Quick Overview

 
Inspection of this home will be on Saturday 10/28 and Sunday 10/29 from 12pm to 5pm each day only.

After inspecting the home, please leave your bid on the Initial Bidding Sheet.  There is no deposit required to bid.  We will take new bids until 6:00 pm Sunday night.

You can call us to see what the highest bid is and to increase your previous bid at anytime until 6:00pm Sunday night.

Starting at 6:30pm Sunday 10/29, we will start the round-robin bidding by calling everyone back that has left a bid prior to 6:00pm Sunday.  The highest bidder will receive the first call to let them know that they are in fact the highest bidder and if they would like to increase their bid.  Everyone else that has left a bid will be asked if they would like to increase their previous bid at that time.

We will offer the home to the highest & best bidder at his/her bid price.  If the highest bidder is unable to purchase the home, the second-highest bidder will be contacted.  If the second-highest bidder is unable or unwilling to purchase the home, the third-highest bidder will be contacted, and so on.

An appointment will occur 24 hours after the close of bidding to complete a purchase agreement and accept an earnest money deposit.  The closing process is the same as with any conventional sale and should be completed in about 30-45 days.

Bidding Rules & Method

No pre-qualification is necessary to bid.  All bidders are welcome!  This is not a HUD auction, IRS auction, “repo” auction, probate auction, or foreclosure auction.

1.   Only buyers who have seen the home and inspected it may bid on it.

2.   If you wish to be included in the bidding process, then provide the following before 6:00 PM on Sunday evening, October 29th, 2006:

·        Your name

·        Sunday evening phone number(s)

·        Your preliminary bid

3.   Bid on the home as-is.

4.   All preliminary bids must be in multiples of $1,000 and can be left at any time prior to 6:00 PM Sunday evening.

5.   No one can enter the bidding after 6:00 PM Sunday evening.

6.   The bidding will be open.  We will tell anyone the status of the bids at any time.

7.   Every bidder will have the opportunity to top the current bid until the highest & best bidder is established.

8.   The home will be sold to the highest & best bidder in round-robin bidding by telephone on Sunday night after the inspection period starting at 6:30PM.  To enter the round-robin bidding you must leave a bid prior to 6:00 PM Sunday night.

9.   When the round-robin bidding begins, we will telephone the highest bidder prior to the round-robin bidding first to give them the opportunity to make the first bid.

10.   The next highest bidder will get the second telephone call, and so on down the list until all bidders have been called.

11.   Every bidder will have the opportunity to top the high bid until the final highest bidder is established.  Bids must be $1,000 apart.  Each time you receive a call, you have 3 options:

·        Raise the high bid by $1,000 or more in multiples of $1,000

·        Stay at your current bid

·        Quit the bidding process

13.   If there is more than one bid at the same level, the earliest bid will be honored.

14.   The highest/best bidder will be offered the home at his/her bid price.

15.   An earnest money deposit of 1.5% of the sale price will be required and collected from the highest bidder within 24 hours after the completion of the round-robin bidding.

16.   If the highest/best bidder does not meet the conditions of the terms-of-sale or fails to provide credible ability to purchase the home, the home will immediately be offered to the second highest/best bidder at his/her final bid price.  If this bidder is unable or unwilling to purchase the home, the third-highest bidder will be contacted.

Preference For Cash

Any bidder who can pay all cash is preferred.  A cash sale will speed up the closing time and save the seller interest.  Therefore, all cash offers are given a $5,000 discount.  For example, a $500,000 cash bid will be treated as a $495,000 final sales price.

Important Note

For your protection:  The bids are not legally binding contracts and can be withdrawn at any time.

For the seller’s protection:  The seller reserves the right to reject any and/or all bids without explanation with exception to an accepted and executed sales contract being processed.

This is a sale with a minimum undisclosed reserve.

Back-up purchase agreements may be taken.