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Frequently Asked Questions

What is a “RateBid”?

A “RateBid” is a preliminary and non-binding rate (or quote) that has been manually calculated by a mortgage loan originator, real estate agent, or home inspector and “bid” through the RateBid® Reverse Auction Platform.

Why is it better to submit a "RateBid Request" than simply posting a "wanted to buy" ad on a classifieds website?

  • Mortgage loan originators, real estate agents, and home inspectors need to know very specific information before they can calculate an accurate bid, while customers may not know what this information is. Because the RateBid Team understands the mortgage, real estate, and home inspection industries, we "ask the right questions" to customers in our “RateBid Request” forms. Professionals remain on a "need to know basis" so that customers can remain anonymous and avoid sales calls while they evaluate each RateBid and the corresponding professional profiles that display all contact and company information, website, biography, and feedback ratings.

  • Posting a simple "wanted to buy" ad to a classified ad website only allows the user to type a short description of the good or service desired, while RateBid.com collects this information in a simplified "RateBid Request” form (making the process easier for the customer) and organizes it in a database. The organized database allows professionals to quickly find the RateBid Requests that they can compete best on by using search functions and our email notification system. If more professionals view a given RateBid Request than a "wanted to buy" classified ad, then larger savings opportunities should result due to increased competition.

  • The RateBid® Reverse Auction Platform encourages fierce seller competition by allowing professionals to submit RateBids, each other’s RateBids, and submit new RateBids to adjust for competition. Customers are simply displayed all RateBids for each RateBid Request in an organized table, and may choose which professional(s) to contact at their convenience.

What makes RateBid.com different from a typical auction website?

  • RateBid.com puts customers in charge of the sales process by utilizing a reverse auction-like format, which we call the “RateBid® Reverse Auction Platform” where multiple vendors compete for each customer.

  • RateBid.com does not collect any transaction fees, therefore preventing any additional seller expenses from being passed on to customers. The RateBid® Reverse Auction Platform simply allows customers to quickly "zero in" on professionals that can offer the best rates.

  • There is no “winning bidder”. Customers may contact as many of the bidding professionals as they want (or none of them) after reviewing their profiles, which contain all company and contact information, experience level, website, biography, and feedback ratings.

What makes RateBid.com different from a typical shopping comparison website?

All RateBids are calculated filled out manually by our registered professionals (so nothing is automated). Although this requires a bit of time for our registered mortgage loan originators, real estate agents, and home inspectors, it ensures that each RateBid is customized to the specific scenario, it ensures that the professional accounts for competitive RateBids, and it ensures that customers receive more accurate data that is specific to a given scenario. Ultimately, requiring professionals to manually tailor their RateBids to each scenario places downward pressure on rates and allows customers to gather more useful data.

What does it cost to sign up?

The RateBid® Reverse Auction Platform is free for both customers and vendors to use. In exchange, all we ask for is your feedback as the site is still in BETA testing.

As a mortgage, real estate, or inspection professional, I have friends and acquaintances within my industry that are also my competition, so I'd rather not engage in a "bidding war" with these competitors. If I submit a RateBid to a customer rate bid request, will my name be displayed to my competitors?

Absolutely not. The RateBid® Reverse Auction Platform will only display rates, fees, and comments to other vendors competing with you. Professionals can view each other’s numbers and comments, but they can’t view who submitted them. Only customers can view a professional’s profile. We programmed the site this way to prevent “friendly fire” and awkward competition between friends that are within the same industry!

Does RateBid.com, LLC have a procedure to “qualify” vendors?

Vendors of goods and services in our categories do not have to qualify before registering or submitting bids to customers. By not requiring vendors to go through a strict qualification process, more vendors compete and rates fall further. We have measurements in place to help prevent spammers and scammers (such as our feedback rating system), but customers should still perform due diligence prior to completing a transaction or giving out personal information, such as visiting each vendor's website, checking with the appropriate BBB, asking for license numbers, etc.

Are the RateBids that I receive from professionals binding or guaranteed?

RateBids are never guaranteed or binding agreements. The customer must initiate contact with a professional in order to secure any type of guaranteed or binding offer or agreement.

If I decide to contact a professional, will I be required to proceed with a transaction?

Absolutely not. The RateBid® Reverse Auction Platform was simply designed to allow customers to quickly locate the best vendors that can offer the best rates.

Once I receive an adequate RateBid, how do I contact a professional?

Click on the professional’s name, which will open up their "contact card". Contact cards include email, phone number, website address, experience, registration date, feedback rating, and an optional short biography.

Which geographic regions does the RateBid® Reverse Auction Platform serve?

RateBid.com allows you to obtain customized mortgage rate quotes in all 50 states.

RateBid.com allows you to obtain real estate listing agent quotes for the following cities:

  • Birmingham, Alabama
  • Anchorage, Alaska
  • Phoenix , Arizona
  • Little Rock, Arkansas
  • Los Angeles, California
  • Denver, Colorado
  • Hartford, Connecticut
  • Wilmington, Delaware
  • Jacksonville, Florida
  • Atlanta, Georgia
  • Honolulu, Hawaii
  • Boise, Idaho
  • Chicago, Illinois
  • Indianapolis, Indiana
  • Des Moines, Iowa
  • Wichita, Kansas
  • Louisville, Kentucky
  • New Orleans, Louisiana
  • Portland, Maine
  • Baltimore, Maryland
  • Boston, Massachusetts
  • Detroit, Michigan
  • Minneapolis, Minnesota
  • Jackson, Mississippi
  • Kansas City, Missouri
  • Saint Louis, Missouri
  • Columbia, Missouri
  • Lake of the Ozarks, Missouri
  • Springfield, Missouri
  • Billings, Montana
  • Omaha, Nebraska
  • Las Vegas, Nevada
  • Manchester, New Hampshire
  • Newark, New Jersey
  • Albuquerque, New Mexico
  • New York City, New York
  • Charlotte, North Carolina
  • Fargo, North Dakota
  • Columbus, Ohio
  • Oklahoma City, Oklahoma
  • Portland, Oregon
  • Philadelphia, Pennsylvania
  • Providence, Rhode Island
  • Columbia, South Carolina
  • Sioux Falls, South Dakota
  • Memphis, Tennessee
  • Houston, Texas
  • Salt Lake City, Utah
  • Burlington, Vermont
  • Virginia Beach, Virginia
  • Seattle, Washington
  • Charleston, West Virginia
  • Milwaukee, Wisconsin
  • Cheyenne, Wyoming