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The Bidding Process is conducted as described below:
- The “subject property” will be available for inspection for THIRTY DAYS ONLY. Initial Offers will be accepted until 5:pm on Sunday, April 2, 2006.
- Only buyers who see/have seen the property may bid on it. Buyer’s Representatives must show proof of agency to bid but only after the inspection.
- The bidding will be open. We will tell anyone the status of the bids at any time. No hidden bids!
- To be included in the bidding process, you must provide the following at any time before the end of the bidding process:
- Your name and address including your April 2, 2006 evening telephone number (including a back-up phone number, if applicable).
- Your initial bid, rounded to the nearest $25,000.
- (The purpose of the initial bid is to establish the order of call in the round-robin bidding on the final day. The bidder with the highest initial bid will get to
bid first. The bidder with the next highest initial bid will get the second call, and so on down the list. If two or more initial bids are the same, the earlier one will be considered the higher bid.)
- Bids must be a minimum of $5,000 apart and in multiples of $5,000 (i.e, $950,500, $955,500, $960,500 and so on). The minimum initial bid is determined by the seller.
- The round-robin telephone bidding will begin at 5:00 p.m. Sunday evening. You must be available to your phone starting at 5:00 p.m. If the initial phone call is
unanswered or unattended, an attempt will be made to contact the secondary phone number (if supplied).
- When the round-robin telephone bidding begins we will call the highest bidder first. We’ll then call the next highest bidder and so on down the list until all
buyers have been phoned.
- Every buyer will have the equal opportunity to top the current high bid until highest and best bidder is established. Pre-approved buyers or cash buyers are
preferred since no financing contingencies are permitted.
- We conduct several rounds in this manner until there is only one buyer left
- Each time you receive a call you have two (2) options:
- Raise the high bid by $5,000 or more in increments of $5,000.
- Retire from the bidding process with your current bid.
- Once a bidder drops out, he/she may not reenter the bidding.
- Conditioned upon the owner’s acceptance, we will offer the property to the highest and best bidder at his or her highest bid price.
- If the highest bidder does not purchase the home or meet the conditions of the terms of sale - the home will be offered to the next highest and best bidder at his
or her final bid price (i.e. backup purchase agreements will be taken).
- For the buyer’s protection: your bid is not a legally binding contract and as such may be withdrawn at any time up to an accepted contract.
- For the owner's protection: we reserve the right to reject any/all bids without explanation except when an accepted contract is executed.
- · For further information pertaining to the terms of the sale, please refer to the “terms of sale
” section and
CLICK HERE do view and print a pdf file with terms and bidding process.
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