Auction Questions & Answers about participating in Round Robin Bidding
Q: Why is the home being sold by round robin high bid process?
A: Because 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. We need to sell the home FAST, this is the reason
for the extremely low starting price.
Q: How does the Round Robin Bidding work?
A: The Round Robin Bidding Process is a buyer friendly approach that
eliminates all the usual risks associated with a multiple bid home. 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 highest and 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 small deposit only if you are the winning bidder
($1,000). 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 Round Robin 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 Round Robin Final 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 New Jersey Real Estate contract process. A Sale and Bid
is not finalized until a New Jersey Residential Real Estate Contract is
executed between Buyer and Seller and acceptance from your Attorney 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 New Jersey Residential Real Estate Contract,
earnest money deposit in the amount of $1,000 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.
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