Know the terms. Bid smarter.

Creating an account on Vihara.ai means registering as a user by providing personal information and setting up login credentials. By creating an account, users gain access to various features and benefits like the ability to bid on properties, keep track of your bidding history, save favorite properties, receive notifications, and manage account settings. The account also allows for Vihara.ai to keep track of your activity and provide a more personalized experience based on preferences and interests.

This refers to the fee paid to a real estate agent or real estate broker for their services in helping buy or sell a property. The commission rates for real estate agents can vary and are typically negotiable.

This is a method of buying and selling goods or services through a competitive bidding process. In an auction, sellers offer items for sale and potential buyers place bids on the items they are interested in purchasing. The item is typically awarded to the highest bidder at the end of the auction. Auctions can take place in various formats, including live auctions conducted by an auctioneer, or online auctions facilitated by auction websites or platforms.

Also known as a bidder paddle or bidding card, is a physical card or placard given to individuals who participate in live auctions. The card has a unique identification number assigned to each bidder. When the auction begins, bidders raise their cards or display them visibly to indicate their interest in bidding on a particular item.

An auction event is the time when a collection of similar properties are auctioned. To know if a group of properties are in the same event, you can compare the Auction Event ID number in the Property Details page to the Auction Event ID on similar properties. If the numbers are the same, then the properties are in the same event.

This is a contractual agreement between a seller and Vihara.ai. It outlines the terms and conditions under which Vihara.ai will provide marketing services to promote and conduct an auction for the seller’s property or assets.

These are types of properties that are owned by a bank or financial institution and generate income for the owner.

These are properties that are owned by a bank or financial institutions, and are currently occupied by tenants or occupants. Once purchased, the new owner takes the responsibility of managing the occupancy state.

Also known as a real estate-owned (REO) property, this is a property that has been foreclosed on by a lender, typically a bank or mortgage company, after the homeowner defaults on their mortgage payments. When a homeowner is unable to make mortgage payment for an extended period, the lender initiates the foreclosure process to recover the outstanding debt by repossessing the property and selling it through bank-owned auctions.

These properties are owned by a bank or lending institution and are not occupied by tenants or occupants.

A beneficiary refers to a lender. The transfer of legal ownership of a property takes place with a deed of trust. The title is transferred to a trustee, who holds it as security for a loan between the borrower and lender. The borrower is the trustor while the lender is the beneficiary.

In an auction, a bid is an offer made by a potential buyer to purchase an item or property being auctioned. When the auctioneer presents an item for sale, bidders (or buyers) compete by placing bids, each bid being higher than the previous one. At Vihara.ai, bids can be placed online or at a live foreclosure auction. Bidders who meet the seller’s minimum price and have the highest bid typically win the auction.

A bid increment is a predetermined amount by which the next bid must exceed the current highest bid in an auction. It sets the minimum increase required for each bid to keep the auction competitive and prevent very small, incremental bids. For instance, if the current bid is $10,000 and the bid increment is $2,000, the next acceptable bid amount is $12,000. Bid increments are established to ensure a fair and organized auction process.

A “Bid Pending Confirmation” before the property’s scheduled auction means that the property was sold as a “Make Offer Now” property. A “Bid Pending Confirmation” after the property’s auction means that the property was sold in the auction.

A licensed professional who represents clients in buying, selling, or renting properties. Brokers earn a fee for their service. Broker partnerships are highly encouraged at Vihara.ai.

A buyer’s premium is an additional fee or percentage that is added to the final amount at an auction. Certain properties sold in bank-owned auctions require a Buyer’s Premium from the winning bidder, which is usually 3% of the winning bid or $2,000 whichever is greater at Vihara. For instance, if the buyer’s premium is 3% for an item that is $10,000, the winning bidder would be required to pay an additional $300 as the buyer’s premium.

A property auction can oftentimes be canceled for the following reasons:

• The homeowner and lender reach a viable agreement for the homeowner to keep the property.
• The homeowner files for bankruptcy protection, which results in a stay being placed on the property. The bankruptcy doesn’t necessarily stop the foreclosure but can delay the sale until the homeowner resolves the debt of the lender and gets approval from the bankruptcy court to proceed.
• The beneficiary (or lender) can cancel the sale if they choose. Oftentimes, the lender may cancel if they aren’t ready to sell the property.

Vihara.ai may not always be informed of the reasons why property auctions are canceled by beneficiaries.

A $2,000 cancellation fee may be charged to the winning bidder if they do not fulfill the post-auction obligations as written in the Participation Terms. Cancellation fees are in place to ensure a fair and competitive auction and for people to place serious bids.

