Innovative Online Platform Auctions Prime Property with No Reserve Price While Giving Back SAN DIEGO--(BUSINESS WIRE)--iBidcondo is a revolutionary online, live property auction where properties are sold without reserve prices and where the bulk of the auction proceeds are donated to a registered charity of your choice! iBidcondo follows the process of a traditional property auction. The genius of iBidcondo is in its simplicity; the patent pending system of selling a limited number of "virtual auction seats" to cover the actual "price" of the completed property leaves the "auction price" to be determined purely by the bidders. Unlike many e-retailing auction sites, iBidcondo does not charge bidders each time they make a bid. To bid at an iBidcondo auction, participants must go online to iBidcondo.com and register. Once they have found a property they are interested in, they can purchase a virtual seat to the online auction. The average auction seat price is $100 and the number of seats sold will be determined by the property’s list price. Once all seats have been sold, iBidcondo will notify participants by email of when the auction is to commence. iBidcondo requires that participants make themselves familiar with the property details and the "Terms and Conditions" of the iBidcondo auction. iBidcondo has found a way to give back to the community while creating an avenue to instill much needed movement within the real estate market; a true a win/win/win situation for buyers, sellers and the community. Because the sale of the seats covers the price of the property, iBidcondo is able to donate net proceeds of the winning bid to the bidder's nominated charity. Bidders are asked to nominate their preferred Registered 501(c)(3) Charity when they purchase their seat.
