate sales, typical sellers are also turning to auctions to minimize the time to sale. By auctioning a property, sellers are able to sell their properties quickly. Historically, products sold at auctions sell for less than they would at retail. But, in this real estate market the longer the property sits on the market the less money the property owner is going to receive, as sale prices are dropping. In an attempt to leverage to the changing trends within the industry, bidEup.com is introducing its newly revised manner to sell property. BIDEUP, Inc. is launching a virtual marketplace leveraging the auction platform. The site will provide the tool the market is demanding.

Additionally, sellers will be able to post and sell their properties to a world-wide marketplace. The site, through various means, will drive buyers to it. The internet is the one place where real property can be listed and sold to the world, in contrast to typical real estate marketing that is centralized and locally focused based upon the location of the property.

The bidEup.com concept has been developed by real estate professionals. bidEup.com is founded and conceptualized by a real estate attorney, real estate agents, entrepreneurs with proven businesses and Information Technology backgrounds. With the expertise provided by the members of bidEup.com, the site is designed to mimic a traditional offline real estate transaction. bidEup.com only allows persons who have proven their financial ability to bid on a property, ensuring sellers that every buyer is capable of fulfilling their obligations under their contract. Bidders are qualified via bidEup.com’s partners who are triple A rated banks and other mortgage lenders, or by any bank of the buyer’s choosing, and they will only be able to offer up to the amount they have been approved for. Additionally, all highest bids at auction conclusion will be accompanied by electronically signed offers. Upon seller’s acceptance, there will be a legally enforceable contract between the two parties for the sale of property. No other site operates like this.

All sellers of property on bidEup.com must be represented by a Real Estate Agent. The only exceptions to this are in the case of banks marketing REO or foreclosed property (which must meet certain criteria before approval for posting). And bidEup.com does not impact nor alter the existing listing agreement or commission structure. Real Estate Agents will earn the normal commissions agreed to as part of their client’s listing agreement.

Other real estate vendors will also be eager to advertise on the site, as their services will be needed. For example, title, mortgage, moving and home warranty companies are constantly in negotiation with bidEup to advertise their services to people using bidEup.com.

bidEup.com will continue to leverage its patent pending process and technology with other product focuses. Centered on a need for world-wide marketing, affected by the Statute of Frauds and in need of creating and establishing a competitive marketplace, other high end, luxury products and commodities will be available via the bidEup.com technology.

Listing Types

Auction

Buy Now

Classified Ad

Dutch Auction

Fixed Price

Trade

External Links

bidEup Official Website