HOME to be SOLD
Sunday Sept 18th
*** BEST BID ***
Open Sat-Sun (Sep 17 & 18th) 1 - 3 p.m.
PICTURE
DESCRIPTION
DIRECTIONS
REAL ESTATE WEB LINK (INFO ON BIDDING)
OPEN HOUSE TIMES
FORM
Questions & Answers about Round Robin Bidding
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. The home needs to be sold FAST, which 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. On Saturday & Sunday, the home is OPEN from 1 pm -3 pm to visually inspect the property, sign up to participate in the bidding, and place an initial bid. The final bidding is held by phone on Sunday evening. Starting at 7 PM, each bidder will receive a call informing them of the current bid and offering 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 Sunday evening 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 where we can reach you after 7 p.m. on Sunday night, and amount you'd like to 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 Sunday evening. You will need to be available Sunday at 7 pm 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 Sunday night, we may elect to call the next highest bidder and you may lose your chance to buy the home.
No bid is binding on the buyer or the seller until a sales contract is executed.
The seller may decline any and all bids not acceptable to them.
Q. Can I ask the seller to pay some of my closing costs?
A. Yes, however, you need to bid your net amount. For example, you need $5000 in closing costs, and win the property at $200K. We simply write the offer for $205K. So you can get closing costs, just do not include them in your offer.
Q: How much do I need for a deposit?
A: You will need a small deposit (usually $1000) on Monday afternoon - only if you are the winning bidder. Financing and pre-approval will be available for you the weekend of the open house, if needed.
Q: What happens to the deposit?
A: If you are the 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 your ability to obtain 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 any BIDDER what the current best bid is at any time.
Q: I am a Realtor representing a buyer, who will you call on Sunday night?
A: We can call either the Realtor -or- the buyer. However, if the Realtor elects to be called, the Realtor must know the buyer's next bidding strategy. Bidding goes really fast, so you won't have time to call your buyer and discuss.
THE FOLLOWING IS VERY IMPORTANT! You MUST register your name, telephone number where you can be reached after 7 p.m. on Sunday evening, email address and initial bid amount at one of the Open House Dates. Only registered bidders can be included in the Final Round Robin Bid 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 private telephone bidding process and established bidding order.
The Round Robin Final Bid Process will begin at 7:00 PM 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 $1000 increments. If there is more that 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 few bids (usually 2 - 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 Florida Real Estate contract process. A Sale and Bid is not finalized until a Florida Residential Real Estate Contract is executed between Buyer and Seller and Earnest Deposit Funds have been submitted. We need to 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 at the home or our office to execute a Florida FAR/BAR AS-IS Residential Real Estate Contract, earnest money deposit in the amount of $1,000 will be due at this time. All offers are As-Is, with no known defects, and right to inspect. - or - if you are working with a Realtor, meet with them and fill out our paperwork.
Get detailed info packet on this home & get FREE email notification of ALL of the properties we offer on round robin bidding. We sell several homes with bids starting at 52% of market value, owned by EXTREMELY motivated sellers.
To Receive Your Free Information Package By Email Immediately, please complete the information below.
Attn: Realtors Commission - Feel confident, your commission is protected. You can bring or send your buyers. Just have them sign in with your name as "how did you hear about us". When your buyer is the successful bidder, meet with them the next day and write up your regular FAR/BAR As-Is forms. Your commission is paid same as any transaction.
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