Sample Seller Preferred Terms and Rules for Bidding
For Property:
Seller’s Name
Address of Property Being Sold
Buyer to attend Open House viewing
Buyer Pre approval required by a bonafide lender
Home Inspection within 10 days if winning bidder
Mortgage Contingency up to 45 days
Mortgage approval NOT contingent on sale of Buyer’s home
Closing within 60 days
Buyer responsible to pay for their own Real estate agent/broker if any
License Disclosure: Seller or Seller’s representative is not a licensed Broker or Agent.
Our Rules for Bidding
- Only people who have inspected our home through Visual Tour or in person may bid
- All Interested Bidders must submit an Initial Bid by 7 Pm Sunday Night
- The Competitive Bid Process Electronic Bidding begins at 7:30 PM Sunday Night
- Your Initial bid may be any amount over $100
- Initial Bids may be changed anytime until 30 minutes before The Competitive Bid begins
- The Highest Bidder from the Initial Bids begins The Competitive Bid Process.
- The next highest goes second, etc.
- All bids must be a minimum of $500 higher than the current high bid.
- We have a Reserve Price in mind.
- The conclusion of Bidding is a NON-Binding Agreement.
- The Winning Bidder is expected to submit a written sales agreement within 48 hrs
- Our Attorney will review and we will accept, decline, or counter it within 24 hours
Options:
When we have only 3 bidders remaining,we have Final Bidding.
At the conclusion of bidding, there is a 15 minute grace period for Final bidders to change their bids. Lowest bidder of the final 3 goes first, highest goes last.
Submit your one time Best and Final Offer secretly to the owner.
Do electronic initial bid, then a live zoom meeting for The Competitive Bid Process