A cashier’s check, also known as a bank check or official check, is a form of payment that is guaranteed by a bank or financial institution. It is considered a more secure form of payment as the funds are already deposited with the bank before the check is issued.

A certificate of sale at a foreclosure auction is a legal document issued by the auctioneer to the highest bidder of a property. It serves as proof that the bidder has won the auction and is the purchaser of the item. A certificate of Sale is only applicable in certain state’s so be sure to check your state’s procedures to learn more.

When a property is “Cleared for Auction,” it means that the property is scheduled to be sold. Oftentimes, foreclosure sales are canceled or postponed so check the status of the property before participating in the auction.

After winning a property auction, the closing process defines the last steps you must take in the transaction. The closing process can take up to 60 days and the closing date is typically set in the contract. After completion, the property ownership is transferred to the buyer.

In an auction, a counter bid refers to a new bid made by a participant in response to the previous bid made by another participant. Vihara.ai counter bids on behalf of the seller to meet the price of the Reserve Price, which is the minimum price of a property. Once the bidding reaches the reserve price, Vihara.ai does not counter the bid.

Once you create an account in Vihara.ai, you will gain access to your auction dashboard to manage bids and participate in auctions. This dashboard allows you to save properties, receive alerts and emails on properties you are interested in.

A direct offer refers to a bid or an offer made by a potential buyer directly to the seller or auctioneer before or outside of the formal auction process. A direct offer is typically a private negotiation between the interested buyer and the seller.

The Reserve Price is the absolute lowest price that the seller is okay to accept for a property. The seller may choose or not choose to disclose the reserve price. If the seller chooses to disclose the reserve price, buyers can find the amount on the property details page.

These are legal documents provided by the seller or auctioneer to potential bidders to provide important information about the property being auctioned. Disclosure documents aim to ensure that bidders are fully informed about the condition, history, and any potential issues related to the property. These documents can be found in the Property Details section of Vihara.ai.

These are properties that are being sold under special circumstances due to financial difficulties faced by the property owner. These properties are typically sold at auctions to recover debts or clear financial obligations. The term "distressed." indicates that the property owner is facing some form of financial distress, which may include foreclosure, default on mortgage payments, bankruptcy, or tax liens.

An EMD is a deposit of money that a bidder places as a show of good faith and commitment when making an offer on a property. It is a form of security deposit paid upfront to demonstrate the bidder’s serious intention to proceed with the purchase.

In the context of an auction, an entity refers to a legal or business organization, rather than an individual person, that participates in the auction as a buyer. Entities are usually used for lawsuits and property ownership. Entities can be corporations, partnerships, LLCs, trusts, government agencies, or other formal business structures

In an auction, an escrow is when the lender releases the funds at the same time the deed reflects the new ownership. The escrow typically opens when both the buyer and seller sign the real estate purchase agreement.

An estimated credit bid is the minimum amount a bidder has to exceed to win the auction for a property. If the bid at the sale doesn’t reach the ECB, the lender takes ownership of the property since it is not sold.

The ERV refers to the anticipated or projected value of a property that is compared to similar properties that are well maintained. The ERV typically helps investors compute the difference between the value they pay for a property and the resale value. Investors typically calculate the variance between the current value and the resale value to receive an estimated profit margin of a property.

This refers to the final amount that is due when a home is purchased in a foreclosure. This amount includes the remaining funds that are owed on the mortgage, interest, fees paid to the attorney, and any marketing fees. Please conduct a thorough assessment of a property before bidding because taxes and other costs may be associated with the property.

Financing a property refers to obtaining a loan or mortgage to purchase a property. You can learn more about financing in the property details page and see if financing is available for the property you are interested in.

Foreclosure Property sales are typically sold at live auctions, and occur when a lender wants to sell a property to recover the remaining balance of a loan.

This is a type of deed that provides the highest level of protection and guarantees that the seller holds the clear title to a property and has the legal right to transfer ownership and sell the property to the buyer.

When a property is purchased in a foreclosure sale, the buyer doesn’t gain possession of the property until they have the deed that validates transfer of ownership into the buyer’s name and the home is vacant. Oftentimes, a real estate attorney is needed if the property is occupied by homeowners.

This refers to a partnership between two or more people who agree to split all assets, profits, financial and/or legal liabilities of a business. A Partnership agreement is generally signed between the parties.

The Homeowner’s Association, also known as the Condo Owner’s Association (COA) in some regions, is an organization formed by the owners of homes or individual units within a community. The purpose of the HOA is to manage and govern the common areas and share amenities within the community, as well as to establish rules and regulations for owners.

The US Department of Housing and Urban Development (HUD) is a federal agency in the US Government that is responsible for implementing and overseeing housing and development policies.

