PERSONAL FINANCE MANAGEMENT

How Does It Work?

Bid Request. The Mountain Laurel Federal Credit Union will accept bids only for land located in: Philadelphia, PA, and York, PA. Bidders should submit a Bid Request to the office of the Registrar of Deeds, Department of Business and Professional Regulations, Oneidan Center, Suite 101, York, PA 16508. If you wish to place a bid on the listed property, make sure that your contact information is current and correct.

Procedure For The Bidding Process: There are certain procedures that must be followed by each bidder. First, the bidder must write down the contact information of the company. Next, the bidder must contact the company at least one business day before the auction. The company must send you a bid request letter indicating the price it will pay for the property. The bidder must then return to the Registrar of Deeds with the amount of money asked for in writing.

Payment Methods: The bidder must pay through credit card. Payment can also be made through check. If the bidder chooses to pay by check, the bidder must sign a security agreement. If you want to pay through credit card, the buyer should contact the company and the credit card company before the bid is placed.

When To Pay: There is generally a time period between the time you place the bid and when you receive the money. The exact time period will depend on the rules set by each company. Once the time limit has elapsed, the bidder loses all rights to the item. Payments are usually made through debit or credit card. The company may also offer online payment option.

How To Pay: The bidder should mail a payment to the Credit Union. Payment can also be made through credit or debit card. Payment can be made through bank transfer if the company provides this service. Otherwise, the bidder can also leave a cashier’s check to the Credit Union.

What To Do If The Bid Is Worth Less Than The Reserve Price: Before the bidding begins, the company will undertake an analysis to determine what the lowest possible bid is. Once this analysis is complete, the company will post the lowest price. Any bidder who matches the reserve price must accept the offer. On the other hand, if no bidder matches the lowest price, then neither the bidder nor the Credit Union will receive the full amount he or she bid.

How To Get An Offer In: To get an offer in, the bidder must fill out the form provided by the Credit Union. He or she must also provide the company with the contact information. The forms are available for download at the website. Payment options are normally via debit or credit card.

Bidding ends on the day specified in the auction block schedule. The winning bidder will be notified via email. The credit Union reserves the right to evaluate the bid and decide whether or not to approve it. The bidder must abide by the terms and conditions of the Credit Union.

What Does It Mean? If a bidder is approved for a federal loan, he or she would be registered as a member of the Mountain Laurel Federal Credit Union and could access credit unions owned by the credit union. Members of the Mountain Laurel credit union would have lesser costs in buying products from the credit union than those charged by other lenders.

Guidelines To Get A Bid: To get an offer in, the bidder must meet the qualifications set by the credit union. The bidder must be a US citizen and a resident of the United States. The person must have a minimum income that allows him or her to make the monthly payment. Income and credit score are two important factors that affect eligibility to bid.

Maximum Number of Bids: The maximum number of bids is five. Members who have reached this limit will be ineligible to bid. This limit is intended to prevent persons with high incomes from undermining the integrity of the union by participating in fraudulent activities. When the number of bids reaches this limit, the union will announce the highest bidder. If no one qualifies for the auction, the bidder who receives the highest number of bids wins the auction.

Conditions: To ensure that persons are not cheating, the Mountain Laurel Federal Credit Union will conduct a random verification process. Members are expected to attend the verification session. Verification can be done by phone or online. Bidders who successfully pass the verification will be granted their chance to become a member of the credit union.

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