Bidding Q & A
Q: Why is the home being sold by Auction method 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 Auction method bidding work?
A: The Auction method sales bidding process is a buyer-friendly approach that eliminates all the usual risks associated with a multiple bid home. There will be an open house to visually inspect the property and sign up to participate in the bidding and to place an initial bid. The final bidding is held by phone at times as published. When starting the bidding process, each bidder will receive a call informing him or her of the current bid and offering them the opportunity to increase their bid in order to proceed to the next round. Rounds will continue until only one highest bidder remains. Buyers will need to be available by phone that same Monday to receive multiple phone calls.
Q: How Do You Sign Up?
A: Come to the open house & 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 the open house. Complete the bid sheet so that you can be contacted when the bidding process starts. You will need to be available at the time published to participate in the round robin. You will need to be available to sign the contract the next day if you are the winning bidder. If you are the highest bidder and you cannot comply, and alternative arrangements are not made prior contract signing, we may elect to call the next highest bidder and you may lose your chance to buy the home.
The seller may decline any and all bids not acceptable to them.
Q: How much do I need for a deposit?
A: You will need a small deposit of $1000 (or as published) only if you are the winning bidder. Financing and pre-approval should be completed before you place a bid.
Q: What happens to the deposit?
A: If you are successful, 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 you getting financing for the home if needed and contingent on a satisfactory home inspection and appraisal.
Q: Will we be able to find out the current high bid?
A: Yes. We will tell anyone at any time what the current best bid is.
If you have any bidding Q & A just call us or want to make a deal? Include your information and you are going once, going twice…