Auction Questions & Answers about participating in 24 Hour Home Selling System
Q: Why is the home being sold in a Best Bid Process?
A: Because of 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 old traditional way of selling does not allow for transparency. With the 24 Hour Home Selling System all buyers that participate in will know exactly where their offer stands.
Q: How does the Best Bid Process work?
A: The Best Bidding Process is a buyer friendly approach that eliminates all the usual risks associated with a multiple offer bids on homes. On Sunday there will be an open house from 1pm to 4pm to visually inspect the property and sign up to participate in the bidding as well as 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 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 and best acceptable 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, 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 Sunday evening. You will need to be available Sunday after 7 pm to participate in the Round Robin. You will need to be available to sign the contract on Monday, if you are the winning bidder. If you are the best acceptable bidder and you cannot comply, and alternative arrangements are not made prior to Sunday night, we may elect to call the next highest and best acceptable 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 minimum deposit only if you are the winning bidder ($3,000). Financing and pre-approval will be available for you the day of the auction if needed.
Q: What happens to the deposit?
A: If you are the successful bidder, 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, 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 financed 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 anyone at anytime what the current best bid is.
THE FOLLOWING IS VERY IMPORTANT!
You MUST register your name, address, telephone number, email address and initial bid amount at one of the Open House Dates/Times. Only registered bidders can be included in the Final Best 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 Best 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 $1,000 increments.
The caller will say, "Currently there are X number of bidders in this round and the current high bid is $ X Y Z. Would you like to advance your 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.
Once down to the final two bids (sometimes 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 a formal California Real Estate contract process. A Sale and Bid is not finalized until a California Residential Real Estate Purchase Agreement is executed between Buyer and Seller and and Earnest Deposit Funds have been submitted. We need to sell this home FAST so have your mortgage pre-approval ready and you will get a great price on the home.
If you are the winning party we will make arrangements to meet with you at our office to execute a California Residential Real Estate Agreement, a minimum earnest money deposit of at least $3,000 will be due at this time.
Agency Relationship: Seller's agent and disclosed dual agent if the opportunity arises. See Consumer Information Statement provided day of inspection.
For priority email notification (this means you will receive these properties before other buyers) of ALL of the properties we offer on round robin bidding by motivated sellers, complete the form below
You are being provided with access that most real estate professionals do not have access too. We must validate your information because of the confidential and private information you will have access to. Competitors will be denied access. The material within the site is unique, highly proprietary and a trade secret. This is a no cost, no obligation service. Your information is held in the strictest confidence and will never be sold or given away.