The HUD-1 Settlement Statement is provided to the buyer and seller at the closing of a sale. It itemizes all the charges and credits associated with the purchase, including loan costs, title fees, prorated property taxes, and other settlement charges.

Incorporation refers to the legal process of forming a company as a legal corporation, which is a distinct legal entity that is separate from its owners (shareholders). When a business incorporates, it becomes a separate legal entity with its rights, responsibilities, and liabilities.

An investment property is a real estate property that is purchased to generate a return on investment for the buyer. Investment properties are acquired with the intention of earning rental income, gaining from property appreciation, or both.

An IRA is a type of tax-advantaged savings account for retirement savings. The purpose of an IRA is to encourage individuals to save for retirement by offering tax benefits on contributions and investment earnings within the account.

Land refers to a piece of real estate property that is offered for sale to the highest bidder. Land does not include buildings.

A landlord is an individual or entity that owns a property and rents or leases it to another party, known as the tenant or renter.

A lease is a legal contract between a property owner and a tenant. The lease outlines the terms and conditions under which the tenant is granted the right to occupy and use the landlord’s property for a specified period of time. You can bid on occupied rental properties on Vihara.

A Limited Liability Company (LLC) is a popular form of a business entity that combines the liability protection of a corporation with the flexibility and simplicity of a partnership or sole proprietorship, making it a preferred choice for many small and medium-sized businesses.

A Limited Partnership (LP) is a type of business that consists of two types of partners: general partners and limited partners. In a LP, each partner’s liability is limited to the investment made.

A manufactured home is a home built in a factory that complies with HUD code standards. A manufactured home can be put on private land or in a community with manufactured homes.

Properties on Vihara.ai that show a “Match the Bid” button are properties where the bidder has 8 hours to complete the Contract Information form to move to the closing process. However, other interested bidders also have the opportunity to match the winning bid and be eligible to purchase the property if the transaction fails to be completed.

A mobile home is a type of factory-built dwelling designed for residential use and is intended to be moved from one location to another. Mobile homes were built before the HUD code was established in 1976. These homes can be placed on private land or in a community.

A mortgage is a legal agreement between a borrower and a lender (the mortgagee) that allows the borrower to obtain a loan to finance the purchase of real estate. The real estate property serves as collateral for the loan. This means that if the borrower fails to repay the loan, the lender has the right to take possession of the property through foreclosure.

These are properties that have recently gone through the foreclosure process and are now owned by a bank. These properties are posted for sale days after they are labeled as foreclosed.

Newly foreclosed properties are properties on Vihara.ai that recently were added to be auctioned after becoming bank-owned.

This message is displayed when the highest bid is one bid away from the reserve. The “One Bid Away” message lets the bidders know that the next bid that is placed will meet the reserve price.

This message lets bidders know that the property has a one dollar starting bid and a low reserve price.

Online bidding refers to the process of participating in an auction or bidding on properties in an online auction rather than in-person.

The opening bid is the dollar amount that officially starts the auction.

An overtime auction occurs when the highest bid is near the reserve price but not accepted by the seller. This extends the auction for one day, giving buyers more time to increase bid amounts to win the property.

A PUD is a residential community that typically has a homeowner’s association (HOA). Buyers that purchase properties such as single-family homes, condos, or commercial properties may have to pay HOA fees to cover amenities in the community.

A property auction can be postponed for reasons including, but not limited to:

• The homeowner files for bankruptcy protection, which results in a stay being placed on the property.
• The bankruptcy delays the foreclosure until the homeowner repays the debt or the lender gets an approval from the bankruptcy court to move forward with the foreclosure sale.
• The beneficiary postpones the sale because they may not want to sell the property.

Vihara.ai is not always informed of the reason behind a postponed property auction.

The primary residence is a home or property that is the main location that an individual lives.

Your profile on Vihara.ai is created once you sign up for an account online. Your profile houses your name, email, phone number, and address.

A POF document is a financial document provided by the bidder to demonstrate that they have sufficient funds or liquid assets available to complete a financial transaction for a property. Bidders must have a Bidder Qualification Form and be prepared to show a bank or brokerage account statement.

The Property Details page on Vihara.ai provides all details of properties. This page has images of the property, characteristics of the property, property reports and how to register for an auction. You can reach the property details page by typing the location in the search bar where you intend to purchase a property. This leads you to the list of homes in the preferred location. You can click on any image, which will take you to the property details page.

The Property Information Report can be found on the property details page. This report outlines neighborhood schools, any crime, or environmental factors that may affect the property.

