203-215-7756 dennis@naplesswfl.com

How it works

Are you in a hurry to buy or sell your home?

You have come to the right place, that’s what we do best.

Sell It Faster Guidelines

Classic Round Robin Bidding System
(for those who want to bypass the true auction system)

Use this template as a guide and make up your own rules!

Status of SIF Property

For convenience we organize the status of Sell It Fast Property according to the following categories

Pre Bid

  • Owners (or a designated agent) list their property. Pictures, fact sheet, videos, available disclosures.
  • This is the marketing exposure period prior to the Open House
  • Generally, we recommend delay it if 20 to 25 buyers do not pre-register for the Open House

 

Open House

This is when the Owner (or Agent) is available to show the property and expose the potential buyers to it’s interior features.

Initial Bid

The bid process begins with interested Registered Buyers making an initial bid after viewing the Open House.

Competitive Bid Process

The bid process continues with the Registered Buyer who submits the Highest Initial Bid deciding to increase or leave his bid as it is. Subsequent Buyers then may choose to beat the high bid (by $500) or to fold from bidding. This continues until there is only One Bidder remaining.

Final Bidding (Optional)

The bid process continues until there are three bidders remaining. Then the Registered Buyer who submited the Highest Competitive Bid decides to increase or leave his bid as it is. The two remainng Buyers have the opportunity to beat the high bid (by $500) or to fold from bidding. This continues until there is only One Bidder remaining.

15 Minute Bidding Extension (Optional)

This is a final grace period for any of the bidders to up their bid One Time to a Highest and Best Offer, beginning with the lowest bidder of the Final Three and ending with the Top Bidder. Bid increments must be at least $500 higher.

Pending

At the end of The extension period (If any), The Bidding is closed. The Seller should acknowledge the end of the transaction by changing the status to Pending, which means NON BINDING Agreement. Respective Settlement Officers should be contacted, and allow the Professionals to reduce the agreement to writing and Buyer and Seller go to contract according to local custom. We strongly advise that principals in the transaction do not sign anything without consulting with their respective legal advisor (Title Company or Attorneys usually.)

Closed

In most cases the Sell It Fast Method should take no more than 21 days from deciding to run one and being properly organized to go to this Non-Binding Agreement. Settlement is best left to the professionals, and closing may vary from typically another 30 to 60 days to actually close and transfer ownership.

SIF General Suggestions

You may want to consider these ideas before Buying or Selling using this method.

This is a Non-Binding Agreement

Everything is negotiable.

Nothing written on a legal document should be signed without consulting a legal professional.

The Competitive Bid Process is typically run for 21 days.

Bid prices are visible, with a bidder ID#.

Bids must be increased by a MINIMUM of $500.

During the15 Minute Bidding Extension (the Best and Final Offer Stage), the lowest bidder in the final three goes first and the high bidder goes last. This is usually done open and transparently. The Final Bidder has the opportunity to beat the highest Bid by $500.

Seller may have a Reserve price, and refuse all offers if not satisfied with price or terms of sale.

The Seller may disclose a “Buy it Now” price.

Listings, including the Pre Bid period are for a maximum of 28 days.

Sellers may remove their property from active status at any time for any reason of their choosing.

Terms are important

Basics should be disclosed prior to The Competitive Bid Process. The Seller Should provide their preferences as a guide.

  • Cash or Mortgage?
  • What contingencies do you want?
  • When would you like to close?
  • Is the Buyer relying on the sale of their property?

Other considerations prior to Bidding

  • Will Cash buyers need to demonstrate proof of funds and indicate “no mortgage contingency”.
  • Will Buyers obtaining a mortgage need to include a pre-approval letter from a bona-fide lender?

 

At the Conclusion of Bidding

Within 48 hours of the end of Bidding, successful bidders are expected to submit a written offer identifying the agreed upon terms and conditions. The Contract of Sale, disclosures, earnest money deposit, addendums, and any other riders need to be delivered to the seller or seller’s agent.

If a buyer fails to perform within 48 hours, seller reserves the right to declare the transaction null and void, and seek proposals from back up buyers, if any.

Deposit money needs to be put into an escrow account. This means not held by the seller, but by a third party legally bound to hold funds secure until successful closing of the transaction.

Ready to Buy?

Check back regularly as new inventory continues to get added to our data base by users who have discovered our community.