Why do I need an account?
It is beneficial to have an account because it gives you access to a dashboard where you can save properties and receive messages. It also gives you access to important due diligence documents and allows you to receive notifications on all offers.
How do I create an account?
Click “Sign Up” from the navigation bar on the home page.
Enter your information in the form.
Check your email for the confirmation and confirm your new account.
What if I forgot my password?
Click the “Log In” tab from the green navigation bar on the home page.
Click “Forgot Password?”
Enter your email address and submit.
Follow the instructions sent to your email.
What is the VIP program?
The VIP program offers exclusive benefits to buyers who purchase multiple properties per year.
What types of properties are available Worldwideinvestments.com?
Worldwide Investments offers a wide range of properties:
Residential Properties (studios; single-family homes; one- to four-unit, multi-family residences; condominiums; townhomes; mixed-use properties; mobile homes)
Commercial Properties
Land
Who supplies the property details?
Generally the information for each property comes directly from the seller. In some instances public records are used in the property details, such as square footage and acreage. Property information provided is for reference only. It is the buyer's responsibility to verify all property information.
Why do you need to verify my phone number?
We ask to verify your phone number one time to protect the integrity of our site because we want to make sure that all of our buyers are authentic.
Will you use my phone number for other purposes?
No, we will not. We will never use your number for spam and we will only call if we need to contact you.
How do I conduct due diligence on a property?
Conducting due diligence involves estimating the value of a property and its renovation costs, investigating the physical property, obtaining a title report, and researching the surrounding neighborhood.
How do I know if a house is offered through an auction or traditional sale?
On the property page, if the button says “Submit Pre-Auction Bid”, “Submit Bid”, or “Submit Backup Bid” then it's an auction. If the button says “Place Offer” or “Place Backup Offer”, then it's a traditional sale.
Can I use my real estate agent to assist with the bid/offer process?
Yes, real estate agents can register with Worldwide Investments and submit offers on behalf of their clients. Agents must be actively licensed in the state where the property is located. Qualified agents are paid commission on the selected offer amount in cooperation with the listing broker. Commission information is available in the applicable Multiple Listing Service (MLS) listing or by calling the listing agent.
Do I need a real estate agent to submit an offer?
No, you can place a bid or submit an offer on Worldwide Investments with or without an agent. If you'd like to work with an agent, include their information when you offer to ensure they receive their commission. If you would like to contact an agent in your area for assistance, we are happy to help. Click here for more information.
What is a reserve price?
A reserve price is the minimum price the seller is willing to accept for the property in an auction. The reserve price is set by the sellers and is not shown to buyers; however, the property details page shows if the reserve price has been met.
What is a list price?
The list price is the price the seller believes the house is worth and is likely to accept for the property. You can offer less than the list price, but the seller may not accept your offer terms.
What is a Buyer's Premium?
Paid by the buyer at closing, this fee helps cover the Auctioneer costs for marketing and hosting the auction. If there is a Buyer's Premium on the property, it will be noted on the property details page and in notifications sent to the buyer during the offer and closing processes.
What does "Highest and Best" mean?
If there are two or more similar offers on a property, the seller may initiate Highest and Best, which is a request for all interested buyers to submit their absolute best offer by a given deadline. If you made an offer on the property, you'll receive an email asking you to submit your Highest and Best offer. After the deadline, the seller will review all offers received and decide how to proceed. Note: If you don't submit a Highest and Best offer, the seller considers your most recent offer as your final offer. All offers must be submitted on Worldwide Investments within the timeframe established by the seller. You can only submit one offer, and all Worldwide Investments buyers have the opportunity to submit one. Even though Highest and Best is requested, the seller is not obligated to accept any offer.
What does REO stand for?
Real Estate Owned (REO)—also known as bank-owned—is a property owned by a lender that hasn’t been successfully sold at a foreclosure auction. It’s been re-valued at an amount acceptable to the lending institution but that also encourages a sale.
Can a foreclosure property be financed?
Unfortunately, no. Full payment for a property is due in the form of certified funds as soon as the winning bidder is announced.
How much are closing costs?
Closing costs will vary, but average about 3% of the purchase price.
Will Sellers accept offers/bids below Reserve?
Yes, the Seller may accept an offer below the Reserve. For this reason, we suggest you place your highest and best offer every time.
Are there separate account types for buyers and agents?
No, buyers and agents have the same Worldwideinvestments.com account type and interact with the website in the same ways.
What happens to the property if the auction ends and the reserve price is not met?
