Bidding Rules

All Bidders Welcome!

No Pre-Qualification Necessary.  

This is NOT a Repossession, nor a HUD, IRS or Foreclosure Auction. 

This is a “For Sale By Owner” marketing plan to bring the buyer and the seller

together more quickly in a condensed, mutually beneficial, selling period of time.

1. The owners or their representative will conduct the bidding process.
2. To qualify to bid, only buyers who have personally attended the Open House on ________________ or _________ 20____ may bid on the property.
3. To be included in the bidding process, please provide the following information before 6:00 pm on Sunday evening., ___________________, 20_____:

·        Your Name

·        At least one telephone number where you can be reached Sunday evening

·        Preliminary bid

4. All preliminary bids must be in multiples of $500 and can be left at any time prior to 6:00 pm on Sunday Evening.
5. No bids will be allowed after 6:00 pm on Sunday.
6. Bidding information will be open.  We will tell anyone the status of the bids at any time.
7. The Round-Robin bidding will start at 8:00 pm on Sunday evening.
8. Every bidder will have the opportunity to top the current bid until the highest and best bidder is established.  Owner/Representative shall have sole and absolute discretion to determine the highest and best bid.
9. Round-Robin Bidding:  We will open the bidding by telephoning the highest bidder first. We will then call the next highest bidder in line, and so on down the list until all bidders have been called.

We will conduct several rounds in this manner until there is only one bidder left.

1.      Each time you receive a call you have three options:

a.      Raise the current high bid higher in minimum multiples of $500.

b.      Stay at your current bid.

c.       Withdraw from the bidding process.

2.      We will offer the home to the highest/best bidder at his or her highest bid price.

3.    If the highest/best bidder does not meet the conditions of the terms-of-sale, fails to provide credible ability to purchase the home or fails to apply for financing within the set time – the home will immediately be offered to the next highest/best bidder at his or her final bid price.

        Important Note:

1. For your protection: The bids are not legally binding contracts and can be withdrawn at anytime.
2. For the owner’s protection: The owner(s) in their sole and absolute discretion have the right to reject for no reason or any reason whatsoever, any bid at any time prior to the execution of a contract (in a form acceptable to the owner) by and between the successful bidder and owner.

This is a sale with a minimum undisclosed Reserve.

3. Back-up Purchase Agreements will be taken.