Q: Why is the home being sold by round robin high bid process?
A: Because a bidding process allows all buyers to come to the home within a short period of time so it provides a fast efficient, and convenient way to sell a home in a manner that is fair to both the buyers and sellers. We need to sell the home FAST, this is the reason for the extremely low starting price.
Q: How does the round robin bidding work?
A: The round robin bidding process is a buyer friendly approach that eliminates all the usual risks associated with a multiple bid home. There will be open houses on Saturday and Sunday, June 2nd & 3rd from 12:00pm to 2:00pm to visually inspect the property and sign up to participate in the bidding as well as place an initial bid. The final bidding will be held by phone on Sunday, June 3rd at 3:00pm. Bidders will be given the opportunity to increase their bid in order to proceed to the next round. Rounds will continue until only one bidder remains. Buyers will need to be available by phone.
Q: How do you sign up?
A: Come to an open house and visually inspect the home. Interested? Fill in your name, phone number, and bid on the bid sheet.
Q: What are the rules?
A: You need to visit and inspect the property during one of the open houses. Complete the bid sheet so that you can be contacted. You will need to be available to participate in the round robin. You will need to be available to sign the contract by noon on Monday, if you are the winning bidder. If you are the highest bidder and you cannot comply, and alternative arrangements are not made prior to the round robin bidding process, we may elect to call the next highest bidder and you may lose your chance to buy the home.
The sellers may decline any and all bids not acceptable to them.
Q: How much do I need for a deposit?
A: You will need a deposit only if you are the winning bidder (1% of the offer).
Q: What happens to the deposit?
A: The deposit will be written in your contract as "earnest money" or a "good faith deposit" applied to the purchase price.
Q: Will there be any liens or encumbrances on the home?
A: No, you will receive a deed and title insurance on the property. Any mortgages or debts against the property will be paid from the proceeds of the sale so that the home is completely free and clear.
Q: Will the Real Estate Purchase Agreement allow for any contingencies?
A: Yes, your offer will be contingent on your getting financing for the home and contingent on a satisfactory home inspection.
Q: Will we be able to find out the current high bid?
A: Yes. We will tell anyone at anytime what the current best bid is.
THE FOLLOWING IS VERY IMPORTANT!You MUST register your name, telephone number, email address and initial bid amount at one of the open houses. Only registered bidders can be included in the final round robin bidding process and you MUST enter complete information...regardless of your bid amount, to be able to participate in the final bidding.
Making a bid at the open house DOES NOT OBLIGATE you to buy the property...it only allows you to participate in the bidding process and established bidding order.
The round robin final bid process will begin via telephone. We will call all interested bidders who registered until there is one high bid, and no other bidder wishes to top it. All bids must be in a minimum of $1,000 increments. If there is more than one bid at a level, the earlier bid will be honored.
The caller will say, "Currently there are X number of bidders in this round and the current high bid is $___. Would you like to advance the bid?" You can take this opportunity to advance the bid and be included in the next round or decline and drop out from the bidding (again...there is no obligation). Once you drop out we thank you for participating and you will not be called again.
Once down to the final two bids (sometimes 4) we will start to inquire as to your financing and any contingency terms (all cash, contingent on bank financing, approval letter, etc.).
Sale is for the highest and "BEST" bid/offer. Example: an all cash offer closing in less time may take precedence over a higher offer contingent on financing and taking longer to close or that is contingent on the sale of a house. Seller reserves the right to accept, reject or rescind any bids before the formal Residential Offer to Purchase contract process. A sale and bid is not finalized until a Residential Offer to Purchase contract is executed between buyer and seller and earnest deposit funds have been submitted.
If you are the winning party, we will make arrangements to meet with you at the home or our office to execute a Residential Offer to Purchase contract. An earnest money deposit of 1% of the offer price will be due at this time. All offers are as-is, with no known defects, and right to inspect.
Get a detailed info packet on this home. We sell several homes with bids starting at 30% of market value, owned by EXTREMELY motivated sellers.
Attn: Realtors - Feel confident, your commission is protected. If you send your buyers, just have them sign in with your name as "how did you find us". If your buyer is the successful high bidder, write up your regular offer forms, and your commission is paid the same as any transaction. See MLS.