If an auction ends without the reserve price being met, no selected bidder is declared. However, the seller reserves the right to accept a lower offer/bid, negotiate with a buyer, propose new terms to the buyers or relist the property.
What happens if I have a backup offer and the contract with a different buyers falls through?
If the contract with a different buyer falls through, the Seller may review all backup offers/bids and choose one to proceed to contract or reject all such offers/bids. The Seller has complete discretion in deciding how to proceed. The Seller is not required to review or select any of the backup offers/bids.
Does the seller provide marketable title at closing?
The seller makes every attempt to provide the property with marketable title. Any specific questions related to title defects would need to be reviewed on a case by case basis as per the transaction's purchase and sale agreement.
What closing costs am I, as the buyer, responsible for paying?
The buyer’s responsibility is set for in the Purchase and Sale Agreement which describes the closing costs the seller will pay and the closing costs the buyer will pay.
How can I tell if there are any liens against a property?
Unless specifically stated in the documents section of the property details page, liens are usually not discovered until the title search process occurs.
What is a title search and why is it important?
Title searches have two primary goals. The first is to verify that the seller has the right to transfer ownership. The second is to identify any claims, arrears, assessments or other restrictions that might affect property ownership or otherwise complicate the sales process. Title searches include steps like examining public records available through municipal and county offices such as the local registrar of deeds and county clerk's office. Note: The title process can take longer on bank-owned homes and short sales, so buyers of these types of properties should allocate ample time for title search and issue resolution.
Will I need to purchase flood or homeowner's insurance?
If you finance your purchase, most lenders will require that you obtain hazard insurance and, depending upon the location of the property, flood insurance. Even without lender involvement, insurance is strongly recommended. Please determine and satisfy your requirements for flood and hazard insurance before you place an offer or bid on a property.
What happens if my offer is accepted?
If your offer is accepted, here are your obligations:
Contract Information: Your information is required to generate the Purchase Agreement. You will receive an email confirming your offer was accepted. You will then need to confirm your information submitted with your original offer. To access this form log in to Worldwideinvestments.com and access your Profile. Click on the blue “Review Contract Information” button to view the form. You can preview the required information on this form as a printable checklist. Make sure to submit the form within 1 business day.
Purchase Agreement: Once everything is verified, the Purchase Agreement will be generated and you will need to sign and return the document for the seller to review and sign.
Proof of Funds: You will need to upload a copy of your Proof of Funds into your dashboard within 1 business day of the auction for approval before we send your contract to the seller.
Earnest Money Deposit: Unless otherwise specified in your purchase agreement, you will need to send the Earnest Money Deposit to the closing company 1 business day after the auction and upload a copy of your confirmation receipt into your dashboard the same day for approval before we send your contract to the seller.
If the property is being sold as “subject to seller’s confirmation,” the seller must approve your offer before the sale can be finalized. During this time, the seller will review your offer and determine if it is within their acceptable range. You will receive an email notification if this applies.
Lastly, you will move into the escrow/closing process and be assigned a closing specialist. Your closing specialist helps ensure a smooth closing process.
Note that specific requirements may vary on a per-auction basis. Please carefully review all communication from our team to ensure everything is submitted correctly and in a timely manner.
What is eSignature?
eSignature refers to the specific technology that allows a party to digitally sign your name and initial contracts and paperwork online in an environment that has been secured by the technology provider. Worldwide Investments is using eSignature paperless functionality via DocuSign for many of our documents in certain transactions from Listing Agreements signed by agents to the Purchase and Sale Agreement (PSA) signed during closing transactions. By using DocuSign, the need to print, hand-sign and mail or fax paperwork is eliminated. Availability of eSignature technology varies by state.
What is DocuSign?
DocuSign is a leading provider of web-based electronic signature technology that facilitates exchanges of contracts, tax documents and legal materials. DocuSign eliminates the need for the mailing of paper contracts by keeping track of document versions.
Do I need to provide proof of funds or a pre-qualification letter?
Yes, you’ll need to show proof of funds or pre-qualification documents before submitting an offer on a property.
I am being asked to provide Proof of Funds. What is this?
The Proof of Funds process requires prospective buyers to provide evidence that they possess the funds required to complete the purchase transaction. It provides a seller with evidence of a prospective buyer's ability to consummate the transaction.
What information is required to satisfy the Proof of Funds requirement?
Each seller's criteria is different but generally, in cash transactions, proof of funds is demonstrated by providing a letter from a financial institution controlled by the prospective buyer that the relevant account has sufficient funds to complete the transaction. In transactions involving financing, proof of funds is demonstrated by providing a pre-approval letter from the buyer's mortgage company or bank that is providing the financing.