These Smart Bid Participation Terms (“Terms”) apply to each online bidding event or other online marketing or transaction bidding event (each, an “Smart Bidding Event”) conducted by BRE Services, LLC dba BRE Services and/or its affiliates (collectively, “Better”) on behalf of a seller (each, a “Seller”) of real property (each, a “Property”, and collectively, “Properties”). As used in these Terms, each prospective buyer who participates in any Smart Bidding Event is a “Participant.” As used in these Terms, the terms “Better,” “Seller,” and “Participant” shall also refer to the respective principals, agents, and affiliates of each. “Winning Buyer” is the Participant that submits any offer during any Smart Bidding Event that is (a) accepted by Seller in his or her sole and absolute discretion and (b) is acknowledged by Better in writing as the winning bidder. As used in these Terms, each bid or offer submitted in any Smart Bidding Event is an “Offer.”
By submitting an Offer on a Property featured on the Property’s details page of a Smart Bidding Event (“Property Page”) or any other Better website (“Website”), Participant acknowledges having read and accepted these Terms and accepts any additional terms and conditions posted on the Property Page or Website at the time the Offer was submitted, and such terms and conditions shall govern and control over these Terms to the extent of any conflict. Better may modify, waive, or impose additional participation requirements for certain Properties or Participants in its sole and absolute discretion or at the request of Seller.
Better’s Website Terms of Use (https://better.com/about-us/terms-of-use) and Privacy Statement (https://better.com/about-us/privacy-policy) are incorporated into these Terms by reference.
Prior to submitting an Offer, Participants must review the purchase and sale agreement, any applicable addenda, Seller’s disclosure documentation, and all other Property transaction documents (collectively, “Purchase Documents”), on the Property Page. All Offers must be based on the posted Purchase Documents and must contain either a financing pre-approval letter or proof of funds document supporting such submitted Offer.
Due Diligence. It is each Participant’s responsibility to conduct its own due diligence and investigate all matters relating to each Property that Participant is interested in purchasing, including, without limitation, legal matters, physical condition and attributes, environmental matters, economic matters, encumbrances, and all other aspects. Participants must coordinate any such inspection with Seller. In some circumstances Sellers may be unable to provide physical access for inspections and Participants must submit Offers accordingly at their own risk. All Offers should be based solely on Participant’s independent due diligence and any information contained in the Purchase Documents.
Property information has been gathered from a variety of sources and has not been independently verified by Better. Property descriptions, documents, photographs, and any other materials or information posted about the Property or depicting the condition of the Property are provided on an “as is, as available” basis with all faults and defects. Participants may use this information for their own internal purposes and in a manner that is usual and customary for professionals within the ordinary scope of licensed or regular business activity. Participants are encouraged to consult with a licensed real estate broker, contractor, attorney, financial advisor, tax advisor, and/or other relevant professionals.
Participant is responsible for all liability, damages and/or costs directly or indirectly arising from Participant’s inspection, visit, or investigation of the Property. Participant agrees to indemnify, defend and hold harmless Seller and Better from any such liability, damages and/or costs, and to maintain all applicable policies of insurance insuring over such liability, damages and/or costs.
Irrevocability of Offers. All Offers submitted during any Smart Bidding Event are irrevocable, except where an Offer withdrawal option is expressly made available to Participants through the Website, Seller, or Better on behalf of the Seller, or as otherwise set forth herein.
Signing Purchase Documents. Upon selection of a Winning Buyer, The final Purchase Documents will be emailed to such Winning Buyer for electronic signature using the email address associated with Winning Buyer’s provided during an Offer submission. Winning Buyer must sign the Purchase Documents within one (1) business day after they are sent to Winning Buyer (unless a longer timeframe is specified in writing by Better), time being of the essence. If Winning Buyer fails to timely sign the Purchase Documents, Better or Seller may declare Winning Buyer to be in default of these Terms and reject Winning Buyer’s Offer.
Payment of Earnest Money Deposit. The Purchase Documents for each Property require Winning Buyer to pay a deposit to the escrow/closing agent (“Earnest Money Deposit”). The amount of the Earnest Money Deposit is specified in the Purchase Documents or the Property Page for each Property. Unless otherwise specified in the Purchase Documents, the Earnest Money Deposit must be received by the escrow or closing agent no later than two (2) business days after Winning Buyer receives wire instructions, time being of the essence. If the Earnest Money Deposit is not timely received, Better or Seller may declare Winning Buyer to be in default of these Terms and Seller may reject Winning Buyer’s Offer.
Proof of Financing, Funds and Additional Information. All Offers must contain either a financing pre-approval letter or proof of funds document supporting such submitted Offer. Better or Seller may require Participants to provide additional or alternative proof of financing or readily available funds and/or additional information at any times supporting its Offer. Participant must respond to such inquiries within one (1) business day, time being of the essence. If such proof of financing, funds or additional information is not timely received, Better or Seller may reject Winning Buyer’s Offer and declare Winning Buyer to be in default of these Terms. Winning Buyers wanting to take title in the name of an entity (not as an individual) may be required to provide entity formation documents and resolutions authorizing the purchase within the timeframe specified by Better (which may be before or after the Smart Bidding Event, in Better’s sole discretion). Seller and/or the escrow/closing agent may require additional documentation prior to closing.
Short Sale Properties. Some Properties involve a sale in which the proceeds may fall short of the balance of debts secured by the Property (“Short Sale”). All Offers for Short Sale Properties are subject to the approval of the applicable lien holders (“Short Sale Lender’s Consent”). If such Short Sale Lender’s Consent is not provided, the transaction will be canceled and any Earnest Money Deposits received will be returned to Participant.
