Auction terms
Version 2 · updated Nov 4, 2026
Draft: this text is being reviewed by our attorney and will change before the first auction.
These terms apply to every Bid a House auction.
Bidding
Auctions run for 10 days. A bid in the last 2 minutes resets the clock to 2 minutes. Bids are binding offers to buy at that price under the purchase agreement.
Reserve
Sellers may set a private reserve. Bidders see only whether it has been met. If bidding does not reach the reserve, the seller does not have to sell.
Buyer's premium
The winning bidder pays a buyer's premium of 2% of the winning bid, collected at closing through the title company.
After the auction
The winning bidder e-signs an Idaho purchase agreement within 24 hours and delivers 3% earnest money to the title company. Bid a House never holds earnest money or closing funds.
Brokerage
Brokerage services are provided by the Idaho designated broker named on each listing.