1. Typically, the property will be open for inspection on Sat / Sun from 10:00 am to 4:00 pm.
2. Anyone interested in participating in the Round Robin Bidding Process to purchase the property must both inspect the home and leave an initial bid on the Bidding Sheet before 4 pm Sunday evening. The bidding sheet is available for all parties to see.
NOTE: Initial bids made on the Bidding Sheet only indicate an interest in the property and do not obligate the bidder in any way. Bids at any price level are acceptable.
3. The Round Robin bidding process will be conducted by the agent representing the seller.
The Round Robin Bidding will typically begin on Sun at 7:00 pm. Only those potential buyers who leave an initial bid on the bidding sheet will be called and allowed to participate in the Round Robin Bidding.
A 5 Day Method sale is not an auction but a proprietary marketing method used to find a buyer and a price acceptable to the seller.
4. When the Round Robin bidding opens the 5 Day Method Agent will telephone the highest bidder first.
5. Each time a bidder receives a call they have three options:
Raise the current high bid by a disclosed minimum increment.
Stay at their current bid.
Retire from the bidding process.
The 5 Day Method Agent will conduct several rounds in this manner until there is only one bidder left.
Depending on the number of bidders, the bidding may continue beyond Sunday evening.
6. The 5 Day Method Agent will offer the home to the highest/best bidder at their highest bid price.
7. If the highest/best bidder does not meet the conditions of the Terms of Sale or fails to provide credible ability to purchase the home, the home will immediately be offered to the next highest/best bidder at their final bid price.
8. When the highest/best bidder is determined, the buyer will meet with the 5 Day Method Agent to complete a purchase contract. The contract will give the buyer an ample period of time to inspect the property, get an appraisal and complete any other steps necessary to complete the purchase of the property. The closing date will normally be set 30-60 days (or whatever is negotiated in the contract).
For the buyer’s protection bids are not legally binding contracts and can be withdrawn at anytime.
- For the owner’s protection: The property owners, in their sole and absolute discretion, have the right to reject any bid at any time prior to the execution of a contract.
- 5 Day Method sales have a Minimum Undisclosed Reserve.
- Back-up purchase agreements are taken.
- As with any other Real Estate Contact, “Earnest Money” and “Option Money” will be required at the time of the signed contract Monday morning.