This report provides buyers information about the property, the community, and sometimes may offer comparable sales. Accuracy cannot be guaranteed as property details may change over time.

The property status informs buyers if the property is cleared for sale, or if the auction is postponed or canceled. This information can be found on the Property Details page.

A proxy bid allows bidders to set a specific bid amount before the auction begins so the bid can automatically be placed during the auction. A proxy is only available in select online auctions.

A quitclaim deed is a document that outlines the seller’s right and interests in a property to the bidder. A handful of properties listed on Vihara.ai have a special warranty deed option which lets the buyer purchase title insurance and receive a special warranty deed instead of a quitclaim deed.

A QR code is a unique barcode that allows users to provide information quickly through an app in a smartphone. Vihara.online’s app has a unique QR Code feature to help our buyers and sellers expedite check-in at registration for in-person auctions. Customers can pre-register on the app and use the QR Code that is generated to check-in at auctions.

A real estate agent is a licensed professional who represents buyers and sellers in real estate transactions. Real estate agents are allowed to help their clients purchase properties on Vihara.ai.

A receipt of sale is a document provided to the buyer as proof of their successful purchase during the auction. It serves as a written record confirming that the buyer has acquired the item of property and completed the transaction. This practice can vary from state to state so be sure to check the state’s procedures for additional information.

The redemption period refers to a specific time frame during which the original owner of a property has the right to redeem or reclaim it after it has been sold at an auction due to default or delinquency. If you purchase a property that is in a redemption state, you cannot evict the homeowner during this time frame.

This is a feature in the Vihara.ai app that lets buyers place bids on foreclosure auction properties. Buyers can submit bids ahead of time and wait till the end of the auction to see if they’ve won the property. Or, buyers may bid from their smartphones where live remote bid is an option.

Rent refers to the monthly payment made by a tenant to a landlord or property owner in exchange for the right to live in and use the property for a specific period of time.

A rental property is rented out each month. Buyers can bid on tenant-occupied rental properties that have a lease at Vihara.ai.

The reserve price refers to the lowest price that a seller is willing to accept for a property. Reserve prices are typically set when the listing is created and added to Vihara.ai. The reserve price must be met by the bidders in order for the auction to continue.

A residential property is a type of real estate that is designed and used for living purposes. These properties are commonly used as homes, apartments, condominiums, townhouses, or any other dwelling where people live.

Residential notes, also known as mortgage notes or promissory notes, refer to written agreements or contracts that document a borrower’s promise to repay the loan used to purchase a residential property.

A sale deed is a legal document that serves as evidence of the transfer of ownership of a property from the seller to the buyer.

The Sales Deposit is the amount required by law that needs to be paid by the bidder that wins the auction.

A second home is a property that you intend to occupy in addition to the primary residence you own.

A short sale is when a borrower is behind on mortgage payments or owes more than the property is worth. Oftentimes, lender approval may be required for a short sale.

A security deposit is the amount of funds that are held by a landlord during a lease to cover the non-payment or any damages that may occur to the property.

The seller is the owner of a property who sells their property and transfers ownership to the buyer once purchased.

A separate entity refers to when real estate is purchased under a separate entity instead of as an individual. Entities include but are not limited to partnerships, limited liability companies (LLC), or corporations. Vihara.ai requires entities to provide legal documents in order to bid in an auction.

Separate entity documents are legal documents that are required when properties are purchased by separate entities on Vihara.ai.

This is the starting price for a property that needs to be bid on at an auction.

All properties that are purchased in an auction are Subject to Seller Acceptance. Meeting the reserve price does not guarantee that the buyer’s bid will be accepted by the seller. The bid is only accepted once the purchase agreement is signed by both the buyer and the seller.

A tenant is a person or entity who occupies and has the right to use and live in a property that is owned by a landlord or property owner.

This property is rented by tenants.

A title report refers to a document that provides detailed information about the ownership history and legal status of a property. This is a crucial component of the due diligence process for buyers and sellers to ensure the property’s ownership is clear and marketable.

The total purchase price is the final amount of money that the bidder pays for a property. This amount includes the buyer’s premium, if applicable, and the winning bid amount.

A value-based bid is a bid that takes into consideration the perceived value of the property being auctioned, rather than simply bidding based on the property’s current market price or the bids of other participants. Value-based bids mean that the lender of the property provides a bid based on the current market value and under the total estimated debt

The venue is generally where live foreclosure auctions are held. Most auctions are held in either hotels or county courthouses.

A warranty deed is used to transfer ownership of a property from the seller to the buyer with certain warranties or guarantees regarding the property’s title.

Zoning laws divide a county into residential, commercial, and industrial districts (or zones) that are separate from each other.