Common Questions About The Best Bidder Home Sale 

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Q. Why is the home being sold by a Best Bidder high offer process?  

A. Because an offering process allows all buyers to come to the home within a short period of time and it provides a fast, efficient, and convenient way to sell a home in a manner that is fair to both the buyers and seller. 

 

Q. How does the Best Bidder Work?  

A. The Best Bidder Offer Process is a buyer friendly approach that eliminates many of the usual risks associated with buying at auction or any other risky approach where you may or may not be able to inspect the home. On Friday and Saturday there will be an open house to visually inspect the property and sign up to participate in the offer process as well as place an initial offer. The final offering is held by phone on Saturday evening. Starting at 6pm each Buyer will receive a call informing him or her of the current offer and offering them the opportunity to increase their offer in order to proceed to the next round. Rounds will continue until only three of the highest offers remain. The Seller will then go over those highest offers and if one or more are acceptable to the Seller, a State of Montana approved buy-sell is prepared for both parties to sign. In some cases, a second offer will be considered in a backup position so if something happens that the first offer does not close, the backup offer will automatically go into first position. 

 

Q. When do Buyers find out if they won the bi? 

A.  Buyers will need to be available by phone Saturday evening to receive multiple phone calls. 

 

Q. How do you Sign Up?  

A. Come to the open house and visually inspect the home; interested? Fill in your name, phone number, email, and offer amount on the offer sheet.  

 

Q. What Are the Rules?  

A. You need to visit and inspect the property during the open house. Complete the offer sheet so that you can be contacted on Sunday evening. You will need to be available by phone on Sunday evening beginning at 6 pm. You will also need to be available that evening via email to sign the contract if you are the highest offer. If you are the highest offer and cannot comply, and alternative arrangements are not made prior to Sunday night, we may elect to call the next highest offer and you may lose your chance to buy the home.  

 

Q. How Much Do I need for a Deposit?  

A. If you are the winning offer, you will need a small deposit (at least $1,500) within 2 business days.  

 

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" which is applied to the purchase price at closing.  

 

Q. Do I need cash for the purchase? 

A. Financing application and pre-qualification will need to be completed by the day after the Best Bidder offering (Monday). West Montana Homes has the right to telephone the lender to get confirmation of the soundness of the Buyer. If substantial cash is involved a proof of funds letter will be required. 

 

Q. Will there be any liens or encumbrances on the Home?  

A. No, you will receive a Warranty Deed and title insurance. 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 Buy-Sell agreement allow for any Contingencies?  

A. Yes. Your offer will be contingent upon obtaining financing, a satisfactory appraisal and a personal home inspection. (Any other contingencies may be considered but, as always, the Seller may accept or decline any offer including a contingency.) 

 

Q. Will we be able to find out the current high offer?  

A. Yes. We will tell anyone at any time what the current best offer is. Nothing is official until an official State of Montana Buy-Sell is signed by both Buyer(s) and Seller(s). 

  

THE FOLLOWING ARE VERY IMPORTANT!  

1. You MUST register your name, telephone number, email address and initial offer amount at one of the Inspection/Open House Events. Only registered offers with complete information will be contacted. 

1. Bids will start at 66% of Market Value and may be increased with a minimum of $2,000 increments. Regardless of your bid amount, you will be able to participate in the final bidding. Making an offer at the Open House DOES NOT OBLIGATE you to buy the property . . . it only allows you to participate in the private telephone offering process and establishes calling order.  

1. The Best Bidder Final Offer Process will begin at 6pm via telephone. All interested parties beginning with the first registered bidder will be called in order. The caller, when he/she calls you, will say "Currently there are "X" number of offers in this round and the current high offer is $________________. Would you like to advance the offer?" You can take this opportunity to raise your offer by at least $2,000 over the highest existing offer and be included in the next round, or decline and drop out from the offering. Again, there is no obligation. Once down to the final 3 offers, additional questions will be asked to inquire as to your financing and any contingency terms (All Cash, contingent upon bank financing, approval letter, contingent upon sale of your house, etc.).  

1. If you are the winning party, we will make arrangements with you to execute a standard State of Montana Buy-Sell. (This may be signed electronically.)  

1. Seller will entertain all offers and accept an offer that they deem is acceptable to them. Buyer can remove themselves from the bidding process at any time with no further obligation on their part. A Sale is not finalized until a Standard State of Montana Buy-Sell is executed between Buyer and Seller and earnest deposit funds have been tendered.  

 

 

Note: As with all home sales the seller may decline any offers not acceptable to them.

Sale is for the Highest and "BEST" Offer. Example: an "All Cash" offer closing in less time may take precedence over a "Higher" offer contingent upon financing and taking longer to close or that's contingent upon the sale of a house. Seller reserves the right to accept, counter or reject any and all offers tendered. 

 

For more information, call West Montana Homes main office at 406-777-0710 or fill out the form below.

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