Reserve Price. Smart Bidding Events may have a minimum selling price established by Seller (“Reserve Price”). The starting or opening bid is not the Reserve Price. Except where prohibited by law, Better may counter bid on behalf of Seller on any Property up to the amount of the Reserve Price (and no such bid will result in a sale of the Property). Seller may accept a bid that is below the Reserve Price in its sole and absolute discretion. Regardless of the Reserve Price, Seller is under no obligation to sell a Property until the Purchase Documents have been signed by the Seller.
Extension of Smart Bidding Time. To allow final bids to be properly input and processed during Smart Bidding Events, Better may extend the time for bidding on any Property in its sole and absolute discretion to allow for additional bids.
Subject to Confirmation. Seller may approve the purchase of certain Offers, in its sole and absolute discretion, in which case Winning Buyer’s purchase is subject to, and contingent upon, Seller approval within the time period set forth in the Purchase Documents (“Subject To Confirmation”).
Broker Participation. Real estate broker and agent participation are welcome. A cooperating broker or agent commission or referral fee (“Cooperating Broker Fee”) may be offered for some Properties. Please see the applicable Property Page for details regarding the Cooperating Broker Fee related to a specific Property. No Cooperating Broker Fee shall be paid to any broker or agent representing the Participant unless expressly set forth in writing for the applicable Property.
For certain Smart Bidding Events, a broker/agent may submit Offers on behalf of a buyer identified to Better prior to Offer submission. By submitting an Offer on behalf of a buyer, the broker/agent (i) represents and warrants that the broker/agent has received all buyer authorizations and satisfied all legal requirements necessary to submit Offers on the buyer’s behalf, (ii) acknowledges and agrees that any Offer submitted will be binding upon the broker/agent and the buyer to the same extent as if the buyer had submitted the Offer, and (iii) agrees to indemnify and hold harmless Better from any breach of these representations or warranties.
Participant shall indemnify and hold harmless Better from any claims brought against Better by any broker/agent representing Participant.
General. Seller and Better reserve the right to deny, limit, or impose conditions on submitting Offers and/or access to the Website or any Smart Bidding Event at any time, for any reason (including, without limitation, Participant’s solvency, transaction history, and defaults).
Better may at any time postpone or cancel a Smart Bidding Event, rearrange the order or sequence of the Properties in the Smart Bidding Event, modify these Terms by posting notice of modification on the Property Page, remove any Property from the Smart Bidding Event, or reject any or all Offers.
Better may issue press releases and other public communications regarding the Smart Bidding Event and/or any Property offered or sold during a Smart Bidding Event.
These Terms and the conduct of each Smart Bidding Event shall be governed by the laws of New York.
Any information on any website, in any brochure, e-mail, text or postcard and any and all information available regarding the Properties shall not constitute an offer to sell or a solicitation of any offer to buy any of the Properties. If any sale would require registration or qualification under applicable state securities laws, no such sale may be consummated until such applicable requirements have been met.
As between Seller and Participant, no obligation to sell shall be binding on Seller unless and until the Purchase Documents have been signed and delivered by Seller and the Earnest Money Deposit has been received as required hereunder. After the Purchase Documents have been fully signed, the Purchase Documents shall govern the relationship between Winning Buyer and Seller and Better shall be released from any liability in connection therewith.
BETTER MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, WITH RESPECT TO ANY PROPERTY, OR THE OCCUPANCY STATUS OF THE PROPERTY, OR THE LEGAL SUFFICIENCY OR TAX CONSEQUENCES OF ANY DOCUMENT PROVIDED BY BETTER. EACH PARTICIPANT HEREBY RELEASES BETTER AND ITS EMPLOYEES, OFFICERS, DIRECTORS, REPRESENTATIVES, ATTORNEYS, AFFILIATES, BROKERS AND AGENTS (COLLECTIVELY, “REPRESENTATIVES”) FROM ANY AND ALL CLAIMS THAT ANY SUCH PARTICIPANT MAY NOW HAVE OR HEREAFTER ACQUIRE AGAINST BETTER OR ANY OF ITS REPRESENTATIVES FOR ANY DAMAGE OR INJURY RESULTING FROM OR RELATING TO ANY ERRORS, OMISSIONS OR OTHER CONDITIONS AFFECTING ANY PROPERTY, THE DOCUMENTS USED IN EVALUATING OR ACQUIRING ANY PROPERTY, OR THE CONDUCTING OF ANY SMART BIDDING EVENT. THIS RELEASE INCLUDES CLAIMS OF WHICH PARTICIPANT IS PRESENTLY UNAWARE OR DOES NOT PRESENTLY SUSPECT TO EXIST IN PARTICIPANT’S FAVOR WHICH, IF KNOWN BY PARTICIPANT, WOULD MATERIALLY AFFECT PARTICIPANT’S RELEASE OF BETTER.
Participant agrees to indemnify and hold harmless Better from any liability, damages and/or costs (including reasonable attorneys’ fees) arising from any first-party or third-party claim related to (i) Participant’s actions or inactions, (ii) any information or communications supplied by Better, or (iii) the condition or occupancy status of any Property.
BREACH. IF PARTICIPANT BREACHES THESE TERMS, (1) PARTICIPANT’S OFFER MAY BE REJECTED BY BETTER AND/OR SELLER, (2) THE PROPERTY MAY BE IMMEDIATELY SOLD TO ANOTHER PARTICIPANT OR PLACED IN ANOTHER SMART BIDDING EVENT, AND (3) PARTICIPANT MAY BE INELIGIBLE TO PARTICIPATE IN ANY FUTURE SMART BIDDING EVENTS.
These Participation Terms were last updated June 02, 2022.