Q. Why is the home being sold by Best Bidder high offer process?
A. Because an offering process allows all buyers to come to the home within a short period of time and it provides a fast, efficient, and convenient way to sell a home in a manner that is fair to both the buyers and seller. We need to sell this home FAST, this is the reason for the extremely low starting prices.
Q. How does the Best Bidder Work?
A. The Best Bidder Offer Process is a buyer friendly approach that eliminates all the usual risks associated with buying at auction. On Saturday & Sunday there will be an open house to visually inspect the property and sign up to participate in the offer process as well as place an initial offer. The final offering is held by phone on Sunday evening. Starting at 6pm each Buyer will receive a call informing him or her of the current offer and offering them the opportunity to increase their offer in order to proceed to the next round. Rounds will continue until only one highest offer remains. Buyers will need to be available by phone Sunday evening to receive multiple phone calls.
Q. How do you Sign Up?
A. Come to the open house and visually inspect the home; interested? Fill in your name phone number and offer on the offer sheet.
Q. What Are the Rules?
A. You need to visit and inspect the property during the open house. Complete the offer sheet so that you can be contacted on Sunday evening. You will need to be available by phone on Sunday evening beginning at 6 pm. You will need to be available the following Monday to sign the contract if you are the winning offer. If you are the highest offer and cannot comply, and alternative arrangements are not made prior to Sunday night, we may elect to call the next highest offer and you may lose your chance to buy the home.
* * * * Note: The Seller may decline any and all offers not acceptable to them * * * *
Q. How Much Do I need for a Deposit?
A. You will need a small deposit Monday only if you are the winning offer (usually $1,000). Financing pre-approval will be available for you the day after the Best Bidder if needed.
Q. What happens to the Deposit?
A. If you are the successful offer, 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 Warranty Deed and title insurance. 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 Purchase and Sale agreement allow for any Contingencies?
A. Yes Your offer will be contingent on you getting financed for the home and contingent upon a satisfactory home inspection. This home is being sold AS-IS WHERE-IS!
Q. Will we be able to find out the current high offer?
A. Yes. We will tell anyone at any time what the current best offer is.
THE FOLLOWING IS VERY IMPORTANT!
You MUST register your name, telephone number, email address and initial offer amount at one of the Inspection/Open House Dates/Times. Only registered offers can be included in the Final Best Bidder process and you must enter complete information. Regardless of your bid amount, you will be able to participate in the final bidding.
Making an offer at the Open House DOES NOT OBLIGATE you to buy the property . . . it only allows you to participate in the private telephone offering process and establishes offering order.
The Best Bidder Final Offer Process will begin at 6pm via telephone. We will call all interested offerors who registered until there is one high offer, and no other offeror wishes to top it. All offers must be in a minimum of $1,000 increments. If there is more than one offer at a level, the earlier offer will be honored.
The caller, when he/she calls you, will say "Currently there are "X" number of offers in this round and the current high offer is $________________. Would you like to advance the offer?" You can take this opportunity to advance the offer (usually $1,000 increments) and be included in the next round or decline and drop out from the offering (again... there is no obligation).
Once down to the final 2 offers (sometimes 4) we will start to inquire as to your financing and any contingency terms (All Cash, contingent upon bank financing, approval letter, contingent upon sale of you house, etc.).
Sale is for the Highest and "BEST" Offer. Example: an "All Cash" offer closing in less time may take precedence over a "Higher" offer contingent upon financing and taking longer to close or that's contingent upon the sale of a house. Seller reserves the right to accept, reject or rescind any and all offers tendered. A Sale is not finalized until a Standard Real Estate Sales Contract is executed between Buyer and Seller and Earnest Deposit Funds have been tendered to Title Company. We need sell this home FAST so if you get pre-approved while at the home, you will get a great price on the home.
If you are the winning party we will make arrangements to meet with you to execute a "Standard State approved Real Estate Purchase Agreement. Earnest Money Deposit in the amount of $1,000 will be due at this time. Clear and marketable title will be conveyed by the Seller at the Closing.
Seller will entertain all offers and accept an offer acceptable to them. Buyer can remove themselves from bidding process at any time with no further obligation on their part.
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